<SEC-DOCUMENT>0001140361-25-001471.txt : 20250121
<SEC-HEADER>0001140361-25-001471.hdr.sgml : 20250121
<ACCEPTANCE-DATETIME>20250121084951
ACCESSION NUMBER:		0001140361-25-001471
CONFORMED SUBMISSION TYPE:	F-1
PUBLIC DOCUMENT COUNT:		23
FILED AS OF DATE:		20250121
DATE AS OF CHANGE:		20250121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Icon Energy Corp
		CENTRAL INDEX KEY:			0001995574
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		F-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-284370
		FILM NUMBER:		25540626

	BUSINESS ADDRESS:	
		STREET 1:		17TH KM NATIONAL ROAD
		STREET 2:		ATHENS-LAMIA & FOINIKOS STR.
		CITY:			NEA KIFISSIA, ATHENS
		STATE:			J3
		ZIP:			14564
		BUSINESS PHONE:		30 211 888 0200

	MAIL ADDRESS:	
		STREET 1:		17TH KM NATIONAL ROAD
		STREET 2:		ATHENS-LAMIA & FOINIKOS STR.
		CITY:			NEA KIFISSIA, ATHENS
		STATE:			J3
		ZIP:			14564
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1
<SEQUENCE>1
<FILENAME>ny20040020x3_f1.htm
<DESCRIPTION>F-1
<TEXT>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 540pt;"><a name="ny20040020x3_f1_100-regcov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 540pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; font-weight: bold; margin-top: 27.5pt; text-align: center;">As filed with the Securities and Exchange Commission on January 21, 2025.<font style="font-weight: normal;"> </font></div><div class="BRDSX_regno" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.5pt; font-weight: bold; margin-top: 0pt; text-align: right;">Registration No. 333-&#8195;&#8195;&#8195; </div></div></div><div class="BRDSX_block-frill" style="width: 540pt; margin-left: 0pt;"><div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="BRDSX_block-main" style="width: 540pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 9.5pt; text-align: center;">UNITED STATES <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;">SECURITIES AND EXCHANGE COMMISSION <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 12pt;"><font style="font-size: 12pt;">Washington, D.C. 20549 </font></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 11.5pt; text-align: center;">Form&#160;F-1 </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 11.5pt; text-align: center;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 16pt;"><font style="font-size: 16pt;">Icon Energy Corp. </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; text-align: center;">(Exact name of Registrant as specified in its charter) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 2pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: 0pt; width: 540pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 172pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 172pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 172pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 172pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Republic of the Marshall Islands<font style="font-weight: normal;"> </font><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(State or other jurisdiction of </font><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">incorporation or organization)</font></div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 172pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">4412<font style="font-weight: normal;"> </font><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Primary Standard Industrial </font><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">Classification Code Number)</font></div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 172pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">N/A<font style="font-weight: normal;"> </font><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(I.R.S. Employer Identification No.)</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.8pt; width: 172pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 172pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 172pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 5.5pt; text-align: center;">c/o Pavimar Shipping Co. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> km National Road <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Athens-Lamia &amp; Foinikos Str. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">14564, Nea Kifissia <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Athens, Greece <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">+30 211 88 81 300<font style="font-weight: normal;"> </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5.5pt; text-align: center;">(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 5.5pt; text-align: center;">Watson Farley &amp; Williams LLP <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Attention: Filana R. Silberberg, Esq. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">120 West 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, New York 10036 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">(212) 922-2200<font style="font-weight: normal;"> </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; text-align: center;">(Name, address, including zip code, and telephone number, including area code, of agent for service) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-style: italic; font-weight: bold; margin-top: 5pt; text-align: center;">Copies to:<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: 0pt; width: 540pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 264pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Filana R. Silberberg, Esq. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Watson Farley &amp; Williams LLP <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">120 West 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, New York 10036 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">+1 (212) 922-2200 (telephone number)</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 264pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Barry Grossman, Esq. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Matthew Bernstein, Esq. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Ellenoff Grossman &amp; Schole LLP <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">1345 Avenue of the Americas, 11th Floor <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">New York, New York 10105 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">+1 (212) 370-1300 (telephone number)</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.8pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.8pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 5.76pt;"> </div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 7pt; text-align: center;">Approximate date of commencement of proposed sale to the public: <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">As soon as practicable after this Registration Statement becomes effective. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If any of the securities being registered on this Form&#160;are being offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act, check the following box. &#x2612; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If this Form&#160;is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;<font style="font-size: 1pt;">&#8201;</font>&#x2610; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If this Form&#160;is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="font-size: 1pt;">&#8201;</font>&#x2610; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If this Form&#160;is a post-effective amendment filed pursuant to Rule&#160;462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="font-size: 1pt;">&#8201;</font>&#x2610; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="width: 540pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 264pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 264pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Emerging growth company &#x2612;</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section&#160;7(a)(2)(B) of the Securities Act. &#x2612; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; margin-top: 5pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&#160;5, 2012. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.7pt; font-weight: bold; margin-top: 5pt; margin-left: 0pt; text-align: justify;">The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&#160;8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section&#160;8(a), may determine.<font style="font-weight: normal;"> </font></div></div><div class="BRDSX_block-frill" style="width: 540pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 528pt;"><a name="ny20040020x3_f1_101-cov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 528pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #FC0014; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><div style="font-family: Arial, Helvetica, sans-serif; text-align: left; margin-bottom: 12pt;">The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. </div>SUBJECT TO COMPLETION, DATED JANUARY 21, 2025<font style="color: #000000;"> </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 5pt; margin-left: 0pt; text-align: left;">PRELIMINARY PROSPECTUS </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; font-weight: bold; margin-top: 5pt; text-align: center;">Up to 4,739,336 Units, Each Unit Consisting of One Common Share or One Pre-funded Warrant to <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">Purchase One Common Share <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; font-weight: bold; margin-top: 0pt; text-align: center;">and One Class A Warrant to Purchase One Common Share </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; font-weight: bold; margin-top: 4pt; text-align: center;">(and Common Shares Underlying the Pre-funded Warrants and Class A Warrants) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12.75pt; text-align: center;"><img style="height: 50px; width: 143px;" src="logo_iconenergy.jpg"><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;</div><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 5.75pt;"> </div></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.5pt; text-align: center;">Icon Energy Corp.</div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -3pt; text-align: center;"><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-top: 1pt; display: inline-block; margin-left: auto; margin-right: auto;"> </div> <br></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are offering, on a best efforts basis, up to 4,739,336 units (&#8220;Units&#8221;), each Unit consisting of one share of our common stock, par value $0.001 per share (&#8220;Common Shares&#8221;) and one Class&#160;A Warrant (each, a &#8220;Warrant&#8221;) to purchase one Common Share, at an assumed public offering price of $2.11 per Unit, based upon the closing price of our Common Shares on The Nasdaq Capital Market on January 16, 2025. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify; line-height: 6.7pt;">The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities. Each Warrant will be immediately exercisable upon issuance, subject to certain beneficial ownership limitations, at an initial exercise price of $&#8195;&#8195; per Common Share (200% of the public offering price of each Unit in this offering) and will expire three&#160;(3) years after the issuance date. Subject to certain conditions, the exercise price for the Warrants will be adjusted downward (each, a &#8220;Reset Price&#8221;) on each of the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, and 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day (each, a &#8220;Reset Date&#8221;) following the closing of this offering to the price that is equal to a percentage of the closing price of our Common Shares on the Nasdaq Capital Market immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, and the number of Common Shares underlying the Warrants will be proportionally increased, as further described herein. The Warrants also contain certain mechanisms for cashless exercise, including alternative cashless exercise pursuant to which holders of the Warrants have the option, upon exercise and for no additional cash consideration, to receive an aggregate number of Common Shares equal to the product of (x) the aggregate number of Common Shares that would be issuable upon a cash exercise of the Warrant and (y) one-and-a-half (1.5). The Warrants also contain certain anti-dilution protections, as further described herein. Please see the section of this prospectus entitled &#8220;Description of the Securities we are Offering&#8221; for further information. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are also offering to each purchaser of Units that would otherwise result in the purchaser&#8217;s, together with its affiliates, beneficial ownership exceeding 4.99% (or, at the election of the purchaser, up to 9.99%) of our outstanding Common Shares immediately following the consummation of this offering, the opportunity to purchase Units consisting of one pre-funded warrant in lieu of one Common Share (each, a &#8220;Pre-funded Warrant&#8221;), and one Warrant. Each Pre-funded Warrant will be exercisable for one Common Share. Subject to limited exceptions, a holder of Pre-funded Warrants will not have the right to exercise any portion of its Pre-funded Warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, up to 9.99%) of the number of Common Shares outstanding immediately after giving effect to such exercise. The purchase price of each Unit including a Pre-funded Warrant will be equal to the price per Unit including one Common Share, minus $0.001, and the exercise price of each Pre-funded Warrant will be $0.001 per Common Share. The Pre-funded Warrants will be immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. For each Unit including a Pre-funded Warrant we sell (without regard to any limitation on exercise set forth therein), the number of Units including a Common Share we are offering will be decreased on a one-for-one basis. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Common Shares are listed on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;) under the symbol &#8220;ICON.&#8221; On January 16, 2025, the last reported sale price of our Common Shares on the Nasdaq Capital Market was $2.11 per share. All Common Share, Pre-funded Warrant and Warrant numbers are based on an assumed combined public offering price of $2.11 per Unit. The actual combined public offering price per Unit will be determined between us and investors, along with consultation with the Placement Agent (as defined below), based on market conditions at the time of pricing, and may be at a discount to the current market price of our Common Shares. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final public offering price. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There is no established trading market for the Pre-funded Warrants or the Warrants, and we do not expect an active trading market to develop. We do not intend to list the Pre-funded Warrants or the Warrants on any securities exchange or other trading market. Without an active trading market, the liquidity of these securities will be limited. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We qualify as an &#8220;emerging growth company&#8221; as defined in the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and, as such, we may elect to comply with certain reduced reporting requirements. See &#8220;Prospectus Summary&#8212;Implications of Being an Emerging Growth Company.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Common Shares sold in this offering include preferred stock purchase rights which trade with the Common Shares and are also being registered under the registration statement of which this prospectus forms a part. We are also registering the Common Shares issuable from time to time upon exercise of the Warrants included in the Units offered hereby. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Units will be offered at a fixed price and are expected to be issued in a single closing. There is no minimum number of securities or minimum aggregate amount of proceeds for this offering to close. However, notwithstanding the foregoing, the shares of our Common Stock underlying any Warrants or Pre-funded Warrants will be offered on a continuous basis pursuant to Rule&#160;415 under the Securities Act. We expect this offering to be completed not later than one business day following the commencement of sales in this offering (after the effective date of the registration statement of which this prospectus forms a part). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify; line-height: 6.7pt;">We have a multi-class capital structure consisting of Common Shares, Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. Our common shareholders are entitled to one vote for each Common Share held. Our Series&#160;A Preferred Shares have no voting rights, subject to limited exceptions, however each Series&#160;A Preferred Share has a stated amount of $1,000 per share, and each holder of Series&#160;A Preferred Shares has the right, subject to certain conditions, at any time commencing on July&#160;16, 2025 and until July&#160;15, 2032, to convert all (but not a portion) of the Series&#160;A Preferred Shares beneficially held by such holder into our Common Shares at the applicable conversion price then in effect. The issuance of additional Common Shares upon the potential conversion of our Series&#160;A Preferred Shares could dilute the interests of our common shareholders and affect the trading price for our Common Shares. Each Series&#160;B Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to maintain a substantially identical voting interest in us following the occurrence of certain events. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series&#160;B Preferred Shares, holders of our Series&#160;B Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled &#8220;Description of Capital Stock&#8221; for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares. Our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, is the sole holder of our Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. The Series&#160;B Preferred Shares held by Mrs.&#160;Panagiotidi represent 99.9% of the aggregate voting power of our total issued and outstanding share capital as of the date hereof. Because Mrs.&#160;Panagiotidi beneficially owns the majority of our voting power, she has the ability to control us and our affairs, including, among other matters, the election of our board of directors and, as a result, the ability of our common shareholders to influence our corporate matters is limited. Please see &#8220;Risk Factors&#8212;Risks Relating to Our Common Shares and this Offering&#8212;Our Chairwoman and Chief Executive Officer beneficially owns 100% of our Series&#160;B Preferred Shares and has control over us.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Investing in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page <a href="#tRF">11</a> of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.<font style="font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.<font style="font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have engaged Maxim Group LLC (the &#8220;Placement Agent&#8221; or &#8220;Maxim&#8221;), to act as our exclusive placement agent in connection with this offering. The Placement Agent has agreed to use its reasonable best efforts to solicit offers to purchase the securities offered by this prospectus. The Placement Agent is not purchasing or selling any of the securities we are offering, and the Placement Agent is not required to arrange the purchase or sale of any specific number or dollar amount worth of securities. Because there is no minimum offering amount required as a condition to closing in this offering, the actual offering amount, Placement Agent&#8217;s fee and proceeds to us, if any, are not presently determinable and may be substantially less than the maximum offering amounts described throughout this prospectus. We have agreed to pay the Placement Agent, the Placement Agent fees set forth in the table below and to provide certain other compensation to the Placement Agent. See &#8220;Plan of Distribution&#8221; for more information regarding these arrangements. </div><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 3.74pt;"> </div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -3pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: -3pt; width: 528pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 336pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.55pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.55pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 79.12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 64.98pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 14.64pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-bottom: 1.15pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold;">&#160;</div></td><td style="width: 5.55pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.55pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 79.12pt; padding-bottom: 1.15pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Per Unit Consisting of One <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Share and One <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Warrant</div></td><td style="width: 5.54pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 64.98pt; padding-bottom: 1.15pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Per Unit Consisting of <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">One Pre-funded <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Warrant and One <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Warrant</div></td><td style="width: 5.54pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 14.64pt; padding-bottom: 1.15pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr><td style="width: 336pt; padding-top: 0.9pt; padding-bottom: 0.4pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Public offering price<font style="padding-left: 2.91pt;"></font></div></td><td style="width: 5.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 79.12pt; padding-top: 0.9pt; padding-bottom: 0.4pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 31.18pt; text-align: left;">$&#8195;&#8195;</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 64.98pt; padding-top: 0.9pt; padding-bottom: 0.4pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 24.12pt; text-align: left;">$&#8195;&#8195;</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 14.64pt; padding-top: 0.9pt; padding-bottom: 0.4pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt;">&#160;</div></td></tr><tr><td style="width: 336pt; padding-top: 0.15pt; padding-bottom: 0.4pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Placement Agent fees<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 4.35pt;"></font></div></td><td style="width: 5.55pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.55pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 79.12pt; padding-top: 0.15pt; padding-bottom: 0.4pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 31.18pt; text-align: left;">$</div></td><td style="width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 64.98pt; padding-top: 0.15pt; padding-bottom: 0.4pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 24.12pt; text-align: left;">$</div></td><td style="width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 14.64pt; padding-top: 0.15pt; padding-bottom: 0.4pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt;">&#160;</div></td></tr><tr><td style="width: 336pt; padding-top: 0.15pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proceeds, before expenses, to us<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="padding-left: 4.6pt;"></font></div></td><td style="width: 5.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 79.12pt; padding-top: 0.15pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 31.18pt; text-align: left;">$</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 64.98pt; padding-top: 0.15pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 0pt; margin-left: 24.12pt; text-align: left;">$</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 14.64pt; padding-top: 0.15pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt;">&#160;</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 3.8pt; width: 336pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 5.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 5.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 79.12pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 64.98pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 5.54pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 3.8pt; width: 14.64pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 1.75pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.5pt;">(1)<br></div></td><td style="vertical-align: top; line-height: 6.5pt;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.5pt; text-align: justify;">The Placement Agent fees shall equal 7.0% of the gross proceeds of the securities sold by us in this offering. We have agreed that the Placement Agent will also receive warrants to purchase a number of Common Shares equal to 5.0% of the total number of Units being sold in this offering, at an exercise price equal to 110% of the public offering price of each Unit in this offering, subject to certain customary anti-dilution adjustments (the &#8220;Placement Agent&#8217;s Warrants&#8221;). The Placement Agent&#8217;s Warrants will be non-exercisable for six (6) months from the commencement of sales of the offering and will expire three (3) years after such date (but no longer than five years from the commencement of sales of this offering). The Placement Agent&#8217;s Warrants and the Common Shares issuable upon exercise of the Placement Agent&#8217;s Warrants are also being registered under the registration statement of which this prospectus forms a part. We have also agreed to reimburse the Placement Agent for certain expenses. We refer you to the section entitled &#8220;Plan of Distribution&#8221; of this prospectus for additional information regarding total compensation and other items of value payable to the Placement Agent. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.5pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.5pt; text-align: justify;">Because there is no minimum number of securities or amount of proceeds required as a condition to closing in this offering, the actual public offering amount, Placement Agent fees, and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth above. We estimate the total expenses of this offering payable by us, excluding the Placement Agent fee, will be approximately $0.3&#160;million. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 1pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The offering will settle delivery versus payment or receipt versus payment, as the case may be. We expect to deliver the securities offered hereby on or about &#8195;&#8195;&#8195;, 2025, subject to satisfaction of certain customary closing conditions. </div><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 3.75pt;"> </div></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 5.5pt; text-align: center;">Maxim Group LLC </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6.7pt; margin-top: 2pt; text-align: center;">The date of this prospectus is &#8195;&#8195;&#8195;, 2025 </div></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_102-toc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS </div><a name="TOC"><!--Anchor--></a><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 432pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 15pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 432pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSUM">PROSPECTUS SUMMARY<font style="padding-left: 2.84pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSUM"><font style="padding-left: 10pt;">1</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTO">THE OFFERING<font style="padding-left: 2.85pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTO"><font style="padding-left: 10pt;">7</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF">RISK FACTORS<font style="padding-left: 4.32pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF"><font style="padding-left: 5.37pt;">11</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tFLS">FORWARD-LOOKING STATEMENTS<font style="padding-left: 0.89pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tFLS"><font style="padding-left: 5pt;">46</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUSE">USE OF PROCEEDS<font style="padding-left: 0.07pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUSE"><font style="padding-left: 5pt;">48</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCZ">CAPITALIZATION<font style="padding-left: 3.66pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCZ"><font style="padding-left: 5pt;">49</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDP">DIVIDEND POLICY<font style="padding-left: 1.2pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDP"><font style="padding-left: 5pt;">50</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDN">DILUTION<font style="padding-left: 1.74pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDN"><font style="padding-left: 5pt;">51</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tMDA">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS<font style="padding-left: 2.3pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tMDA"><font style="padding-left: 5pt;">53</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tBUS">BUSINESS<font style="padding-left: 2.28pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tBUS"><font style="padding-left: 5pt;">63</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tMGMT">MANAGEMENT<font style="padding-left: 2.3pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tMGMT"><font style="padding-left: 5pt;">79</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCRR">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS<font style="padding-left: 2.48pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCRR"><font style="padding-left: 5pt;">82</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSCOM">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT<font style="padding-left: 1.56pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSCOM"><font style="padding-left: 5pt;">84</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDESC">DESCRIPTION OF CAPITAL STOCK<font style="padding-left: 3.11pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDESC"><font style="padding-left: 5pt;">85</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOT">DESCRIPTION OF THE SECURITIES WE ARE OFFERING<font style="padding-left: 2.14pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOT"><font style="padding-left: 5pt;">96</font></a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSFS">SHARES ELIGIBLE FOR FUTURE SALE<font style="padding-left: 4.54pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSFS"><font style="padding-left: 5pt;">98</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCMCC">CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS<font style="padding-left: 3.19pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCMCC"><font style="padding-left: 5pt;">99</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTC">TAX CONSIDERATIONS<font style="padding-left: 0.89pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTC">103 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPOD">PLAN OF DISTRIBUTION<font style="padding-left: 3.98pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPOD"><font style="padding-left: 0.37pt;">112</font></a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSPEC">SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES<font style="padding-left: 3.14pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSPEC"><font style="padding-left: 0.37pt;">117</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tERT">EXPENSES RELATING TO THIS OFFERING<font style="padding-left: 3.98pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tERT"><font style="padding-left: 0.37pt;">117</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tLM">LEGAL MATTERS<font style="padding-left: 3.22pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tLM"><font style="padding-left: 0.37pt;">118</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEX">EXPERTS<font style="padding-left: 1.77pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEX"><font style="padding-left: 0.37pt;">118</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tWCAI">WHERE YOU CAN FIND ADDITIONAL INFORMATION<font style="padding-left: 1.45pt;"></font></a></div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tWCAI"><font style="padding-left: 0.37pt;">118</font> </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tICFS">INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS<font style="padding-left: 1.85pt;"></font></a></div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 15pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tICFS"><font style="padding-left: 1.11pt;">F-1</font></a></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 432pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 10.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 15pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered to you. We have not, and the Placement Agent has not, authorized any other person to provide you with additional, different or inconsistent information. If anyone provides you with additional, different or inconsistent information, you should not rely on it. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221; or the &#8220;Commission&#8221;), is effective. We are not, and the Placement Agent is not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus is accurate as of any date other than the date on the front cover of this prospectus unless otherwise specified herein. Our business, financial condition, results of operations and prospects may have changed since that date. Information contained on our website does not constitute part of this prospectus. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The market data and other statistical information used throughout this prospectus has been compiled from publicly available information and industry publications. These sources generally state that the information they provide is believed to be reliable however, it is subject to subjective assessments and changes and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any market research and statistical survey. Therefore, the accuracy and completeness of the information are not guaranteed and estimates and beliefs based on such data may not be reliable. In addition, such market data and statistical information may be different from other sources and may not reflect all or even a comprehensive set of the actual events and transactions occurring in the market. Although we are responsible for all of the disclosures contained in this prospectus and we believe that such market data and statistical information is reliable, we have not independently verified its accuracy or completeness. In addition, some data is also based on our good faith estimates and our management&#8217;s understanding of industry conditions. Such data involve risks and uncertainties and are subject to change based on various factors, including those discussed under the headings &#8220;Forward-Looking Statements&#8221; and &#8220;Risk Factors&#8221; in this prospectus. </div></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSUM"><!--Anchor--></a>PROSPECTUS SUMMARY </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This section summarizes material information that appears later in this prospectus and is qualified in its entirety by the more detailed information and financial statements included elsewhere herein. This summary may not contain all of the information that may be important to you. As an investor or prospective investor, you should carefully review the entire prospectus, including the risk factors and the more detailed information that appears later in this prospectus before you consider making an investment in our securities.<font style="font-style: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Unless otherwise indicated, references in this prospectus to &#8220;Icon,&#8221; &#8220;Icon Energy,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; and &#8220;us,&#8221; refer to Icon Energy Corp. or any one or more of its subsidiaries, or to such entities collectively. On June&#160;11, 2024, we acquired all of the outstanding share capital of Maui Shipping Co. (&#8220;Maui&#8221;), the entity that wholly owns Positano Marine Inc. (&#8220;Positano&#8221;), which in turn owns one Panamax dry bulk vessel, named the M/V&#160;&#8220;Alfa&#8221; , in exchange for 15,000 of our 9.00% Series&#160;A Cumulative Convertible Perpetual Preferred Shares (the &#8220;Series&#160;A Preferred Shares&#8221;), 1,500,000 of our Series&#160;B Perpetual Preferred Shares (the &#8220;Series&#160;B Preferred Shares&#8221;), and 200,000 of our Common Shares. The acquisition of M/V Alfa was accounted for as a transaction between entities under common control. All references in this prospectus to us when used in a historical context prior to June&#160;11, 2024, refer to our predecessor companies, Maui and Positano.<font style="font-style: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Unless otherwise indicated, references to &#8220;U.S. dollars,&#8221; &#8220;dollars,&#8221; &#8220;USD&#8221; and &#8220;$&#8221; in this prospectus are to the lawful currency of the United States of America. We use the term &#8220;deadweight tons&#8221;, or &#8220;dwt&#8221;, expressed in metric tons, each of which is equivalent to 1,000 kilograms, in describing the size of vessels.<font style="font-style: normal;"> </font></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; text-align: center;">Our Company </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a growth-oriented shipping company, providing worldwide seaborne transportation services for dry bulk cargoes via our fleet of oceangoing vessels. Currently, our fleet consists of one Panamax dry bulk vessel, the M/V&#160;<font style="font-style: italic;">Alfa</font>, with a carrying capacity of approximately 77,326 dwt, and one Kamsarmax dry bulk vessel, the M/V <font style="font-style: italic;">Bravo</font>, with a carrying capacity of approximately 81,448 dwt. We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users. </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; text-align: center;">Chartering of our Fleet </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We intend to charter our vessels to regional and international dry bulk operators, commodity traders and end users, primarily on time charters (either index-linked or fixed rate) or voyage charters, depending on market conditions, opportunities available to us, and other strategic and tactical considerations. Our vessels are currently employed by an international commodity trading conglomerate, on time charters expiring between August&#160;2025 and February&#160;2026, at floating daily hire rates linked to the Baltic Panamax Index. For further information, please see &#8220;Business&#8212;Chartering of our Fleet.&#8221; </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; text-align: center;">Management of our Company and our Fleet </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Overall responsibility for the management of Icon Energy rests with our Board of Directors. Our Board of Directors has organized the provision of management services through Pavimar Shipping Co. (&#8220;Pavimar&#8221;), a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Greek Law 27 of 1975 (&#8220;Law 27 of 1975&#8221;). Pavimar is controlled by our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the management agreement dated November&#160;1, 2023, between us and Pavimar (the &#8220;New Management Agreement&#8221;), which became effective on January&#160;18, 2024, Pavimar provides us with vessel commercial and technical management services, including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Prior to the effectiveness of our New Management Agreement, similar services were provided to us by Pavimar S.A., a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Law 27 of 1975, also controlled by our Chairwoman and Chief Executive Officer. Founded in 2014, Pavimar S.A. has successfully managed over 50 vessels across the dry bulk, tanker and container sectors, has built a reputation for reliability, and is well-established and regarded within the international shipping community. </div></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For further information, please see &#8220;Certain Relationships and Related Party Transactions&#8212;Management, Commercial and Administrative Services.&#8221; </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;">Our Competitive Strengths </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our experienced team, efficient vessel operations and broad industry relationships offer us a competitive advantage in seizing opportunities and navigating industry challenges. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Experienced Executive Management Team<font style="font-style: normal; font-weight: normal;">. Our executive management team has extensive experience in the shipping industry, bringing a wealth of expertise in all aspects of commercial, technical, operational and financial areas of our business. Our management team is led by Mrs.&#160;Panagiotidi, our Chairwoman and Chief Executive Officer, who has over 17 years of experience with operating, owning, and investing in vessels across the dry bulk, tanker and container sectors. In 2014, Mrs.&#160;Panagiotidi founded Pavimar S.A. and led it to be the reputable, integrated, commercial and technical vessel manager that it is today, demonstrating her significant leadership and industry experience that we believe will help us drive our success and accomplish our goals. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Efficient Vessel Operations<font style="font-style: normal; font-weight: normal;">. We intend to capitalize on the accumulated experience and long-standing relationships of Pavimar. Pavimar operates on the same principles and draws upon the expertise of Pavimar S.A., which has successfully managed over 50 vessels across the dry bulk, tanker and container sectors, has built a reputation for reliability, and is well-established and regarded within the international shipping community. We expect Pavimar will afford us economies of scale, promote the efficient, safe and environmentally responsible operation of our vessels, support our commitment to regulatory compliance, ensure recruitment and retention of skilled seafarers, and help us achieve operational excellence. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Broad Industry Relationships<font style="font-style: normal; font-weight: normal;">. We believe our management team&#8217;s competencies and breadth of experiences, coupled with Pavimar&#8217;s deep industry knowledge and global network, provide us with access to high quality charterers, financial institutions, and other key seaborne transportation industry participants. We plan to leverage these relationships in successfully competing for new charters, profitably operating our fleet, identifying attractive investment opportunities, and sourcing capital to fuel our growth. </font></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;">Our Business Strategies </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fleet Expansion Through Disciplined and Opportunistic Vessel Acquisitions<font style="font-style: normal; font-weight: normal;">. We intend to grow, renew and expand our fleet, through timely and selective acquisitions of additional vessels. We intend to predominately focus on acquiring dry bulk vessels in the secondhand market; however, in our pursuit of investment opportunities we believe to be attractive, we may also consider diversifying in other sectors and/or placing newbuilding orders. Further to our strategy, on September&#160;23, 2024, we successfully took delivery of our second vessel, the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;">, a&#160;Kamsarmax dry bulk vessel with a carrying capacity of approximately 81,448 dwt, built in Japan in 2007. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fleet Optimization<font style="font-style: normal; font-weight: normal;">. We plan to be agile, constantly assess the composition of our fleet and act opportunistically in response to market conditions, including vessel acquisitions when valuations are appealing, and disposals to realize profits, manage exposure or renew our fleet. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Balanced Charter Mix<font style="font-style: normal; font-weight: normal;">. As the size of our fleet grows, we plan to strategically employ our vessels according to market conditions for the purpose of providing us with a combination of stable cash flows and high utilization rates, while preserving the flexibility to capitalize on potentially rising charter rates. In furtherance of this strategy, we aim to diversify our fleet between fixed rate time charters that deliver stable revenue streams and cash flow visibility, and floating rate time or voyage charters to maximize profits during periods of high demand. We will evaluate and adjust our chartering strategy in response to market conditions (actual and expected) and other tactical or strategic considerations. </font></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; text-align: center;">Recent and Other Developments Summary </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Acquisition<font style="font-style: normal; font-weight: normal;">. On September&#160;23, 2024, we took delivery of our second vessel, the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;">, a&#160;Kamsarmax dry bulk vessel with a carrying capacity of approximately 81,448 dwt, built in Japan in 2007. Shortly after delivery to us, the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;"> was time chartered to an international commodity trading conglomerate for a period of 11 to 14 months, at a floating daily hire rate linked to the Baltic Panamax Index. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Drydocking<font style="font-style: normal; font-weight: normal;">. On September&#160;2, 2024, our M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;"> completed her scheduled drydocking, undergoing routine repairs and maintenance to ensure continued operational efficiency, safety, and compliance with class requirements. </font></div></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Financing<font style="font-style: normal; font-weight: normal;">. On September&#160;19, 2024, under a new term loan facility of up to $91.5&#160;million, consisting of a committed portion of up to $16.5&#160;million and an uncommitted upsize option of up to another $75 million, we borrowed the $16.5 million committed portion in full to finance part of the purchase price of the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;"> and to leverage the M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;">. The uncommitted upsize option of up to another $75.0&#160;million may be made available to us, in whole or in parts, to finance future vessel acquisitions. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends<font style="font-style: normal; font-weight: normal;">. On September&#160;30, 2024, we paid a cash dividend of $0.08 per Common Share for the second quarter of the year. On December&#160;27, 2024, we paid a cash dividend of $0.085 per Common Share for the third quarter of the year. </font></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; text-align: center;">Corporate Information </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Icon Energy is a holding company existing under the laws of the Republic of the Marshall Islands. We maintain our principal executive offices at c/o Pavimar Shipping Co., 17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> km National Road Athens-Lamia &amp; Foinikos&#160;Str.&#160;14564, Nea Kifissia, Athens, Greece and our telephone number is +30 211 88 81 300. Our website is www.icon-nrg.com. The Commission maintains a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov. The information contained on, or that can be accessed through, these websites is not incorporated by reference herein and does not form part of this prospectus. </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; text-align: center;">Risk Factors Summary </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">An investment in our securities is subject to a number of risks, including risks relating to our industry, business and corporate structure. The following summarizes some, but not all, of these risks, the occurrence of which could have a material adverse effect on our business, financial condition and results of operations, which could cause the trading price of our Common Shares to decline and could result in a loss of all or part of your investment. Please carefully consider all of the information discussed in the section entitled &#8220;Risk Factors&#8221; in this prospectus for a more thorough description of these and other risks. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Industry </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 5pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The cyclicality and volatility of charter hire rates for dry bulk vessels. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Our dependence on index-linked charters and the potential adverse effects of decreases in spot freight charter rates or indexes. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Over-supply of dry bulk vessel capacity, which may depress charter rates and vessel values. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">A decline in economic conditions throughout the world. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Outbreaks of epidemic and pandemic diseases, such as COVID-19, and any relevant governmental responses thereto. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Political instability, terrorist or other attacks, war and international hostilities. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Risks associated with operating ocean-going vessels, including dry bulk vessels in particular. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Rising fuel prices. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The impacts of inflation. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our revenues are subject to seasonal fluctuations. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Climate change and greenhouse gas restrictions. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Pending and future tax law changes. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Increased scrutiny of environmental, social and governance. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Restrictions or sanctions imposed by the United States, the European Union or other governments. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Regulation and liability under environmental laws and safety requirements; regulations relating to ballast water discharge. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Increased inspection procedures, tighter import and export controls and new security regulations. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any failure of our vessels to maintain their class certification or any delay in a class survey. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Failure of industry groups to renew industry-wide collective bargaining agreements. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The arrest or attachment of our vessels by maritime claimants. </div></td></tr></table></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">3<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Company </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Limited operating history. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The effects of fluctuations in the market value of our vessels. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Limitation in the availability or operation of our vessels. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Inability to obtain financing for our vessels or to pursue other business opportunities. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Delays in the delivery of any vessel we may acquire; purchasing and operating secondhand vessels. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The incurrence of substantial debt levels; restrictive covenants in debt agreements and potential cross-default provisions. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Inability to manage our growth properly and expand our market share. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Vessels aging; the lack of fleet diversification. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any failure of our current or future counterparties to meet their obligations. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Difficulty in improving our operating and financial systems and in securing suitable employees and crew for our vessels. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Inability to attract and retain key management personnel and other employees. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Damage of our vessels and unexpected repair costs. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our dependence on the ability of our subsidiaries to distribute funds to us. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Inability to compete for charters with new entrants or established companies with greater resources. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Potential litigation. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Inherent operational risks in the shipping industry that may not be adequately covered by our insurances and becoming retrospectively subject to calls or premiums in amounts based not only on our own claim records, but also on the claim records of all other members of protection and indemnity associations. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, the UK Bribery Act or other similar laws. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The implications of being classified as a passive foreign investment company. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The implications of having to pay tax on U.S. source income. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The implications of being a &#8220;foreign private issuer&#8221;. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The implications of conducting business in China. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Cyber-attacks. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The implications, and potential challenge, of forum selection provisions in our amended and restated articles of incorporation. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The inability of investors to serve process on or enforce U.S. judgments against us. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The implications of being an &#8220;emerging growth company&#8221;. </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Risks Relating to our Relationship with our Manager and its Affiliates </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our dependence on Pavimar to manage our business. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Pavimar is a privately held company and there is little or no publicly available information about it. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Management fees are payable to Pavimar regardless of our profitability or whether our vessels are employed. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Potential conflicts of interest between us and our Chairwoman and Chief Executive Officer&#8217;s other business activities. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Potential conflicts of interest between us and Pavimar&#8217;s other clients. </div></td></tr></table></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">4<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Common Shares and this Offering </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Dilution as a result of any reliance on equity issuances, which will not require shareholder approval, to fund our growth. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Future issuance of Common Shares may trigger anti-dilution provisions in our equity and other instruments that are convertible into our Common Shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Fluctuations in the market price of our Common Shares and the lack of a guaranteed continuing public market for resales. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Share price volatility due to a possible &#8220;short squeeze.&#8221; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Share price volatility unrelated to our actual or expected operating performance, financial condition or prospects. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Pre-funded Warrants and Warrants are speculative in nature and there is no assurance that they will ever be profitable for holders to exercise all or any of them. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">If the Warrants are exercised by way of an alternative cashless exercise, common shareholders may suffer substantial dilution and we will receive no additional funds upon such exercise. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">There is no public market for the Pre-funded Warrants or Warrants in this offering. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">This is a best efforts offering, with no minimum amount of securities required to be sold, and we may sell fewer than all of the securities offered hereby. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Our Chairwoman and Chief Executive Officer beneficially owns 100% of our Series&#160;B Preferred Shares and has control over us. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">We are a &#8220;controlled company&#8221; under Nasdaq corporate governance rules and we therefore are exempt from certain corporate governance requirements that could adversely affect our public shareholders. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Anti-takeover provisions in our amended and restated articles of incorporation and amended and restated bylaws. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The impact of our multi-class capital structure on voting control. </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; text-align: center;">Formation Transactions<font style="font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a growth-oriented company, incorporated in August&#160;2023 for the purpose of acquiring, owning, chartering and operating dry bulk vessels. Upon completion of our initial public offering in July&#160;2024, we owned one&#160;Panamax dry bulk vessel, the M/V <font style="font-style: italic;">Alfa</font>, with a carrying capacity of approximately 77,326 dwt, built in Japan in 2006. On September&#160;23, 2024, we successfully took delivery of our second vessel, the M/V <font style="font-style: italic;">Bravo</font>, a Kamsarmax dry bulk vessel with a carrying capacity of approximately 81,448 dwt, built in Japan in 2007. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On June&#160;11, 2024, we acquired all of the outstanding share capital of Maui Shipping Co. (&#8220;Maui&#8221;), the entity that wholly owns Positano Marine Inc. (&#8220;Positano&#8221;), which in turn owns M/V <font style="font-style: italic;">Alfa</font>, from our Chairwoman and Chief Executive Officer, Mrs.&#160;Panagiotidi, in exchange for 15,000 of our Series&#160;A Preferred Shares, 1,500,000 of our Series&#160;B Preferred Shares, and 200,000 of our Common Shares, pursuant to an exchange agreement dated June&#160;11, 2024 (the &#8220;Exchange Agreement&#8221;). Maui was incorporated on October&#160;27, 2022, under the laws of the Republic of Marshall Islands. On May&#160;3, 2023, Maui entered into a deed of transfer of shares with the shareholders of Positano by which all outstanding shares of Positano were transferred to Maui. Positano was incorporated on February&#160;1, 2021, under the laws of the Republic of the Marshall Islands. These transactions were accounted for as transactions between entities under common control. All references in this prospectus to us when used in a historical context prior to June&#160;11, 2024, refer to our predecessor companies, Maui and Positano. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;15, 2024, we completed our underwritten initial public offering of 1,250,000 Common Shares, at $4.00&#160;per share, raising gross proceeds of $5,000,000. Our Common Shares trade on the Nasdaq Capital Market under the symbol &#8220;ICON.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have a multi-class capital structure consisting of Common Shares, Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. Our common shareholders are entitled to one vote for each Common Share held. Our Series&#160;A Preferred Shares have no voting rights, subject to limited exceptions, however each Series&#160;A Preferred Share has a stated amount of $1,000 per share, and each holder of Series&#160;A Preferred Shares has the right, subject to certain conditions, at any time </div></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">5<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">commencing on July&#160;16, 2025 and until July&#160;15, 2032, to convert all (but not a portion) of the Series&#160;A Preferred Shares beneficially held by such holder into our Common Shares at the applicable conversion price then in effect. The issuance of additional Common Shares upon the potential conversion of our Series&#160;A Preferred Shares could dilute the interests of our common shareholders and affect the trading price for our Common Shares. Each Series&#160;B Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to maintain a substantially identical voting interest in us following the occurrence of certain events. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series&#160;B Preferred Shares, holders of our Series&#160;B Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled &#8220;Description of Capital Stock&#8221; for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, is the sole holder of our Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. The Series&#160;B Preferred Shares held by Mrs.&#160;Panagiotidi represent 99.9% of the aggregate voting power of our total issued and outstanding share capital as of the date hereof. Because Mrs.&#160;Panagiotidi beneficially owns the majority of our voting power, she has the ability to control us and our affairs, including, among other matters, the election of our board of directors and, as a result, the ability of our common shareholders to influence our corporate matters is limited. </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">Implications of Being a Foreign Private Issuer </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As a non-U.S. company which qualifies as a &#8220;foreign private issuer&#8221; subject to reporting requirements under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), we are subject to different requirements under the U.S. securities laws than U.S. domestic issuers. See &#8220;Risk Factors&#8212;Risks Relating to Our Company&#8212;We are a &#8220;foreign private issuer,&#8221; which could make our Common Shares less attractive to some investors or otherwise harm our share price&#8221; and &#8220;Where You Can Find More Information.&#8221; </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">Implications of Being an Emerging Growth Company </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We qualify as an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from the auditor attestation requirement in the assessment of the emerging growth company&#8217;s internal controls over financial reporting under Section&#160;404(b) of the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report in which the auditor would be required to provide additional information about the audit and financial statements. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may take advantage of these provisions until the end of the fiscal year following the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company if we have more than $1.235&#160;billion in &#8220;total annual gross revenues&#8221; during the most recently completed fiscal year, or we have issued more than $1&#160;billion in non-convertible debt in the past three years, or we become a &#8220;large accelerated filer&#8221;. For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are choosing to take advantage of these reduced burdens, save for the exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies. We are choosing to &#8220;opt out&#8221; of such extended transition period and will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section&#160;107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. </div></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">6<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tTO"><!--Anchor--></a>THE OFFERING </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Issuer <font style="font-weight: normal; padding-left: 4.25pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: left;">Icon Energy Corp. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Securities offered by us <font style="font-weight: normal; padding-left: 0.18pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">Up to 4,739,336 Units, each Unit consisting of one Common Share and one Warrant to purchase one Common Share. </div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">We are also offering to each purchaser whose purchase of Units in this offering would otherwise result in the purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the purchaser, up to 9.99%) of our outstanding Common Shares immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses, Units including Pre-funded Warrants in lieu of the Common Shares that would otherwise result in the purchaser&#8217;s beneficial ownership exceeding 4.99% (or, at the election of the purchaser, up to 9.99%) of our outstanding Common Shares. </div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">For each Unit including a Pre-funded Warrant we sell (without regard to any limitation on exercise set forth therein), the number of Units including a Common Share we are offering will be decreased on a one-for-one basis. </div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">This prospectus also relates to the offering of the Common Shares issuable upon exercise of the Pre-funded Warrants and Warrants. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Description of the Pre-funded Warrants and Warrants <font style="font-weight: normal; padding-left: 3.07pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">Each Pre-funded Warrant will be exercisable for one&#160;Common Share. Subject to limited exceptions, a holder of Pre-funded Warrants will not have the right to exercise any portion of its Pre-funded Warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, up to 9.99%) of the number of Common Shares outstanding immediately after giving effect to such exercise. The purchase price of each Unit including a Pre-funded Warrant will equal the price per Unit including one Common Share, minus $0.001, and the exercise price of each Pre-funded Warrant will be $0.001&#160;per Common Share. The Pre-funded Warrants are immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. </div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">Each Warrant will be exercisable to purchase one Common Share. Each Warrant will have an initial exercise price of $&#8195;&#8195; per Common Share (200% of the public offering price of each Unit in this offering), will be exercisable upon issuance, and will expire three (3) years from the issuance date. The exercise price for the Warrants will be adjusted downward (each, a &#8220;Reset Price&#8221;) on each of the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, and 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day following the issuance date (each, a &#8220;Reset Date&#8221;) to the price that is equal to 60%, 40%, and 30%, respectively, of the closing price of our Common Shares on the </div></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">7<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 240pt; text-align: justify;">Nasdaq Capital Market immediately prior to the effectiveness of the registration statement of which this prospectus forms a part (the &#8220;Basis Price&#8221;), provided that the Reset Price is less than the exercise price then in effect (and subject to the Floor Price, as defined herein). If the exercise price is so adjusted on a Reset Date, the number of Common Shares underlying the Warrants will also be proportionally increased on such Reset Date so that the applicable Reset Price multiplied by the increased number of Common Shares equal the aggregate proceeds that would have resulted from the full exercise of the Warrants immediately prior to the applicable Reset Date. The Warrants also contain certain mechanisms for cashless exercise, including alternative cashless exercise pursuant to which holders of Warrants have the option, upon exercise and for no additional cash consideration, to receive an aggregate number of Common Shares equal to the product of (x) the aggregate number of Common Shares that would be issuable upon a cash exercise of the Warrant and (y) one-and-a-half (1.5). The Warrants also contain certain anti-dilution provisions, as further described herein. </div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">For more information regarding the Pre-funded Warrants and Warrants, you should carefully read the section titled &#8220;Description of the Securities We Are Offering&#8221; in this prospectus. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Preferred share purchase rights <font style="font-weight: normal; padding-left: 0.07pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">Our Common Shares include preferred share purchase rights, as described under the section &#8220;Description of Capital Stock&#8221; in this prospectus. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 6pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common shares to be outstanding immediately after this offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> <font style="font-weight: normal; padding-left: 0.98pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">6,189,336 Common Shares, assuming (i) all of the offered Units are sold in this offering at an assumed public offering price of $2.11 per Unit, and (ii) no sale of any Units containing a Pre-funded Warrant in this offering. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Use of proceeds <font style="font-weight: normal; padding-left: 4.05pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">We estimate that the net proceeds from this offering will be approximately $9.0 million (assuming the sale of all Units offered), after deducting Placement Agent fees and estimated offering expenses payable by us, and assuming no exercise of the Warrants, based on an assumed public offering price of $2.11 per Unit. However, this is a best efforts offering, with no minimum number of securities or amount of proceeds as a condition to closing, and we may not sell all or any of these securities offered pursuant to this prospectus; as a result, we may receive significantly less in net proceeds. </div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">We currently intend to use the net proceeds of this offering, after deducting Placement Agent fees and estimated offering expenses payable by us, for general corporate purposes, which may include, among other things, funding for working capital needs, debt repayments, and fleet expansion. </div></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">8<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 240pt; text-align: justify;">At this time, we have not specifically identified any vessels to acquire, nor have we identified a material single use for which we intend to use the net proceeds, and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us. The foregoing represents our current intentions with respect to the use of the net proceeds of this offering based upon our present plans and business conditions, but our management will have significant flexibility and discretion in applying the net proceeds. The occurrence of unforeseen events or changed business conditions could result in the application of the net proceeds of this offering in a manner other than as described above. The principal purposes of this offering are to obtain additional capital to fund our operations and growth and to facilitate our future access to the public equity markets. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Placement Agent&#8217;s Warrants <font style="font-weight: normal; padding-left: 2.32pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">We have agreed that Maxim Group LLC will receive warrants to purchase a number of Common Shares equal to 5.0% of the total number of Units being sold in this offering, at an exercise price equal to 110% of the public offering price of each Unit in this offering, subject to certain anti-dilution adjustments (the &#8220;Placement Agent&#8217;s Warrants&#8221;). The Placement Agent&#8217;s Warrants and the Common Shares issuable upon exercise of the Placement Agent&#8217;s Warrants are also being registered under the registration statement of which this prospectus forms a part. </div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">The Placement Agent&#8217;s Warrants will be non-exercisable for six (6) months from the commencement of sales of the offering and will expire three (3) years after such date. The Placement Agent&#8217;s Warrants will be subject to compliance with FINRA Rule&#160;5110, including lock-up and termination requirements. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Dividends on Common Shares <font style="font-weight: normal; padding-left: 0.72pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">We expect to pay regular quarterly cash dividends on our Common Shares during the one-year period following our initial public offering, in an aggregate amount of approximately $500,000 for the year, of which, to date, $116,000 were paid on September&#160;30, 2024, and $123,250 on December&#160;27, 2024. The amount of dividends we expect to pay may be changed or terminated in the future at any time and for any reason without advance notice. The holders of our Series&#160;A Preferred Shares do not have the right to participate, on an as-converted basis or otherwise, in regular cash dividends declared and paid on our Common Shares. The declaration and payment of dividends is subject at all times to the discretion of our Board of Directors. The timing and amount of dividends, if any, depends on, among other things, our earnings, financial condition, cash requirements and availability, fleet renewal and expansion plans, restrictions in loan agreements, the laws of the Republic of the Marshall Islands, where our </div></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">9<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 492pt;"><a name="ny20040020x3_f1_103-summary_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="BRDSX_page-content" style="margin-left: 12pt;"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 240pt; text-align: justify;">subsidiaries are currently incorporated, the laws of the countries where future subsidiaries may be incorporated, and overall market conditions. We cannot assure you that we will declare or pay any dividends in the future. See&#160;&#8220;Dividend Policy.&#8221; </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Listing <font style="font-weight: normal; padding-left: 0.17pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">Our Common Shares are listed on the Nasdaq Capital Market under the symbol &#8220;ICON.&#8221; There are no established public trading markets for the Pre-funded Warrants or the Warrants, and we do not expect such markets to develop. We do not intend to list the Pre-funded Warrants or the Warrants on any securities exchange or other trading market. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Risk factors <font style="font-weight: normal; padding-left: 1.97pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">An investment in our securities involves substantial risks. You should read this prospectus carefully, including the section entitled &#8220;Risk Factors&#8221; and the financial statements and the related notes to those statements included elsewhere in this prospectus before investing in our securities. </div><div class="BRDSX_sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Reasonable best efforts <font style="font-weight: normal; padding-left: 1.66pt;"></font></div><div class="BRDSX_sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: justify;">We have agreed to offer and sell the securities offered hereby to the purchasers through the Placement Agent. The Placement Agent is not required to buy or sell any specific number or dollar amount worth of the securities offered hereby, but it will use its reasonable best efforts to solicit offers to purchase the securities offered by this prospectus. See &#8220;Plan of Distribution&#8221; on page <a href="#tPOD">112</a> of this prospectus. </div><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 11.75pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Unless otherwise indicated, this prospectus reflects and assumes no exercise of the Pre-funded Warrants or Warrants included in the Units offered hereby. </div></td></tr></table></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">10<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tRF"><!--Anchor--></a>RISK FACTORS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">You should carefully consider the following risk factors that may affect our business, future operating results and financial condition, as well as the other information set forth in this prospectus, before making a decision to invest in our securities. If any of the following risks actually occurs, our business, operating results, cash flows, financial condition, and ability to pay dividends could be materially and adversely affected. In such case, the trading price of our securities would likely decline, and you may lose all or part of your investment. The risks below are not the only ones we face. Additional risks not currently known to us, or that we currently deem immaterial, may also adversely affect us.<font style="font-style: normal;"> </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Industry </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Charter hire rates for dry bulk vessels are cyclical and volatile and the dry bulk market remains significantly below its historic high. This may adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The volatility in the dry bulk charter market, from which we derive all of our revenues, has affected the dry bulk shipping industry and may harm our business. While charter rates are presently generally above our operating expenses, in the past charter rates have declined below operating costs of vessels. The Baltic Dry Index, or the BDI, a daily average of charter rates for key dry bulk routes published since 1985 by the Baltic Exchange Limited, a London-based membership organization that provides daily shipping market information to the global investing community, has long been viewed as the main benchmark to monitor the movements of the dry bulk vessel charter market and the performance of the entire dry bulk shipping market and has generally been very volatile. The BDI, declined from an all-time high of 11,793 in May&#160;2008 to an all-time low of 290 in February&#160;2016, which represents a decline of approximately 98%. In the preceding and following years volatility was less extreme, although there were still multiple instances where the index decreased or increased by more than 50% in short periods of time. In 2023, the BDI ranged from a low of 530 on February&#160;16, 2023, to a high of 3,346 on December&#160;4, 2023. In 2024, the BDI ranged from a low of 976 on December 19, 2024, to a high of 2,419 on March&#160;18, 2024, and was 1,080 as of January 14, 2025. Due to its volatile nature, there can be no assurance of the future performance of the BDI. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users. Currently, our vessels are employed by an international commodity trading conglomerate on time charters, earning hire at floating daily rates linked to the Baltic Panamax Index. Historically, the Baltic Panamax Index has been highly correlated to the BDI and has exhibited similar levels of volatility. We are exposed, therefore, to changes in indexes for dry bulk vessels and such changes affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The volatility in charter rates is due to various factors and their interplay, including but not limited to the demand for commodities carried by sea, the global economic conditions, the availability of dry bulk vessels, the lack of trade financing for purchases of commodities carried by sea, geopolitical events, seasonal variations, the geographical dislocation between production regions and consumption centers around the world, and trade disruptions caused by natural or other disasters and by international hostilities. These circumstances have had adverse consequences from time to time for dry bulk shipping, including, among other developments: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">decrease in available financing for vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">no active secondhand market for the sale of vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">decrease in demand for dry bulk vessels and limited employment opportunities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">charterers seeking to renegotiate the rates for existing time charters; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">loan covenant defaults in the shipping industry; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">declaration of bankruptcy by some operators, charterers and vessel owners. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We anticipate that charter rates and the demand for our dry bulk vessels will be dependent upon continued economic growth in the world&#8217;s economies, seasonal and regional changes in demand and changes to the capacity of the global dry bulk vessel fleet and the sources and supply of dry bulk cargo to be transported by sea. Adverse economic, political, social or other developments could negatively impact charter rates and therefore have a material adverse effect on our business, results of operations, short and medium term liquidity, and ability to pay dividends. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">11<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">We are currently dependent on index-linked charters. Any decrease in spot freight charter rates or indexes in the future may adversely affect our business, operating results, cash flows and financial condition.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our vessels are currently time chartered at floating daily hire rates linked to the Baltic Panamax Index. If our fleet expands, the number of vessels in our fleet that will be employed on spot voyages or have index-linked or fixed rate charters will vary from time to time, dictated by a multitude of factors and the chartering opportunities before us. We anticipate that a significant portion will be affected by the spot freight market or the indexes. As a result, our financial performance will be significantly affected by conditions in the dry bulk spot freight market or the indexes and only our vessels that would operate under fixed-rate time charters may, during the term of such time charters, provide a fixed source of revenue to us. If future spot charter rates or indexes decline, we may be unable to operate our vessels profitably, and our business, operating results, cash flows and financial condition will be significantly affected. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, as charter rates for spot charters are usually fixed for a single voyage, which may last up to several weeks, during periods in which spot charter rates are rising, we will generally experience delays in realizing the benefits from such increases. Spot charter rates are also not uniform globally and may vary substantially between different geographical regions; therefore, realizing opportunities in the spot market will also depend on the geographical location of our vessels at any given time. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under a fixed rate time charter, if spot or short-term time charter rates fall significantly below the charter rates that our charterers are obligated to pay us, the charterers may have an incentive to default on, or attempt to renegotiate the charter, which would affect our ability to operate our vessels profitably. Meanwhile, under a fixed rate time charter, we may be unable to realize the benefits of market upswings and successfully take advantage of comparably favorable opportunities. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Over-supply of dry bulk vessel capacity may depress charter rates and vessel values and, in turn, adversely affect our business, operating results, cash flows and financial condition.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The market supply of vessels generally increases with deliveries of new vessels and decreases with the recycling of older vessels, conversion of vessels to other uses, such as floating production and storage facilities, and loss of tonnage as a result of casualties. An over-supply of dry bulk vessel capacity could depress charter rates. Factors that influence the supply of vessel capacity include: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the number of newbuilding orders and deliveries, including delays in vessel deliveries; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the number of shipyards and their ability to deliver vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">potential disruption, including supply chain disruptions, of shipping routes due to accidents or political events; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">scrapping and recycling rate of older vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">vessel casualties; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the price of steel and vessel equipment; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">product imbalances (affecting the level of trading activity) and developments in international trade; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the number of vessels that are out of service, namely those that are laid-up, drydocked, awaiting repairs or otherwise not available for hire; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">vessels&#8217; average speed; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">technological advances in vessel design and capacity; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">availability of financing for new vessels and shipping activity; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the imposition of sanctions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in national or international regulations that may effectively cause reductions in the carrying capacity of vessels or early obsolescence of tonnage; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in environmental and other regulations that may limit the useful life of vessels; </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">12<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">port or canal congestion; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in market conditions, including political and economic events, wars (including the ongoing conflict between Russia and Ukraine and between Israel and Hamas, or the Houthi crisis in the Red Sea), acts of terrorism, natural disasters (including diseases, epidemics and pandemics) and changes in interest rates or inflation rates. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to the prevailing and anticipated charter rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs of bunkers and other operating costs, costs associated with classification society surveys, normal maintenance costs, insurance coverage costs, the efficiency and age profile of the existing dry bulk fleet in the market, and government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations. These factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If dry bulk vessel capacity increases but the demand for vessel capacity does not increase or increases at a slower rate, charter rates and vessel values could materially decline, which could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">If economic conditions throughout the world decline, it will negatively impact our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The world economy is facing a number of actual and potential challenges, including the war between Russia and Ukraine, the war between Israel and Hamas, tensions in the Red Sea or tensions between Russia and the North Atlantic Treaty Organization (&#8220;NATO&#8221;), China and Taiwan disputes, United States and China trade relations, instability between Iran and the West, hostilities between the United States and North Korea, political unrest and conflicts in the Middle East, the South China Sea region, and in other geographic areas and countries, terrorist attacks or threats of such attacks around the world, war (or threatened war) or international hostilities, and epidemics or pandemics, such as COVID-19 and its variants, and banking crises or failures such as the recent Silicon Valley Bank, Signature Bank and First Republic Bank failures, and the potential disruption of shipping routes due to low water levels in the Panama Canal. See also &#8220;&#8212;Outbreaks of epidemic and pandemic diseases, including COVID-19, and any relevant governmental responses thereto could adversely affect our business, operating results, cash flows and financial condition.&#8221; In addition, the continuing war in Ukraine, the length and breadth of which remains highly unpredictable, has led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Furthermore, it is difficult to predict the intensity and duration of the war between Israel and Hamas or the Houthi rebel attacks on vessels transiting in the Red Sea and their impact on shipping and the world economy is uncertain. If such conditions are sustained, the longer-term net impact on the dry bulk market and our business would be difficult to predict with any degree of accuracy. Such events may have unpredictable consequences and contribute to instability in the global economy or cause a decrease in worldwide demand for certain goods and, thus, shipping. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In Europe, concerns regarding the possibility of sovereign debt defaults by European Union, or EU, member countries, although generally alleviated, have in the past disrupted financial markets throughout the world, and may lead to weaker consumer demand in the European Union, the U.S. and other parts of the world. The withdrawal of the UK from the European Union, or Brexit, further increases the risk of additional trade protectionism. Brexit, or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, the recent economic slowdown in the Asia Pacific region, particularly in China, may exacerbate the effect of the weak economic trends in the rest of the world. Before the global economic financial crisis that began in 2008, China had one of the world's fastest growing economies in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. China&#8217;s GDP growth rate for the year ended December&#160;31, 2022, was approximately 3.0%, one of its lowest rates in 50 years, thought to be mainly caused by the country&#8217;s zero-COVID policy and strict lockdowns. For the year ended December&#160;31, 2023, China has reported that its GDP growth rate recovered to 5.2% but the economy continues to be weighed down by the ongoing crisis in the property market. It is possible that China and other countries in the Asia Pacific region will continue to experience volatile, slowed or even negative economic growth in the near future. Changes in the economic conditions of China, and changes in laws or policies adopted by its government or the implementation of these laws and policies by local authorities, including </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">13<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">with regards to tax matters and environmental concerns (such as achieving carbon neutrality), could affect vessels that are either chartered to Chinese customers or that call to Chinese ports, vessels that undergo drydocking at Chinese shipyards and Chinese financial institutions that are generally active in ship financing, and could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. There is significant uncertainty about the future relationship between the United States, China, and other exporting countries, including with respect to trade policies, treaties, government regulations, and tariffs. Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade. Moreover, increasing trade protectionism may cause an increase in (i) the cost of goods exported from regions globally, particularly from the Asia-Pacific region, (ii) the length of time required to transport goods and (iii) the risks associated with exporting goods. Such increases may further reduce the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on our charterers' business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to employ our vessels. This could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Credit markets in the United States and Europe have in the past experienced significant contraction, deleveraging and reduced liquidity, and there is a risk that the U.S. federal government and state governments and European authorities may continue to implement a broad variety of governmental action and/or introduce new financial market regulations. Global financial markets and economic conditions have been, and continue to be, volatile and we face risks associated with the trends in the global economy, such as changes in interest rates, instability in the banking and securities markets around the world, the risk of sovereign defaults, and reduced levels of growth, among other factors. Major market disruptions and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our business, results or operations or impair our ability to borrow under any future financial arrangements we may enter into contemplating borrowing from the public and/or private equity and debt markets. Many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt and reduced (or in some cases ceased to provide) funding to borrowers and other market participants, including equity and debt investors and, in some cases, have been unwilling to provide financing on attractive terms or even at all. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, on acceptable terms or at all. In the absence of available financing or financing in favorable terms, we may be unable to complete vessel acquisitions, take advantage of business opportunities or respond to competitive pressures. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Outbreaks of epidemic and pandemic diseases, such as COVID-19, and any relevant governmental responses thereto could adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Global public health threats, such as COVID-19, influenza and other highly communicable diseases or viruses, outbreaks which have from time to time occurred in various parts of the world, could disrupt global financial markets and economic conditions and adversely impact our operations, as well as the operations of our charterers and other customers. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For example, the outbreak of COVID-19 caused severe global disruptions, with governments in affected countries imposing travel bans, quarantines and other emergency public health measures. Companies also took precautions, such as requiring employees to work remotely, imposing travel restrictions and temporarily closing businesses. Although the incidence and severity of COVID-19 and its variants have diminished, similar restrictions, and future prevention and mitigation measures against outbreaks of epidemic and pandemic diseases, are likely to have an adverse impact on global economic conditions, which could materially and adversely affect our future operations. As a result of such measures, our vessels may not be able to call on, or disembark from ports located in regions affected by the outbreak. In addition, we may experience severe operational disruptions and delays, unavailability of normal port infrastructure and services including limited access to equipment, critical goods and personnel, disruptions to crew changes, quarantine of ships and/or crew, counterparty solidity, closure of ports and custom offices, as well as disruptions in the supply chain and industrial production, which may lead to reduced cargo demand, among other potential consequences attendant to epidemic and pandemic diseases. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The extent to which our business, operating results, cash flows and financial condition may be negatively affected by a resurgence of COVID-19 or future pandemics, epidemics or other outbreaks of infectious diseases is highly uncertain and will depend on numerous evolving factors that we cannot predict, including, but not limited to (i) the duration and severity of the infectious disease outbreak; (ii) the imposition of restrictive measures to combat </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">14<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">the outbreak and slow disease transmission; (iii) the introduction of financial support measures to reduce the impact of the outbreak on the economy; (iv) shortages or reductions in the supply of essential goods, services or labor; and (v) fluctuations in general economic or financial conditions tied to the outbreak, such as a sharp increase in interest rates or reduction in the availability of credit. We cannot predict the effect that an outbreak of a new COVID-19 variant or strain, or any future infectious disease outbreak, pandemic or epidemic may have on our business, operating results, cash flows and financial condition, which could be material and adverse. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Political instability, terrorist or other attacks, war and international hostilities could affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We conduct most of our operations outside of the United States and our business, operating results, cash flows, financial conditions, and available cash may be adversely affected by changing economic, political, and governmental conditions in the countries and regions in which our vessels are employed or registered. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The continuing war between Russia and Ukraine, and between Israel and Hamas, Russia and NATO tensions, China and Taiwan disputes, United States and China trade relations, instability between Iran and the West, hostilities between the United States and North Korea, and political unrest and conflicts in the Middle East, the South China Sea region, the Red Sea region (including missile attacks controlled by the Houthis on vessels transiting the Red Sea) and in other geographic areas and countries have recently, and may in the future, lead to armed conflict or acts of terrorism around the world, which may contribute to economic instability in the global financial markets and international commerce. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The war between Russia and Ukraine may lead to further regional and international conflicts or armed action at an international level. This war has disrupted supply chains and caused instability in the energy markets and the global economy, with adverse effects on shipping freight rates, which have experienced and continue to experience inflation and significant volatility in commodity prices, volatility in credit and capital markets, as well as supply chain disruption. The United States, the United Kingdom, the European Union and other countries, have announced unprecedented economic sanctions and other penalties against certain persons, entities, and activities connected to Russia, including removing Russian-based financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restricting imports of Russian oil, liquefied natural gas and coal. These sanctions have caused supply disruptions in the oil and gas markets and could continue to cause significant volatility in energy prices, which could result in increased inflation and may trigger a recession in the U.S. and China, among other regions. These factors may also result in the weakening of the financial condition of our charterers, suppliers, counterparties and other agents in the shipping industry. As a result, our business, operating results, cash flows and financial condition may be negatively affected since our operations are dependent on the success and economic viability of our counterparties. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The ongoing war between Russia and Ukraine could result in the imposition of further economic sanctions by the United States, the United Kingdom, the European Union or other countries against Russia, trade tariffs or embargoes with uncertain impacts on the markets in which we operate. In addition, the U.S. and certain other NATO countries have been supplying Ukraine with military aid. U.S. officials have also warned of the increased possibility of Russian cyberattacks, which could disrupt the operations of businesses involved in the dry bulk industry, including ours and could create economic uncertainty particularly if such attacks spread to a broad array of countries and networks. Although Ukraine and Russia reached an agreement to extend an arrangement allowing shipment of grain from Ukrainian ports through a humanitarian corridor in the Black Sea in November&#160;2022, Russia terminated this agreement in July&#160;2023. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect our business, financial condition, results of operation and cash flows. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, the intensity and duration of the recently declared war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain. While much uncertainty remains regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of further hostilities in other regions and could adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Terrorist attacks and the frequent incidents of terrorism in the Middle East, and the continuing response of the United States and others to these attacks, as well as the threat of future terrorist attacks around the world, continue to cause uncertainty in the world&#8217;s financial markets and may affect our business, operating results, and financial condition. Continuing conflicts and recent developments in the Middle East, including increased tensions between the U.S. and Iran, as well as the presence of U.S. or other armed forces in Iraq, Syria, Ukraine and various other regions, </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">15<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global financial markets. As a result of the above, insurers have increased premiums and reduced or restricted coverage for losses caused by terrorist acts generally. These uncertainties could also adversely affect our ability to obtain financing on terms acceptable to us or at all. Any of these occurrences could have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the past, such conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. The ongoing war in Ukraine has resulted in missile attacks on commercial vessels in the Black Sea and the recent outbreak of conflict in the Red Sea has also resulted in missile attacks on vessels. Acts of terrorism and piracy have also affected vessels trading in regions such as the Gulf of Guinea, the Red Sea, the Gulf of Aden off the coast of Somalia, and the Indian Ocean. Any of these occurrences could have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Risks associated with operating ocean-going vessels could affect our business and reputation, which could adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The operation of an ocean-going vessel carries inherent risks. These risks include the possibility of: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">crew strikes and/or boycotts; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">acts of God; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the damage to or destruction of vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">terrorism, piracy or other detentions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">environmental accidents; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">cargo and property losses or damage; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">business interruptions caused by mechanical failure, grounding, fire, explosions and collisions, human error, war, terrorism, political action in various countries, labor strikes or adverse weather conditions and other circumstances or events. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any of these circumstances or events could increase our costs or lower our revenues. Such circumstances could result in death or injury to persons, loss of property or environmental damage, delays in the delivery of cargo, loss of revenues from or termination of charter contracts, governmental fines, penalties or restrictions on conducting business, litigation with our employees, customers or third parties, higher insurance rates, damage to our reputation and customer relationships generally, market disruptions, delay and rerouting and could also subject us to litigation. Epidemics and other public health incidents may also lead to crew member illness, which can disrupt the operations of our vessels, or result in the imposition of public health measures, which may prevent our vessels from calling on ports or discharging cargo in the affected areas or in other locations after having visited the affected areas. Although we maintain hull and machinery and war risks insurance, as well as protection and indemnity insurance, which may cover certain risks of loss resulting from such occurrences, our insurance coverage may be subject to deductibles, caps or not cover such losses and any of these circumstances or events could increase our costs or lower our revenues. Furthermore, the involvement of our vessels in an environmental disaster may harm our reputation as a safe and reliable vessel owner and operator. Any of these circumstances or events could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If our vessels suffer damage, they may need to be repaired at a drydocking facility. The time and costs of repairs are unpredictable and may be substantial. We may have to pay repair costs that our insurance does not cover in full. The loss of earnings while our vessels are being repaired and repositioned, as well as the actual cost of these repairs and repositioning, would decrease our earnings. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility and be forced to travel to a drydocking facility that is not conveniently located to our vessels&#8217; positions. The loss of earnings while these vessels are forced to wait for space or to travel to more distant drydocking facilities, or both, would decrease our earnings. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">The operation of dry bulk vessels has particular operational risks. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The operation of dry bulk vessels has certain unique risks. With a dry bulk vessel, the cargo itself and its interaction with the vessel can be an operational risk. By their nature, dry bulk cargoes are often heavy, dense, easily </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">16<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">shifted, and react badly to water exposure. In addition, dry bulk vessels are often subjected to battering treatment during discharging operations with grabs, jackhammers (to pry encrusted cargoes out of the hold) and small bulldozers. This treatment may cause damage to the vessel. Vessel damage due to treatment during discharging procedures may affect a vessel&#8217;s seaworthiness while at sea. Hull fractures in dry bulk vessels may lead to the flooding of the vessels&#8217; holds. If a dry bulk vessel suffers flooding in its forward holds, the bulk cargo may become so dense and waterlogged that its pressure may buckle the vessel&#8217;s bulkheads, leading to the loss of a vessel. If we are unable to adequately repair such damages, we may be unable to prevent these events. Any of these circumstances or events could adversely affect the value of our vessels and our business, operating results, cash flows and financial condition. In addition, the loss of a vessel could harm our reputation as a safe and reliable vessel owner and operator. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Rising fuel prices may adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The cost of fuel is a significant factor in negotiating charter rates, although we generally do not directly bear the cost of fuel for vessels operating on time charters. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by members of the Organization of the Petroleum Exporting Countries and other oil and gas producers, the imposition of new regulations adopted by the International Maritime Organization, or IMO, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns and regulations. While fuel prices remained generally lower so far in 2024 and in 2023, as compared to 2022, fuel has and may become much more expensive in the future, including as a result of the ongoing war in Ukraine and the sanctions against Russia, the imposition of sulfur oxide and carbon emissions limits under new regulations adopted by IMO, which may reduce the competitiveness of our business versus other forms of transportation, such as truck or rail, and adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Inflation could adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Inflation could have an adverse impact on our business, operating results, cash flows and financial condition, both directly through the increase of operating costs of our vessels and indirectly through its adverse impact on the world economy in terms of increasing interest rates and slowdown of global growth. Worldwide economies have recently experienced inflationary pressures, with price increases seen across many sectors globally. In response to inflationary pressures, central banks have made steep increases in interest rates, which results in increases to the interest rates available to us on any potential new debt financing for our operations. Although central banks have recently made slight decreases in interest rates, future monetary policies cannot be guaranteed. If central banks resume increasing interest rates, or interest rates otherwise increase significantly, the resulting increase to the interest rates available to us on new financings arrangements we may pursue could adversely affect our ability to complete vessel acquisitions, take advantage of business opportunities or respond to competitive pressures. Furthermore, if inflationary pressures intensify further, we may be unable to raise our charter rates enough to offset the increasing costs of our operations, which would decrease our profit margins and result in deterioration of our financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Whether the present inflationary pressures will transition to a long-term inflationary environment and the effects of such a development on charter rates, vessel demand and operating expenses in the sector in which we operate are uncertain. Additionally, the monetary tightening implemented by a series of central banks around the world in order to curb inflationary pressures has also significantly increased the probability of an economic recession in the short to medium term future. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: justify;">Our revenues are subject to seasonal fluctuations, which could affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate in markets that have historically exhibited seasonal variations in demand and, as a result, in charter hire rates. This seasonality may result in quarter-to-quarter volatility in our operating results. The dry bulk shipping market is typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials in the northern hemisphere. In addition, unpredictable weather patterns in these months tend to disrupt vessel schedules and supplies of certain commodities. As a result, our revenues may be weaker during the fiscal&#160;quarters ending March&#160;31 and June&#160;30, and, conversely, our revenues may be stronger in fiscal quarters ending September&#160;30 and December&#160;31. This seasonality should not affect the operating results of any vessels employed on fixed rate period time charters, if any, but because our vessels may be employed in the spot market or on index-linked charters, seasonality may increase the volatility of and materially affect our operating results and cash flows. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">17<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Climate change and greenhouse gas restrictions may be imposed, which could affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Due to concern over the risk of climate change, a number of countries and the IMO, have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, the adoption of cap-and-trade regimes, carbon taxes, taxonomy of &#8216;green&#8217; economic activities, increased efficiency standards and incentives or mandates for renewable energy. At the IMO's Marine Environmental Protection Committee, or the MEPC 80, in July&#160;2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, which identifies a number of levels of ambition, including: (1) decline of carbon intensity through further improvement of the energy efficiency for new ships; (2) decline of carbon intensity of international shipping, to reduce CO2 emissions by at least 40% by 2030, compared to 2008; (3) uptake of zero or near-zero GHG emission technologies, fuels, and/or energy sources, striving to represent 10% of the energy sources used by international shipping by 2030; and (4) to reach net-zero GHG emission by or around 2050. MEPC&#160;81, in March&#160;2024, agreed on an illustration of a possible draft outline of an &#8216;IMO net-zero framework&#8217; for cutting GHG emissions from international shipping, which lists regulations under MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions. This may include economic mechanisms to incentivize the transition to net-zero. These mechanisms are mid-term GHG reduction measures specified in the initial strategy. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, the following additional greenhouse regulations could result in increased implementation and compliance costs and expenses: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Adoption of mandatory data collection system</font>: At MEPC 70 in October&#160;2016, a mandatory data collection system, or the IMO DCS, was adopted which requires vessels above 5,000 gross tons to report consumption data for fuel oil, hours under way and distance travelled. This DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, ice-breaking, fish-catching and off-shore installations. The data is annually reported to the flag state which issues a statement of compliance to the relevant vessel. MEPC 79 adopted additional amendments to Annex&#160;VI to revise the DCS and reporting requirements in connection with the implementation of the Energy Efficiency Existing Ship Index, or EEXI, and carbon intensity indicator framework, which amendments became effective on May&#160;1, 2024. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Amendments to MAPROL Annex&#160;VI requiring ships to reduce their greenhouse gas emissions</font>. Effective from January&#160;1, 2023, the Revised Annex&#160;VI to the IMO International Convention for the Prevention of Pollution from Ships of 1973, as from time to time amended, generally referred to as MARPOL, includes carbon intensity measures, which cover certain requirements for vessels to calculate their EEXI following technical means to improve their energy efficiency and to establish their annual operational carbon intensity indicator and rating. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Net zero greenhouse emissions in the EU by 2050</font>. In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July&#160;2021, the European Commission launched the &#8220;Fit for 55&#8221; to support the climate policy agenda. As of January&#160;2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Maritime ETS scheme became effective in January&#160;2024</font>. On January&#160;1, 2024, the EU Emissions Trading Scheme, or the ETS, for ships sailing into and out of EU ports, came into effect, and the FuelEU Maritime Regulation will come into effect on January&#160;1, 2025. The ETS is to apply gradually over the period from 2024 to 2026. 40% of allowances would have to be surrendered in 2025 for the year 2024; 70% of allowances would have to be surrendered in 2026 for the year 2025; and 100% of allowances would have to be surrendered in 2027 for the year 2026. Compliance is to be on a company wide (rather than per ship) basis and &#8220;shipping company&#8221; is defined widely to capture both the ship owner and any contractually appointed commercial operator/ship manager/bareboat charterer who assumes responsibility for full compliance under the ETS and under the ISM Code. If the latter contractual arrangement is entered into this needs to be reflected in a certified mandate signed by both parties and presented to the administrator of the scheme. The cap under the ETS would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture 100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports and 50% of emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Furthermore, the newly </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">18<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_bl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 40pt; text-align: justify;">passed EU Emissions Trading Directive 2023/959/EC makes clear that all maritime allowances would be auctioned and there will be no free allocation. 78.4&#160;million emissions allowances are to be allocated specifically to maritime. If we do not receive allowances from our charterers, we will be forced to purchase allowances from the market, which can be costly if our charterers do not compensate us for such cost, especially if other shipping companies are similarly looking to do the same. New systems, including personnel, data management systems, costs recovery mechanisms, revised service agreement terms and emissions reporting procedures will have to be put in place, at significant cost, to prepare for and manage the administrative aspect of ETS compliance. The cost of compliance, and of our future EU emissions and costs to purchase an allowance for emissions (if we must purchase in order to comply) are unknown and difficult to predict, and are based on a number of factors, including the size of our fleet, our trips within and to and from the EU, and the prevailing cost of allowances. Similarly, compliance with FuelEU is set to be just as challenging if not more challenging given its technical requirements to deliver low carbon fuel based on well to wake calculations of emissions. The 2% GHG reduction target that will have to be met in 2025 and reported on in 2026 will be contingent on companies having access to cleaner fuels (e.g. biofuels which are certified pursuant to the Renewable Energy Directive criteria) and to cleaner technologies (e.g. wind propulsion). Where there is lack of availability shipping companies will be able to enter into pooling arrangements with other shipping companies, purchase one or two low carbon vessels that can offset emissions from fossil fuel powered vessels or pay hefty penalties (e.g. estimated to be around 10% of annual fuel costs per vessel). It is also not yet clear how responsibility under FuelEU can be fairly allocated given that regulatory liability falls firmly on ship owners whereas it is the operators who will be choosing the fuel, route and speed and will have control over emissions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">All of these regulations and any additional regulations addressing similar goals could cause us to incur additional substantial implementation and compliance expenses and, therefore, adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Sulfur content standards are even stricter within certain &#8220;Emission Control Areas,&#8221; or ECAs. As of January&#160;1, 2015, vessels operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex&#160;VI to MARPOL establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean area. Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. Other areas in China are subject to local regulations that impose stricter emission controls On December&#160;15, 2022, MEPC 79 adopted the designation of a new ECA for the Mediterranean Sea as a whole. These amendments entered into force on May&#160;1, 2024, however ships operating in this ECA will be exempted from compliance with the 0.10% m/m sulfur content standard for fuel oil until July&#160;1, 2025. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency, or EPA, or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Currently the emissions of greenhouse gases from international shipping currently are not subject to the Kyoto&#160;Protocol to the United Nations Framework Convention on Climate Change (this task was delegated under the Kyoto Protocol to the IMO for action), which entered into force in 2005 and required adopting countries to implement national programs to reduce emissions of certain gases with targets extended through 2020. However, international negotiations are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December&#160;2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015&#160;United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November&#160;4, 2016 and does not directly limit greenhouse gas emissions from ships. The United States rejoined the Paris Agreement in February&#160;2021. Compliance with changes in laws, regulations and obligations relating to climate change could entail significant capital expenditures or otherwise increase the costs of our operations, and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions, or administer and manage a greenhouse gas emissions program. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">19<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Agreement, that restricts emissions of greenhouse gases could require us to make significant expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Adverse consequences of climate change, including growing public concern about the environmental impact of climate change, may also adversely affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for coal in the future, one of the primary cargoes carried by dry bulk vessels. In addition, the physical effects of climate change, including changes in weather patterns, extreme weather events, rising sea levels, and scarcity of water resources, may negatively impact our operations. Any long-term economic consequences of climate change could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Pending and future tax law changes may result in significant additional taxes to us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pending and future tax law changes may result in significant additional taxes to us. For example, the Organization for Economic Cooperation and Development published a &#8220;Programme of Work,&#8221; which was divided into two pillars. Pillar One focused on the allocation of group profits among taxing jurisdictions based on a market-based concept rather than the historical &#8220;permanent establishment&#8221; concept. Pillar Two, among other things, introduced a global minimum tax. Numerous countries are considering implementation of the OECD&#8217;s 15% global minimum tax, which, if applicable to us, may materially impact us. The foregoing proposals (in the event international consensus is achieved and implementing laws are adopted) and other possible future tax changes may have an adverse impact on us. Any requirement or legislation that requires us to pay more tax could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Increased scrutiny of environmental, social and governance matters may impact our business, reputation and access to capital. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to the importance of their financial performance, companies are increasingly being judged by their performance on a variety of environmental, social and governance matters, or ESG, which are considered to contribute to the long-term sustainability of companies&#8217; performance. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A variety of organizations measure the performance of companies on such ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Topics taken into account in such assessments include, among others, the company&#8217;s efforts and impacts on climate change and human rights, ethics and compliance with law, and the role of the company&#8217;s board of directors in supervising various sustainability issues. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In light of investors&#8217; increased focus on ESG matters, there can be no certainty that we will manage such issues successfully, or that we will successfully meet society&#8217;s expectations as to our proper role. Any failure or perceived failure by us in this regard could have a material adverse effect on our reputation and on our business, share price, financial condition, or results of operations, including the sustainability of our business over time. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In February&#160;2021, the Acting Chair of the SEC issued a statement directing the Division of Corporation Finance to enhance its focus on climate-related disclosure in public company filings and, in March&#160;2021, the SEC announced the creation of a Climate and ESG Task Force in the Division of Enforcement, or the Task Force. The Task Force&#8217;s goal is to develop initiatives to proactively identify ESG-related misconduct consistent with increased investor reliance on climate and ESG-related disclosure and investment. To implement the Task Force&#8217;s purpose, the SEC has taken several enforcement actions, with the first enforcement action taking place in May&#160;2022, and promulgated new rules. On March&#160;6, 2024, the SEC adopted final rules to enhance and standardize climate-related disclosures by public companies and in public offerings. The final rules will become effective 60 days following publication of the adopting release in the Federal Register. Compliance dates for the rules will be phased in for all registrants, with the compliance date dependent on the registrant&#8217;s filer status. On March&#160;15, 2024, the Fifth Circuit Court of Appeals stayed application of these rules pending further judicial review, but on March&#160;25, 2024, the Fifth Circuit Court of Appeals ordered the transfer of the petition to the Eighth Circuit Court of Appeals and the dissolution of the administrative stay. On April&#160;4, 2024, the SEC issued a stay of the climate-related disclosure rules pending the completion of judicial review of the consolidated Eighth Circuit petitions. The impact of the ongoing litigation with </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">20<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">respect to these rules on the content of these rules or the timing of their effectiveness is uncertain. Costs of compliance with these new rules and any further climate-related disclosure rules that are adopted in the future may be significant and may have a material adverse effect on our future performance, results of operations, cash flows and financial position. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Moreover, from time to time, we may incur additional costs, establish and publicly announce goals and commitments in respect of certain ESG items. While we may create and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach in identifying, measuring and reporting on many ESG matters. If we fail to achieve or improperly report on our progress toward achieving our environmental goals and commitments, the resulting scrutiny from market participants or regulators could adversely affect our reputation and/or our access to capital. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Our vessels may call on ports located in or may operate in countries that are subject to restrictions or sanctions imposed by the United States, the European Union or other governments that could result in fines or other penalties imposed on us and may adversely affect our business and reputation. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our vessels have not called on ports located in countries subject at that time to comprehensive sanctions and embargoes imposed by the U.S. government or countries identified by the U.S. government or other authorities as state sponsors of terrorism; however, our vessels may call on ports in these countries from time to time in the future on our charterers&#8217; instructions, subject to any applicable insurance arrangements and prior approvals, if required. The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that we are currently in compliance with all applicable sanctions and embargo laws and regulations. In order to maintain compliance, we monitor and review the movements of our vessels on a daily basis and endeavor to provide that all or most of our future charters include provisions and trade exclusion clauses prohibiting the vessels from calling on ports where there is an existing U.S. embargo. Furthermore, as of the date hereof, neither the Company nor its subsidiaries have entered into or have any plans to enter into, directly or indirectly, any contracts, agreements or other arrangements with the governments of Iran, Syria, North Korea or Cuba, or any entities controlled by the governments of these countries. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Due to the nature of our business and the evolving nature of the foregoing sanctions and embargo laws and regulations, there can be no assurance that we will not be affected by such laws and regulations or be in compliance at all times in the future with applicable laws and regulations, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or refrain from investing, in us. A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations, which in turn could have an adverse effect on our business, operating results, cash flows and financial condition. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our Common Shares may adversely affect the price at which our Common Shares trade. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by the governments of those countries, or engaging in operations associated with those countries pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">21<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">We are subject to regulation and liability under environmental laws and safety requirements that could require significant expenditures and affect our business, operating results, cash flows and financial condition.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our business and the operation of our vessels are materially affected by government regulation in the form of international conventions, national, state and local laws and regulations in force in the jurisdictions in which the vessels operate, as well as in the country or countries of their registration, including those governing oil spills, discharges to air and water, ballast water management, and the handling and disposal of hazardous substances and wastes. These requirements include, but are not limited to, EU regulations, the U.S. Oil Pollution Act of 1990, the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980, the U.S. Clean Air Act, including its amendments of 1977 and 1990, the U.S. Clean Water Act, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, and regulations of the IMO, including, but not limited to, the International Convention on Civil Liability for Oil Pollution Damage of 1969, as from time to time amended and generally referred to as CLC, the IMO International Convention for the Prevention of Pollution from Ships of 1973, as from time to time amended and generally referred to as MARPOL, including the designation of ECAs thereunder, the IMO International Convention for the Safety of Life at Sea of 1974, as from time to time amended and generally referred to as SOLAS, the IMO International Convention on Load Lines of 1966, as from time to time amended and generally referred to as the LL Convention, the International Convention on Civil Liability for Bunker Oil Pollution Damage, generally referred to as the Bunker Convention, the IMO's International Management Code for the Safe Operation of Ships and for Pollution Prevention, generally referred to as the ISM Code, the International Convention for the Control and Management of Ships' Ballast Water and Sediments, generally referred to as the BWM Convention, and the International Ship and Port Facility Security Code, or ISPS and regulations established by applicable flag state administrations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may also incur additional costs in order to implement and comply with other existing and future regulatory obligations, including, but not limited to, sulfur cap on marine fuels, air emissions including greenhouse gases, the management of ballast water, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on business, operating results, cash flows and financial condition. Because such conventions, laws and regulations are often revised, we cannot predict the ultimate cost of complying with such conventions, laws and regulations or the impact thereof on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Environmental requirements can also affect the resale value or useful life of our vessels, require a reduction in cargo capacity and engine power output, ship modifications, operational changes or restrictions, lead to decreased availability of insurance coverage for environmental matters, or result in the denial of access to certain jurisdictional waters or ports, or detention in certain ports. Under local, national and foreign laws, as well as international treaties and conventions, we could incur material liabilities, including for cleanup obligations and natural resource damages in the event that there is a release of petroleum or hazardous substances from our vessels or otherwise in connection with our operations. Violations of, or liabilities incurred under, environmental requirements can result in substantial penalties, fines and other sanctions, including in certain instances, seizure or detention of our vessels. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Regulation of vessels can be expected to become stricter in the future and could require increased implementation and compliance costs and expenses, or even to recycle or sell certain vessels altogether. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Regulations relating to ballast water discharge may adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO has imposed updated guidelines for ballast water management, or BWM, systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel's ballast water and compliance involved installing on-board systems to treat ballast water and eliminate unwanted organisms (&#8220;Ballast Water Treatment Systems&#8221;, or &#8220;BWTS&#8221;). Ships sailing in U.S. waters are required to employ a type-approved BWTS which is compliant with USCG regulations. Amendments to the BWM convention, concerning the form of the Ballast Water Record Book, are expected to enter into force in February&#160;2025. We have installed approved BWTS on our vessels, which complies with the updated guidelines. Nevertheless, it is uncertain if further regulations or guidelines require us to incur compliance costs, which might have a substantial effect on our profitability. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, United States regulations are currently changing. Although the 2013 Vessel General Permit, or VGP, program and U.S. National Invasive Species Act, or NISA, are currently in effect to regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act, or VIDA, which was signed into law on December&#160;4, </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">22<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">2018, requires that the U.S. Coast Guard develop implementation, compliance, and enforcement regulations regarding ballast water. It intends to replace the VGP scheme and streamline the patchwork of federal, state, and local requirements for the commercial vessel community. VIDA gave the EPA two years to develop new national discharge standards for vessels and the U.S/ Coast Guard another two years to develop regulations and best management practices to implement and enforce those standards. On October&#160;26, 2020, the EPA published a Notice of Proposed Rulemaking for Vessel Incidental Discharge National Standards of Performance under VIDA, and in November&#160;2020, held virtual public meetings. On October&#160;18, 2023, the EPA published a Supplemental Notice to the Vessel Incidental Discharge National Standards of Performance, which shares new ballast water information that the EPA received from the USCG. On September&#160;20, 2024, the EPA finalized national standards of performance for non-recreational vessels 79-feet in length and longer with respect to incidental discharges and on October&#160;9, 2024, these Vessel Incidental Discharge National Standards of Performance were published. Within two years of publication, the USCG is required to develop corresponding implementing regulations. Until those regulations are final, effective and enforceable, vessels will continue to be subject to the VGP 2013 requirements and USCG ballast water regulations. Several U.S. states have added specific requirements to the Vessel General Permit including submission of a Notice of Intent, or NOI, or retention of a PARI form and submission of annual reports. Any upcoming rule changes may have financial impact on our vessels and may result in vessels being banned from calling in US in case compliance issues arise. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">Increased inspection procedures, tighter import and export controls and new security regulations could increase costs and disrupt our business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">International shipping is subject to security and customs inspection and related procedures in countries of origin, destination and trans-shipment points. Since the events of September&#160;11, 2001, there have been a variety of initiatives intended to enhance vessel security, such as the Maritime Transportation Security Act, or MTSA, which are the U.S.&#160;Coastal Guard&#8217;s issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities. In addition, pursuant to the SOLAS Convention, dry bulk vessels and the ports in which we plan to operate are subject to the ISPS&#160;Code. While these security procedures are designed to safeguard ports and vessels against terrorism, they can result in seizure of vessel cargo, delays in the loading, discharging or trans-shipment and the levying of customs duties and fines or other penalties against exporters or importers and, in some cases, vessels. Future changes to the existing security procedures may be implemented that could affect the dry bulk sector. These changes have the potential to impose additional financial and legal obligations on vessels and, in certain cases, to render the shipment of certain types of goods uneconomical or impractical. These additional costs could reduce the volume of goods shipped, resulting in a decreased demand for vessels and adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">Acts of piracy on ocean-going vessels have increased in frequency, which could adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the Red Sea, the Gulf of Aden off the coast of Somalia, the Indian Ocean, and the Gulf of Guinea region off the coast of Nigeria, which has experienced increased incident of piracy in recent years. Sea piracy incidents continue to occur, particularly in the South China Sea, the Indian Ocean, the Gulf of Guinea and the Strait of Malacca, with dry bulk vessels particularly vulnerable to such attacks. Acts of piracy could result in harm or danger to the crews that man our vessels. Additionally, if piracy attacks result in regions in which our vessels are deployed being characterized as &#8220;war risk&#8221; zones by insurers or if our vessels are deployed in Joint War Committee &#8220;war and strikes&#8221; listed areas, premiums payable for insurance coverage could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew and security equipment costs, including costs which may be incurred to employ onboard security armed guards, could increase in such circumstances. Furthermore, while we believe the charterer remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this and withhold charter hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not &#8220;on-hire&#8221; for a certain number of days and is therefore entitled to cancel the charterparty, a claim that we would dispute. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability, of insurance for our vessels could have a material adverse impact on our business, operating results, cash flows and financial condition. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">23<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">If our vessels fail to maintain their class certification or fail any annual survey, intermediate survey, or special survey, or if any scheduled class survey takes longer or is more expensive than anticipated, this could have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The hull and machinery of every commercial vessel must be certified by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the SOLAS Convention. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A vessel must undergo annual surveys, intermediate surveys, and special surveys. Every vessel is also required to undergo inspection of her underwater parts every 30 to 36 months that, either requires drydocking, or is deemed satisfied by the classification society through a diving survey, propeller inspection, tails shaft bearing clearance and overall hull condition, all of which are verified in the presence of a class surveyor. In any case, every vessel has to be drydocked at least once every 60 months. If any vessel does not maintain her class and/or fails a survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable, which will have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our seafarers are covered by industry-wide collective bargaining agreements, failure of industry groups to renew those agreements may disrupt our operations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">All the seafarers on our vessels are covered by industry-wide collective bargaining agreements that set minimum standards in wages and labor conditions. We cannot assure you that these agreements will be renewed as necessary or will prevent labor interruptions. Any labor interruptions could disrupt our operations and harm our financial performance. The responsibility of identifying and contracting seafarers on behalf of the Company has been assigned to Pavimar and the Company does not directly employ any seafarers. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 16pt; margin-left: 0pt; text-align: left;">Maritime claimants could arrest or attach our vessels, which could interrupt our cash flows. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Crew members, suppliers of goods and services to a vessel, shippers of cargo, lenders and other parties may be entitled to a maritime lien against a vessel for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lien holder may enforce its lien by arresting a vessel through foreclosure proceedings. The arrest or attachment of a vessel could interrupt our cash flow and require us to pay large sums of funds to have the arrest lifted, which would have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, in some jurisdictions, such as South Africa, under the &#8220;sister ship&#8221; theory of liability, a claimant may arrest both the vessel which is subject to the claimant&#8217;s maritime lien and any &#8220;associated&#8221; vessel, which is any vessel owned or controlled by the same owner. Claimants could try to assert &#8220;sister ship&#8221; liability against one vessel for claims relating to another vessel. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Governments could requisition our vessels during a period of war or emergency, which could have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A government could requisition for title or hire our vessels. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Also, a government could requisition a vessel for hire. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Although we would be entitled to compensation in the event of a requisition, the amount and timing of payment of such compensation is uncertain. Government requisition of our vessels could have a material adverse impact on our business, operating results, cash&#160;flows and financial condition. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Company </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">We have a limited operating history upon which investors can evaluate our future prospects. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have a limited operating history upon which an evaluation of our business plan or performance and prospects can be made. Our business and prospects must be considered in light of the potential problems, delays, uncertainties and complications encountered in connection with a newly established business. The risks include, but are not limited to, the possibility that we will not successfully manage our fleet or that we will be unable to upgrade and enhance our vessels to accommodate new features or regulations and expanded services. There can be no assurances that we can successfully address these challenges and if unsuccessful, our business, results of operations and financial condition could be materially and adversely affected. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">24<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The market value of our vessels may decrease, which could limit the amount of funds that we can borrow, or trigger breaches of certain financial covenants under our loan agreements and other financing arrangements, and we may incur an impairment or, if we sell vessels following a decline in their market value, a loss.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The market value of dry bulk vessels has historically exhibited great volatility and depends on a number of factors, including but not limited to: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">general economic and market conditions affecting the shipping industry, including changes in global dry cargo commodity demand and supply; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">prevailing levels of charter rates; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">competition from other shipping companies; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">sophistication and condition of the vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">advances in vessel efficiency and technology; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">where the vessel was built, as-built specifications and subsequent modifications and improvements; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">lifetime maintenance record; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">supply and demand for vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">types, sizes, and age of vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">number of upcoming newbuilding deliveries; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the cost to order and construct a new vessel; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">number of vessels scrapped or otherwise removed from the world fleet; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the scrap value of vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in governmental, environmental and other regulations that may limit the useful life of vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">decreased costs and increases in use of other modes of transportation; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">global economic or pandemic-related crises; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">ability of willing buyers to access financing and capital; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the cost of retrofitting or modifying existing ships to respond to technological advances in vessel design or equipment, changes in applicable governmental, environmental or other regulations or standards, or otherwise. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the market value of our vessels declines, we may not be able to refinance any debt that we have or may incur in the future, or obtain additional funding. We may also not be in compliance with certain covenants in financing arrangements, and our lenders could accelerate our indebtedness, or require us to pay down our indebtedness to a level where we are again in compliance with those covenants, or foreclose their liens. We, therefore, could be required to provide additional securities, or to sell all or some of our vessels, and our ability to continue to conduct our business would be impaired. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, if vessel values decline, we may have to record an impairment adjustment in our financial statements, which could adversely affect our financial results. Furthermore, if we sell a vessel when vessel prices have fallen, the sale price may be less than that vessel&#8217;s carrying value on our consolidated financial statements, resulting in a loss on sale. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Our current fleet consists of two vessels. Any limitation in the availability or operation of these vessels could have a material adverse effect on our business, results of operations and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our current fleet consists of two vessels. Until we identify and acquire additional vessels, we will depend upon these two vessels for all of our revenue. If our vessels are unable to generate revenues as a result of off-hire time, termination of the existing time charters coupled with unavailability of alternative employment in favorable terms or at all, or otherwise, our business, operating results, cash flows and financial condition could be materially adversely affected. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">25<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">We may be unable to obtain financing for any vessels we may acquire or to pursue other business opportunities. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We can offer no assurance that we will be able to obtain the necessary financing for the acquisition of any vessels we may acquire on attractive terms or at all, in particular due to the volatility of financial markets. If financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our purchase price payment obligations and complete the acquisition of vessels to expand our fleet. If we fail to fulfill our commitments under any acquisition contract, due to an inability to obtain financing or otherwise, we may also be liable for damages for breach of contract. Any of these circumstances or events could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may acquire additional vessels in the future, and if those vessels are not delivered on time or are delivered with significant defects, our business, results of operations and financial condition could be materially and adversely affected. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may expand our fleet significantly through vessel acquisitions in the future. A delay in the delivery of any vessels to us, the failure of the contract counterparty to deliver a vessel at all, or us not taking delivery of a vessel could cause us to breach our obligations under the acquisition contract or under a related time charter and become liable for damages for breach of contract. In cases where the fault lies with the contract counterparty, we would be entitled to compensation, but the amount and timing of payment of such compensation is uncertain. In addition, the delivery of any vessel with substantial defects could have similar consequences and, although we intend to inspect the condition of the vessels pre-acquisition, there is no assurance that we will be able to identify such defects. We have not received in the past, and do not expect to receive in the future, the benefit of warranties on any secondhand vessels we acquire. Any of these circumstances or events could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Substantial debt levels could limit our flexibility to obtain additional financing and pursue other business opportunities. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have incurred indebtedness in connection with our vessels, and we anticipate that we will incur future indebtedness in connection with the acquisition of additional vessels, although there can be no assurance that we will be successful in identifying further vessels or securing such debt financing. Significant levels of debt could have important consequences to us, including the following: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired, or such financing may be unavailable on favorable terms, or at all; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">we may need to use a substantial portion of our cash from operations to make principal and interest payments on our bank debt and financing liabilities, reducing the funds that would otherwise be available for operations, future business opportunities and any future dividends to our shareholders; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">our debt level could make us more vulnerable to competitive pressures or a downturn in our business or the economy generally than our competitors with less debt; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our debt level may limit our flexibility in responding to changing business and economic conditions. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our ability to service any indebtedness we incur in the future will depend upon, among other things, our future financial and operating performance, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, some of which are beyond our control, as well as the applicable interest rates. If the value of our vessels does not sufficiently serve as security for our lenders, or if our operating income is not sufficient to service our indebtedness, we will be forced to take actions, such as reducing or delaying our business activities, acquisitions, investments or capital expenditures, selling assets, restructuring or refinancing our debt or seeking additional equity capital. We may not be able to effect any of these remedies on satisfactory terms, or at all. In addition, a lack of liquidity in the debt and equity markets could hinder our ability to refinance any future debt we incur or obtain additional financing on favorable terms, or at all, in the future. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our loan agreement contains restrictive covenants that may limit our liquidity and corporate activities, which could limit our operational flexibility. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our loan agreement contains covenants and event of default clauses, financial covenants, restrictive covenants and performance requirements, which may affect operational and financial flexibility. Such restrictions could affect, and in many respects limit or prohibit, among other things, our ability to pay dividends, incur additional indebtedness, </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">26<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg17"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">create liens, sell assets, or engage in mergers or acquisitions. These restrictions could limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. There can be no assurance that such restrictions will not adversely affect our ability to finance our future operations or capital needs, and ultimately affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As a result of these restrictions, we may need to seek permission from our lender in order to engage in some corporate actions. Our lender's interests may be different from ours and we may not be able to obtain their permission when needed. This may prevent us from taking actions that we believe are in our best interests, which may adversely impact our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A failure by us to meet our payment and other obligations, including our financial covenants and any security coverage requirements could lead to defaults under our loan agreement. Likewise, a decrease in vessel values or adverse market conditions could cause us to breach our financial covenants or security requirements. In the event of a default that we cannot remedy, our lenders could accelerate our indebtedness, or require us to pay down our indebtedness to a level where we are again in compliance with those covenants, or foreclose their liens. We, therefore, could be required to provide additional securities, or to sell all or some of our vessels, and our ability to continue to conduct our business would be impaired. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, our future loan agreements may contain cross-default provisions whereby a default by us under a loan or financing agreement and the refusal of any lender or financing counterparty to grant or extend a waiver could result in the acceleration of our indebtedness under other loan agreements containing a cross-default provision. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may attempt to obtain waivers, deferrals or amendments of certain financial covenants, payment obligations and events of default under loan agreements or other financing arrangements. However, there can be no assurance that we would be successful in doing so. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">If we fail to manage our growth properly, we may not be able to successfully expand our market share. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our fleet currently consists of two vessels, and we may acquire additional vessels in the future. Our ability to manage our growth will primarily depend on our ability to: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">generate excess cash flow so that we can invest without jeopardizing our ability to cover current and foreseeable working capital needs, including debt service obligations, if any; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">finance our operations; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">identify and acquire suitable vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">identify and consummate corporate acquisitions or joint ventures; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">integrate any acquired businesses or vessels, including those operating in sectors in which we do not currently operate, successfully with our existing operations; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">access qualified personnel and crew to manage and operate our growing business and fleet; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">expand our customer base, including in new sectors. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Growing any business through acquisitions presents numerous risks such as obtaining acquisition financing on acceptable terms or at all, undisclosed liabilities and obligations, difficulty in securing additional qualified personnel, managing relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. We may not be successful in executing our growth plans and we may incur significant additional expenses and losses in connection therewith. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Vessel ageing, and purchasing and operating secondhand vessels, may result in increased competition and operating costs, which could adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our vessels are secondhand vessels. Our inspection of these or other secondhand vessels prior to purchase does not provide us with the same knowledge about their condition and the cost of any required or anticipated repairs that we would have had if these vessels had been built for and operated exclusively by us. We have not received in the past, and do not expect to receive in the future, the benefit of warranties on any secondhand vessels we acquire. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As our vessels age, they may become less fuel efficient and costlier to maintain and will not be as advanced as recently constructed vessels due to improvements in design and advancements in technology and engineering. Rates </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">27<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg18"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">for cargo insurance, paid by charterers, also increase with the age of a vessel, making older vessels less desirable to charterers, which could result in the lower utilization and, therefore, lower revenues. Rightship, the ship vetting service founded by Rio Tinto and BHP-Billiton, has become a major vetting service in the dry bulk shipping industry, which ranks the suitability of vessels based on a scale of one to five stars. There are carriers that may not charter a vessel that Rightship has vetted with fewer than three stars. Therefore, a potentially deteriorated star rating may affect commercial operation and profitability and lead to challenges in securing charters. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, as vessels&#8217; remaining useful life decreases, market conditions may not justify the implementation and compliance expenses that may be required in response to future changes in governmental, environmental and other regulations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Unless we maintain cash reserves for vessel replacement, we may be unable to replace vessels in our fleet upon the expiration of their useful lives. We estimate the useful life of our vessels to be 25 years from the date of initial delivery from the shipyard. If we are unable to replace our vessels upon the expiration of their useful lives, our business, operating results, cash flows and financial condition will be materially adversely affected. Any reserves set aside for vessel replacements would not be available for other cash needs or dividends. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We also face competition from companies with more modern vessels with more fuel-efficient designs than our vessels. Competition from more technologically advanced vessels could adversely affect the chartering opportunities available to us and the charter rates we will be able to negotiate, therefore adversely affecting our business, operating results, cash flows and financial condition, while also significantly decreasing the resale value of our vessels. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There is no assurance that, as our vessels age, market conditions will justify the implementation and compliance expenses that may be required in response to future changes in governmental, environmental and other regulations, to enable us to operate profitably or at all, or that we will be able to finance the acquisition of new vessels at the time we retire or sell our aging vessel. This could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The failure of our current or future counterparties to meet their obligations could adversely affect our business, financial condition, and results of operation. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have entered, and plan to enter, into various contracts, including charter parties with our customers, vessel management agreements and other agreements, which subject us to counterparty risks. The ability and willingness of each of our current or future counterparties to perform its obligations under these contracts with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the dry bulk shipping industry and the industries in which our counterparties operate, the overall financial condition of the counterparties, and the supply and demand for dry bulk commodities. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">From time to time, those counterparties may account for a significant amount of our chartering activity and revenues. Currently, both our vessels are employed by an international trading conglomerate and we rely upon one charterer for all of our revenue. In challenging market conditions, charterers may default on or attempt to renegotiate their obligations under charter agreements, and fail to pay charter hire. Should a charterer fail to honor its obligations to us, it may be difficult to secure substitute employment on favorable terms or at all. If a charterer fails to honor its obligations to us or attempt to renegotiate our charter agreements, we could suffer significant losses, which could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">Rising crew costs may adversely affect our profitability. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Crew costs are expected to be a significant expense for us. Recently, the limited supply of and increased demand for highly skilled and qualified crew, due to the increase in the size of the global shipping fleet, has created upward pressure on crewing costs. Increases in crew costs coupled with the continuing inflationary environment may adversely affect our profitability. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">As we expand our business, we may have difficulty in improving our operating and financial systems and in securing suitable employees and crew for our vessels. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our current operating and financial systems may not be adequate if we expand the size of our fleet, and our attempts to improve those systems may be ineffective. In addition, we will need access to suitable additional seafarers and shore based administrative and management personnel. We cannot guarantee that we will be able, directly or indirectly through Pavimar and crewing agents, to secure enough human resources if and as we expand our fleet and, </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">28<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg19"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">therefore, we may not be able to adequately staff our operations and vessels. If we are unable to develop and maintain effective operating and financial systems or to have access to suitable employees as we expand our fleet, our business, operating results, cash flows and financial condition may be adversely affected, and our expansion may be hindered. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We and Pavimar may not be able to attract and retain key management personnel and other employees, which may negatively affect the effectiveness of our management. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our success will depend to a significant extent upon the abilities and efforts of our management team, including our ability to retain key members of our management team and other employees. The loss of any of these individuals could adversely affect our business prospects and financial condition. Difficulty in attracting and retaining personnel could adversely affect the effectiveness of our management and our reputation and have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our vessels may suffer damage, and we may face unexpected repair costs, which could adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The operation of an ocean-going vessel carries inherent risks, which include the risk of the vessel or its cargo being damaged or lost because of events such as marine disasters, bad weather and other acts of God, business interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy, labor strikes, boycotts and other similar circumstances or events. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If our vessels suffer damage, they may need to be repaired at a drydocking facility. The time and costs of repairs are unpredictable and may be substantial. We may have to pay repair costs that our insurance does not cover in full. The loss of earnings while our vessels are being repaired and repositioned, as well as the actual cost of these repairs and repositioning, would decrease our earnings. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility and be forced to travel to a drydocking facility that is not conveniently located to our vessels&#8217; positions. The loss of earnings while these vessels are forced to wait for space or to travel to more distant drydocking facilities, or both, would decrease our earnings. Furthermore, we may not have insurance that is sufficient to cover all or any of these costs or losses and may have to pay repair costs not covered by our insurance. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">We maintain cash with a limited number of financial institutions, which will subject us to credit risk. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We maintain most of our cash with a German financial institution, which is also a member of a voluntary deposit protection scheme, offering increased insurance coverage in an event of default by this institution. In the future, we intend to diversify our cash holdings between financial institutions and regions, potentially including institutions that are located in Greece. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The financial institutions located in Greece may be subsidiaries of international banks or Greek financial institutions. Although concerns relating to the sovereign debt crisis have largely been allayed and Greece has emerged from its bailout programs, the stand-alone financial strength of the banks and the legacy of the country&#8217;s multi-year debt crisis continue to create uncertain economic prospects. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Generally, only a portion of cash balances are covered by insurance in the event of default by a financial institution in Greece or elsewhere. Several banks, including banks in the United States and Switzerland, have recently been subject to extraordinary resolution procedures or sale because of the risk of such a default. In the event of such a default of a financial institution, we may lose part or all of our cash that we hold deposited with such financial institution. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, in the event any of our financial institutions do not allow us to withdraw funds in the time and amounts that we want, we may not timely comply with contractual provisions in our contracts, which could have a material adverse effect on our reputation, business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We are a holding company and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations or to pay dividends. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a holding company and the subsidiaries wholly owned by us conduct all of our operations and own our operating assets, the vessels. We will have no material assets other than the equity interests in those subsidiaries. We expect any vessel we acquire in the future to be owned by subsidiaries that will be directly or indirectly owned by us. As a result, our ability to satisfy our financial obligations and to make dividend payments, if any, depends on our subsidiaries and their ability to distribute funds to us. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">29<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg20"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to its earnings, financial condition, cash requirements and availability, the ability of a subsidiary to make distributions to us could be affected by the covenants in our loan agreements or other financing arrangements, a claim or other action by a third party, including a creditor, and the laws of its country of incorporation. If we are unable to obtain funds from our subsidiaries, we may not be able to satisfy our financial obligations and, consequently, our Board of Directors may exercise its discretion not to declare or pay any dividend. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">In the highly competitive international shipping industry, we may not be able to compete for charters with new entrants or established companies with greater resources, which may adversely affect our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate in a highly competitive market that is capital intensive and highly fragmented. Competition arises primarily from other independent and state-owned dry bulk vessel owners, some of whom may have substantially greater resources than we do. Competition for the transportation of dry bulk cargoes by sea is intense and depends on price, location, size, age, condition and the acceptability of a vessel and her operators to the charterers. Due in part to the highly fragmented market, competitors with greater resources could enter the dry bulk shipping industry and operate larger fleets through consolidations or acquisitions and may be able to offer lower charter rates and higher quality vessels than we are able to offer. Although we believe that no single competitor or cartel has a dominant position in or influences the markets in which we compete, we are aware that certain competitors may be able to devote greater financial and other resources to their activities than we can, resulting in a significant competitive threat to us. We cannot give assurances that we will continue to compete successfully with our competitors or that these factors will not erode our competitive position in the future. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Due to our lack of fleet diversification, adverse developments in the maritime dry bulk shipping industry could have a material adverse effect on our business, operating results, cash flows and financial condition.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our business currently depends on the transportation of dry bulk commodities, and our fleet currently consists exclusively of dry bulk vessels. Our current lack of diversification could make us vulnerable to adverse developments in the maritime dry bulk shipping industry and the demand for our vessels in particular, which would have a significantly greater impact on our business, operating results, cash flows and financial condition than it would if we maintained more diverse assets or lines of business. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may be subject to litigation that, if not resolved in our favor and not sufficiently insured against, could have a material adverse effect on us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may be, from time to time, involved in various litigation matters. These matters may include, among other things, contract disputes, personal injury claims, environmental claims or proceedings, cargo related claims, governmental claims for taxes or duties, and other litigation that arises in the ordinary course of our business. Although we intend to defend these matters vigorously, we cannot predict with certainty the outcome or effect of any claim or other litigation matter. The ultimate outcome of any litigation or the potential costs to resolve them may have a material adverse effect on us. Insurance may not be applicable or sufficient in all cases or insurers may not remain solvent, which may have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The shipping industry has inherent operational risks that may not be adequately covered by our insurances. Further, because we obtain some of our insurances through protection and indemnity associations, we may be retrospectively subject to calls or premiums in amounts based not only on our own claim records, but also on the claim records of all other members of these protection and indemnity associations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We procure insurance for our fleet against risks commonly insured against by vessel owners and operators. Our current insurances include hull and machinery insurance, war risks insurance, freight, demurrage and defense insurance and protection and indemnity insurance (which includes environmental damage and pollution insurance). We do not expect to maintain insurance against loss of hire, which covers business interruptions that result from the loss of use of a vessel, except in cases when our vessels transit through or call at high risk areas. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may not be adequately insured against all risks or our insurers may not pay a particular claim. Even if our insurance coverage is adequate to cover our losses, we may not be able to timely obtain a replacement vessel in the event of a loss. Furthermore, in the future, we may not be able to obtain adequate insurance coverage at reasonable rates. Our insurance policies also contain deductibles, limitations and exclusions which, although we believe are standard in the shipping industry, may nevertheless increase our costs. If our insurances are not enough to cover claims that may arise, the deficiency may have a material adverse effect on our business, operating results, cash flows and financial condition. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">30<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg21"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may in the future be retrospectively subject to calls, or premiums, in amounts based not only on our own claim records but also the claim records of all other members of the protection and indemnity associations through which we receive indemnity insurance coverage for tort liability, including pollution-related liability. Our payment of such calls could in the future result in significant expenses to us. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or FCPA, the UK Bribery Act or other similar laws could result in fines, criminal penalties, and an adverse effect on our reputation and business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate throughout the world, including countries with a reputation for corruption. We may be subject to risks under the FCPA, the UK Bribery Act and similar laws in other jurisdictions that generally prohibit companies and their intermediaries from making, offering or authorizing improper payments to government officials for the purpose of obtaining or retaining business. We are committed to doing business in accordance with applicable anti-corruption laws and have adopted a code of business conduct and ethics which is consistent and in full compliance with the FCPA. We are subject, however, to the risk that we, our affiliated entities or our or their respective officers, directors, employees and agents may take action determined to be in violation of such anti-corruption laws, including the FCPA. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, and curtailment of operations in certain jurisdictions, and might adversely affect our business, operating results, cash flows and financial condition. Our customers in relevant jurisdictions could seek to impose penalties or take other actions adverse to our interests. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our management. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A foreign corporation will be treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for U.S. federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of certain types of &#8220;passive income&#8221; or (2) at least 50% of the average value of the corporation&#8217;s assets produce or are held for the production of those types of &#8220;passive income.&#8221; For purposes of these tests, &#8220;passive income&#8221; includes dividends, interest, gains from the sale or exchange of investment property, and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does not constitute &#8220;passive income.&#8221; U.S.&#160;shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Based upon our current and anticipated method of operations, we do not expect to be a PFIC in 2024 or any future taxable year. In this regard, we intend to treat our gross income from time charters as active services income, rather than rental income. Accordingly, our income from our time chartering activities should not constitute &#8220;passive income,&#8221; and the assets that we own and operate in connection with the production of that income should not constitute passive assets. There is substantial legal authority supporting this position including case law and U.S.&#160;Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, it should be noted that there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. Accordingly, no assurance can be given that the IRS or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if the nature and extent of our operations change. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the IRS were to find that we are or have been a PFIC for any taxable year, our U.S. shareholders would face adverse U.S. federal income tax consequences and certain information reporting requirements. Under the PFIC rules, unless those shareholders make an election available under the United States Internal Revenue Code of 1986 as amended, or the Code (which election could itself have adverse consequences for such shareholders), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of our Common Shares, as if the excess distribution or gain had been recognized ratably over the shareholder&#8217;s holding period of our Common Shares. See &#8220;Tax Considerations&#8212;United States Federal Income Tax Consequences&#8212;United States Federal Income Taxation of U.S. Holders &#8211; Passive Foreign Investment Company Rules&#8221; for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. shareholders if we are treated as a PFIC. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">31<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg22"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">We may have to pay tax on U.S. source income, which would reduce our profitability. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the Code, 50% of the gross shipping income of a vessel-owning or chartering corporation, such as us and our subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States, exclusive of certain U.S. territories and possessions, or &#8220;U.S. source gross shipping income&#8221; may be subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section&#160;883 of the Code and the applicable Treasury Regulations promulgated thereunder. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We intend to take the position that we qualified for this statutory tax exemption for U.S. federal income tax return reporting purposes for our 2024 taxable year. However, there are factual circumstances that could cause us to lose the benefit of this tax exemption for any future taxable year and thereby become subject to U.S. federal income tax on our U.S.-source shipping income. Due to the factual nature of the issues involved, there can be no assurances on our tax-exempt status. If we or our subsidiaries are not entitled to exemption under Section&#160;883, we or our subsidiaries will be subject to the 4% U.S. federal income tax on 50% of any shipping income such companies derive that is attributable to the transport of cargoes to or from the United States. This tax is a cost, which, if unreimbursed, has a negative effect on our profitability. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For information regarding the potential availability of the exemption from tax under Section&#160;883 of the Code, see the description in &#8220;Tax Considerations&#8212;United States Federal Income Tax Consequences&#8212;Exemption of Operating Income from United States Federal Income Taxation.&#8221; </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We are a &#8220;foreign private issuer,&#8221; which could make our Common Shares less attractive to some investors or otherwise harm our share price. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a &#8220;foreign private issuer,&#8221; as such term is defined in Rule&#160;405 under the Securities Act. As a &#8220;foreign private issuer&#8221; the rules governing the information that we disclose differ from those governing U.S. corporations pursuant to the Exchange Act. We are not required to file quarterly reports on Form&#160;10-Q or provide current reports on Form&#160;8-K disclosing significant events within four days of their occurrence. In addition, our officers and directors are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions of Section&#160;16 of the Exchange Act and related rules with respect to their purchase and sales of our securities. Our exemption from the rules of Section&#160;16 of the Exchange Act regarding sales of Common Shares by insiders means that you will have less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act. Moreover, we are exempt from the proxy&#160;rules, and proxy statements that we distribute will not be subject to review by the Commission. Accordingly, there may be less publicly available information concerning us than there is for other U.S. public companies that are not foreign private issuers. These factors could make our Common Shares less attractive to some investors or otherwise harm our share price. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands, and as such we are entitled to exemption from certain Nasdaq corporate governance standards. As a result, you may not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Company&#8217;s corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands. Therefore, we are exempt from many of Nasdaq&#8217;s corporate governance practices other than the requirements regarding the disclosure of a going concern audit option, submission of a listing agreement, notification of material non-compliance with Nasdaq corporate governance practices, and the establishment and composition of an audit committee and a formal written audit committee charter. To the extent we rely on these or other exemptions you may not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may conduct business in China, where the legal system is not fully developed and has inherent uncertainties that could limit the legal protections available to us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">From time to time our vessels may be chartered to Chinese customers, or on charterers' instructions, our vessels may call on Chinese ports. Such charters and voyages may be subject to regulations in China that may require us to incur new or additional compliance or other administrative costs and may require that we pay to the Chinese government new taxes or other fees. Applicable laws and regulations in China may not be well publicized and may not be known to us or our charterers in advance of us or our charterers becoming subject to them, and the implementation of such laws and regulations may be inconsistent. Changes in Chinese laws and regulations, </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">32<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg23"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">including with regards to tax matters, or changes in their implementation by local authorities, could affect vessels chartered to Chinese customers as well as vessels calling to Chinese ports and could have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Changing laws and evolving reporting requirements could have an adverse effect on our business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Changing laws, regulations and standards relating to reporting requirements, including the European Union General Data Protection Regulation, or GDPR, which relates to the collection, use, retention, security, processing and transfer of personally identifiable information about our customers and employees, may create additional compliance requirements for us. To maintain high standards of corporate governance and public disclosure, we have invested in, and continue to invest in, reasonably necessary resources to comply with evolving standards. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">GDPR broadens the scope of personal privacy laws to protect the rights of European Union citizens and requires organizations to report on data breaches within 72 hours and be bound by more stringent rules for obtaining the consent of individuals on how their data can be used. Although we are generally a business that serves other businesses, we still process and obtain certain personal information relating to individuals and any non-compliance with GDPR or other data privacy laws may expose us to significant fines or other regulatory claims, penalties, judgments and negative publicity which could have an adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">A cyber-attack could materially disrupt our business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We rely on information technology systems and networks in our operations and administration of our business. Information systems are vulnerable to security breaches by computer hackers and cyber terrorists. The safety and security of our vessels as well as our business operations could be targeted by individuals or groups seeking to sabotage or disrupt our information technology systems and networks, or to steal data. We rely on industry-accepted security measures and technology to securely maintain confidential and proprietary information kept on our information systems, including those kept on Pavimar&#8217;s information systems on our behalf. However, these measures and technology may not adequately prevent cybersecurity breaches, the access, capture, or alteration of information by criminals, the exposure or exploitation of potential security vulnerabilities, the installation of malware or ransomware, acts of vandalism, computer viruses, and misplaced data or data loss. Any such attack, including as a result of spam, targeted phishing type emails and ransomware attacks, or other breach of or significant interruption or failure of our information technology systems could have a material adverse effect on our business and results of operations. In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business, and could result in decreased performance and increased operating costs, causing our business and results of operations to suffer. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, recent action by the IMO&#8217;s Maritime Safety Committee and United States agencies indicates that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. Any changes in the nature of cyber threats might require us to adopt additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. A cyber-attack could also lead to litigation, fines or other remedial action, heightened regulatory scrutiny and diminished customer confidence. In addition, our remediation efforts may not be successful and we may not have adequate insurance to cover any related losses. Furthermore, the war between Russia and Ukraine has been accompanied by cyber-attacks against the Ukrainian government and other countries in the region. It is possible that these attacks could have collateral effects on additional critical infrastructure and financial institutions globally, which could adversely affect our operations. It is difficult to assess the likelihood of such threat and any potential impact at this time. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our vessels may call in ports in South America and other areas where smugglers attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. Under some jurisdictions, vessels used for the conveyance of illegal drugs could subject such vessels to forfeiture to the government of these jurisdictions. To the extent a vessel is found with contraband, whether inside or attached to her hull, and whether with or without the knowledge of any member of our crew, we may face reputational damage and governmental or other regulatory claims or penalties which could have an adverse effect on our business, operating results, cash flows and financial condition. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">33<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg24"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The international nature of our operations may make the outcome of any potential bankruptcy proceedings difficult to predict. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Marshall Islands has passed an act implementing the U.N. Commission on Internal Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency, or the Model Law. The adoption of the Model Law is intended to implement effective mechanisms for dealing with issues related to cross-border insolvency proceedings and encourages cooperation and coordination between jurisdictions. Notably, the Model Law does not alter the substantive insolvency laws of any jurisdiction and does not create a bankruptcy code in the Marshall Islands. Instead, the Act allows for the recognition by the Marshall Islands of foreign insolvency proceedings, the provision of foreign creditors with access to courts in the Marshall Islands, and the cooperation with foreign courts. Consequently, in the event of any bankruptcy, insolvency or similar proceedings involving us or one of our subsidiaries, bankruptcy laws other than those of the United States could apply. We have limited operations in the United States. If we become a debtor under the United States bankruptcy laws, bankruptcy courts in the United States may seek to assert jurisdiction over all of our assets, wherever located, including property situated in other countries. There can be no assurance, however, that we would become a debtor in the United States or that a United States bankruptcy court would be entitled to, or accept, jurisdiction over such bankruptcy case or that courts in other countries that have jurisdiction over us and our operations would recognize a United States bankruptcy court&#8217;s jurisdiction if any other bankruptcy court would determine it had jurisdiction. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law, which may negatively affect the ability of shareholders to protect their interests. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our corporate affairs are governed by our amended and restated articles of incorporation, our amended and restated bylaws and by the Marshall Islands Business Corporations Act, or the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the laws of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain U.S. jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, shareholders may have more difficulty in protecting their interests in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, the Republic of the Marshall Islands does not have a legal provision for bankruptcy or a general statutory mechanism for insolvency proceedings. As such, in the event of a future insolvency or bankruptcy, our shareholders and creditors may experience delays in their ability to recover for their claims after any such insolvency or bankruptcy. Further, in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization or similar proceeding involving us or any of our subsidiaries, bankruptcy laws other than those of the United States could apply. If we become a debtor under U.S. bankruptcy law, bankruptcy courts in the United States may seek to assert jurisdiction over all of our assets, wherever located, including property situated in other countries. There can be no assurance, however, that we would become a debtor in the United States, or that a U.S. bankruptcy court would be entitled to, or accept, jurisdiction over such a bankruptcy case, or that courts in other countries that have jurisdiction over us and our operations would recognize a U.S. bankruptcy court's jurisdiction if any other bankruptcy court would determine it had jurisdiction. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">As a Marshall Islands corporation with principal executive offices in Greece, and also having subsidiaries in the Republic of the Marshall Islands, our operations may be subject to economic substance requirements. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In March&#160;2019, the Council of the European Union, or the Council, published a list of non-cooperative jurisdictions for tax purposes, the 2019 Conclusions. In the 2019 Conclusions, the Republic of the Marshall Islands, among others, was placed by the E.U. on the list of non-cooperative jurisdictions for failing to implement certain commitments previously made to the E.U. by the agreed deadline. However, it was announced by the Council in October&#160;2019 that the Marshall Islands had been removed from the list of non-cooperative jurisdictions. Bermuda and the British Virgin Islands were similarly added and subsequently removed from the list within 2019. In February&#160;2023, the Marshall Islands was added again to the list of non-cooperative jurisdictions, along with the British Virgin Islands, among others. In October&#160;2023, the Marshall Islands and the British Virgin Islands were again removed from the list of non-cooperative jurisdictions. E.U. member states have agreed upon a set of measures, which they can choose to apply against the listed countries, including, inter alia, increased monitoring and audits, </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">34<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg25"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">withholding taxes and non-deductibility of costs. The European Commission has stated it will continue to support member states' efforts to develop a more coordinated approach to sanctions for the listed countries. E.U. legislation prohibits E.U. funds from being channeled or transited through entities in non-cooperative jurisdictions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a Marshall Islands corporation with principal executive offices in Greece. Our subsidiaries are organized in the Republic of the Marshall Islands. The Marshall Islands have enacted economic substance regulations with which we are obligated to comply. The Marshall Islands economic substance regulations require certain entities that carry out particular activities to comply with a three-part economic substance test whereby the entity must show that it (i) is directed and managed in the Marshall Islands in relation to that relevant activity, (ii) carries out core income-generating activity in relation to that relevant activity in the Marshall Islands (although it is being understood and acknowledged by the regulators that income-generated activities for shipping companies will generally occur in international waters) and (iii) having regard to the level of relevant activity carried out in the Marshall Islands has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands and (c) an adequate number of qualified employees in the Marshall Islands. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If we fail to comply with our obligations under such regulations or any similar law applicable to us in any other jurisdictions, we could be subject to financial penalties and spontaneous disclosure of information to foreign tax officials, or could be struck from the register of companies, in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not know (i) if the E.U. will act to add the Republic of the Marshall Islands to the list of non-cooperative jurisdictions, (ii) how quickly the E.U. would react to any changes in legislation or regulations of the relevant jurisdictions, or (iii) how E.U. banks or other counterparties will react while we or any of our subsidiaries remain as entities organized and existing under the laws of listed countries. The effect of the E.U. list of non-cooperative jurisdictions, and any noncompliance by us with any legislation adopted by applicable countries to achieve removal from the list, including economic substance regulations, could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">Our amended and restated articles of incorporation include forum selection provisions for certain disputes between us and our shareholders, which could limit our shareholders&#8217; ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation provide that, unless we consent in writing to the selection of an alternative forum, (A) to the fullest extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or proceeding brought on behalf of the Company, (ii)&#160;any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder of the Company to the Company or the Company&#8217;s shareholders, and (iii) any action asserting a claim arising pursuant to any provision of the BCA or our amended and restated articles of incorporation or amended and restated bylaws, and (B) the United States District Court for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the Exchange Act, as applicable, and any rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state jurisdiction pursuant to the Securities Act or Exchange Act, as applicable, and after giving effect to clause (A) above. Therefore, to the fullest extent permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging a violation of the Securities Act or Exchange Act. Although our forum selection provisions shall not relieve us of our statutory duties to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders are not deemed to have waived our compliance with such laws, rules, and regulations, as applicable, our forum selection provisions may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, and may increase the costs associated with such lawsuits, which may discourage lawsuits with respect to such claims. Please also see below, &#8220;We may not achieve the intended benefits of having forum selection provision if they are found to be unenforceable.&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">35<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg26"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">We may not achieve the intended benefits of having forum selection provisions if they are found to be unenforceable. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Section&#160;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act and the rules and regulations thereunder and Section&#160;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act and the rules and regulations thereunder. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation include a forum selection clause which provides that, unless we consent in writing to an alternative forum, to the fullest extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including, among others, any derivative action or proceeding brought on behalf of the Company, and that, subject to the foregoing, the United States District Court for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United&#160;States) shall be the sole and exclusive forum for all claims arising under the Securities Act or Exchange Act, to the extent such claims would be subject to federal or state jurisdiction pursuant to the Securities Act or Exchange Act, as applicable. Therefore, to the fullest extent permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging a violation of the Securities Act or Exchange Act. The enforceability of similar forum selection provisions in other companies&#8217; governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court could find the forum selection provisions contained in our amended and restated articles of incorporation to be inapplicable or unenforceable (in whole or in part) in such action. For example, with respect to derivative actions arising under the Exchange Act, there is currently disagreement among federal Courts of Appeals in the United States (a circuit split between the Courts of Appeals for the Seventh and Ninth Circuits) as to whether a forum selection clause which requires that derivative actions be brought in a specified forum other than the federal courts would contravene Section&#160;27 of the Exchange Act under certain circumstances. The circuit split follows a line of cases that analyze the enforceability of forum selection provisions in the context of derivative Securities Act and Exchange Act claims. Accordingly, the applicability of the provisions of our amended and restated articles of incorporation selecting a Marshall Islands forum for certain types of claims may be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances, the effect of our forum selection provisions may be uncertain. As a result, we could be required to litigate claims in multiple jurisdictions, incur additional costs with resolving such action in other jurisdictions, or otherwise not receive the benefits that we expect our forum selection provisions to provide, which could adversely affect our business, financial condition and results of operations. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">It may not be possible for investors to serve process on or enforce U.S. judgments against us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We and all of our subsidiaries are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiaries are located outside the U.S. In addition, our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us, our subsidiaries or our directors and officers, or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the countries in which we or our subsidiaries are incorporated or where our assets or the assets of our subsidiaries are located (1) would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries based upon the civil liability provisions of applicable U.S. federal and state securities laws or (2)&#160;would enforce, in original actions, liabilities against us or our subsidiaries based on those laws. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: justify;">We are an &#8220;emerging growth company&#8221; and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are an &#8220;emerging growth company&#8221; as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. While we have elected to take advantage of some of the reduced reporting obligations, we are choosing to &#8220;opt-out&#8221; of the extended transition period relating to the exemption from new or revised financial accounting standards. We cannot predict if investors will find our Common Shares less attractive because we may rely on these exemptions. If some investors find our Common Shares less attractive as a result, there may be a less active trading market for our Common Shares and our share price may be more volatile. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">36<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg27"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section&#160;404 of Sarbanes Oxley, or Section&#160;404, for so long as we are an emerging growth company. For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We incur increased costs as a result of operating as a company that is publicly listed in the United States, and our senior management is required to devote substantial time to complying with public company regulations.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As a company publicly listed in the United States, we incur significant legal, accounting, and other expenses that we did not incur as a private company. Sarbanes-Oxley, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of Nasdaq and other applicable securities rules and regulations impose various requirements on public companies, including the establishment and maintenance of effective disclosure and financial controls and corporate governance practices. Our senior management and other personnel need to devote a substantial amount of time to comply with these requirements. Moreover, these rules and regulations increase our legal and financial compliance costs and make some activities more time-consuming and costly. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to Section&#160;404, we are required to furnish a report by our senior management on our internal control over financial reporting. However, while we remain an emerging growth company, we are not required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm. To prepare for eventual compliance with Section&#160;404, once we no longer qualify as an emerging growth company, we may be engaged in a process to document and evaluate our internal control over financial reporting, which is both costly and challenging. In this regard, we need to continue to dedicate internal resources, potentially engage outside consultants, adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented, and implement a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that we are not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective as required by Section&#160;404. If we identify one or more material weaknesses, it could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our financial statements. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, on March&#160;6, 2024, the SEC adopted final rules requiring extensive climate-related and ESG-related disclosures in companies&#8217; annual reports and registration statements. The final rules are set forth in Release No.&#160;33-11275. The final rules would add extensive and prescriptive disclosure items requiring companies, including foreign private issuers, to disclose climate-related risks and certain emissions. In addition, the final rules would require the inclusion of certain climate-related financial metrics in a note to companies&#8217; audited financial statements. These final rules became effective on May&#160;28, 2024, with compliance dates for the final rules phased in for all registrants, with the compliance date dependent on the registrant&#8217;s filer status. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may not be able to predict the costs of implementation or any potential adverse impacts resulting from the final rules. We could incur increased costs related to the assessment and disclosure of climate-related risks. In addition, enhanced climate disclosure requirements could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon intensive sectors. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, as a result of the enhanced disclosure requirements of the U.S. securities laws, business and financial information that we report is broadly disseminated and highly visible to investors, which we believe may increase the likelihood of threatened or actual litigation, including by competitors and other third parties, which could, even if unsuccessful, divert financial resources and the attention of our management from our operations. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Risks Relating to our Relationship with our Manager and its Affiliates </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">We depend on Pavimar to manage our business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not have the employee infrastructure to manage our operations and our Board of Directors has organized the provision of management services through Pavimar, under the terms of the New Management Agreement which became effective on January&#160;18, 2024. Pavimar provides us with vessel commercial and technical management services including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. As a result, we depend upon the continued services provided by Pavimar. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">37<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg28"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We expect to derive significant benefits from our relationship with Pavimar and its affiliated companies, including our ability to compete for and enter into agreements, including charter agreements, and to expand our relationships with our existing charterers and other third parties. We would be materially adversely affected if Pavimar becomes unable or unwilling to continue providing services for our benefit at the level of quality they have provided such services in the past and at comparable costs as they have charged in the past. If we were required to employ a ship management company other than Pavimar, we cannot offer any assurances that the terms of such management agreements would be on terms as favorable to us in the long term. If Pavimar suffers material damage to its reputation or relationships it may harm our ability to: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">continue to operate our vessels and service our customers; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">renew existing charters upon their expiration; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">secure new charters; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">obtain insurance on commercially acceptable terms; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">maintain satisfactory relationships with our customers and suppliers; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">successfully execute our growth strategy. </div></td></tr></table><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">Pavimar is a privately held company and there is little or no publicly available information about it. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The ability of Pavimar to continue providing services for our and our subsidiaries&#8217; benefit will depend in part on its own financial strength. Circumstances beyond our control could impair its financial strength and, because Pavimar is privately held, it is unlikely that information about Pavimar&#8217;s financial strength would become public. Any such problems affecting Pavimar could have a material adverse effect on us. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">Management fees are payable to Pavimar regardless of our profitability or whether our vessels are employed. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The management fees payable to Pavimar under the terms of the New Management Agreement is payable whether or not our vessels are employed, and regardless of our profitability. We have no contractual right to reduce such fees if our profitability decreases. For more information on the management fees payable under our New Management Agreement, see &#8220;Certain Relationships and Related Party Transactions&#8212;Management, Commercial and Administrative Services.&#8221; </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our Chairwoman and Chief Executive Officer ultimately beneficially owns and controls Pavimar and participates in other business activities not associated with us, and does not devote all of her time to our business, which could create conflicts of interest. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, beneficially owns and controls Pavimar and participates in other business activities not associated with us. As a result, Mrs.&#160;Panagiotidi may devote less time to us than if she was not engaged in other business activities. Mrs.&#160;Panagiotidi&#8217;s interest and position in Pavimar could create conflicts of interest that could result in losing revenue or business opportunities or increase our expenses. Mrs.&#160;Panagiotidi or Pavimar, may take actions that are not in the best interest of us or our other shareholders and conflicts of interest between them and us may arise as a result of their operation of, or investment in, businesses that compete with us. This could have a material adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Our Chairwoman and Chief Executive Officer and Pavimar may have conflicts of interest between us and its other clients. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the terms of our New Management Agreement which became effective on January&#160;18, 2024, Pavimar provides us with vessel commercial and technical management services. Pavimar may provide similar services for vessels owned or operated by other shipping companies, and it also may provide similar services to companies with which Pavimar is affiliated. These responsibilities and relationships could create conflicts of interest between Pavimar&#8217;s performance of its obligations to us, on the one hand, and Pavimar&#8217;s performance of its obligations to its other clients, on the other hand. These conflicts may arise in connection, among others, with the fixing of employment contracts, crewing, supply provisioning, and operations of the vessels in our fleet versus vessels owned or operated by other clients of Pavimar. In particular, Pavimar may give preferential treatment or be contractually or otherwise obligated to give preferential treatment to vessels owned or operated by other clients or affiliated </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">38<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg29"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">companies. In addition, our Chairwoman and Chief Executive Officer beneficially owns other vessels that are not owned by us and we therefore may be competing for the same charterers and business opportunities. These conflicts of interest may have an adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Risks Relating to Our Common Shares and this Offering </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We may 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. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may issue additional Common Shares or other equity securities of equal or senior rank in the future in connection with, among other things, vessel acquisitions or repayment of outstanding indebtedness, without shareholder approval, in a number of circumstances. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As part of our business strategy, we may rely in part on issuances of equity or preferred securities, which may carry voting rights and may be convertible into Common Shares. We may issue such securities in private placements, including to related parties, or in registered offerings. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;15, 2024, in connection to the Company&#8217;s initial public offering, we issued to Maxim Group LLC, who acted as sole book-running manager in such offering, a warrant to purchase up to 80,000 Common Shares at an exercise price of $4.40 per Common Share, subject to certain anti-dilution adjustments (the &#8220;First Representative&#8217;s Warrant&#8221;). The First Representative&#8217;s Warrant is exercisable on or after January&#160;11, 2025, and expires on July&#160;11, 2027. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, we may issue additional Common Shares upon exercise of the Placement Agent&#8217;s Warrants to be issued to Maxim Group LLC in connection with this offering. The Placement Agent&#8217;s Warrants will be exercisable to purchase a number of Common Shares equal to 5.0% of the total number of Units being sold in this offering, at an exercise price equal to 110% of the public offering price of each Unit in this offering, subject to certain anti-dilution adjustments. The Placement Agent&#8217;s Warrants will be non-exercisable for six (6) months from the date of effectiveness of the registration statement of which this prospectus forms a part and will expire three (3) years after such date. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our issuance of additional Common Shares, including upon conversion of convertible securities, including the Series&#160;A Preferred Shares, or upon exercise of the First Representative&#8217;s Warrant, the Placement Agent&#8217;s Warrants, or other equity securities of equal or senior rank, or with voting rights, may have the following effects: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our existing common shareholders&#8217; proportionate ownership interest in us will decrease; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the amount of cash available for dividends payable per Common Share may decrease; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the relative voting strength of each previously outstanding Common Share may be diminished; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the market price of our Common Shares may decline. </div></td></tr></table><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: justify;">Future issuance of Common Shares may trigger anti-dilution provisions in our Series&#160;A Preferred Shares and in the First Representative&#8217;s Warrant and affect the interests of our common shareholders. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Each holder of Series&#160;A Preferred Shares has the right, subject to certain conditions, at any time commencing on July&#160;16, 2025 and until July&#160;15, 2032, to convert all (but not a portion) of the Series&#160;A Preferred Shares beneficially held by such holder into our Common Shares at a conversion price equal to the lower of (i) $6.00 per Common Share (the &#8220;Pre-Determined Price&#8221;) and (ii) the volume weighted average price (&#8220; VWAP&#8221;) of our Common Shares over the five consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion. The Pre-Determined Price is subject to anti-dilution adjustments for events affecting our Common Shares, including but not limited to, certain issuances of additional Common Shares at a deemed price per share lower than the conversion price, stock combinations or splits, reclassifications, or other similar events. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, the First Representative&#8217;s Warrant is exercisable on or after January&#160;11, 2025, and expires on July&#160;11, 2027, at an exercise price of $4.40 per Common Share, subject to certain anti-dilution adjustments in certain circumstances, including in the event of a stock dividend, recapitalization, reorganization, merger or consolidation. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Such anti-dilution adjustments could result in a corresponding increase in the number of Common Shares if these instruments are converted into, which could dilute the interests of our common shareholders and affect the trading price for our Common Shares. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">39<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg30"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The market price of our Common Shares may be subject to significant fluctuations. Further, there is no guarantee of a continuing public market to resell our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The market price of our Common Shares may be subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the factors that could affect our stock price are: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">seasonal variations in our results of operations; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in market valuations of similar companies and stock market price and volume fluctuations generally; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in earnings estimates or the publication of research reports by analysts; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">speculation in the press or investment community about our business or the shipping industry generally; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">strategic actions by us or our competitors such as acquisitions or restructurings; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the potentially thin trading market for our Common Shares, which may render them illiquid; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">regulatory developments; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">additions or departures of key personnel; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">general market conditions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">systemic risks; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">domestic and international economic, market and currency factors unrelated to our performance. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The stock markets in general, and the markets for dry bulk shipping and shipping stocks in particular, have experienced extreme volatility that has sometimes been unrelated to the operating performance of individual companies. These broad market fluctuations may adversely affect the trading price of our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Additionally, there is no guarantee of a continuing public market to resell our Common Shares. We cannot assure you that an active and liquid public market for our Common Shares will continue. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">A possible &#8220;short squeeze&#8221; due to a sudden increase in demand of our Common Shares that largely exceeds supply may lead to further price volatility in our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Investors may purchase our Common Shares as a hedge or to speculate on the price of our Common Shares. Speculation on the price of our Common Shares may involve long and short exposures. To the extent aggregate short exposure exceeds the number of Common Shares available for purchase in the open market, investors with short exposure may have to pay a premium to repurchase our Common Shares for delivery to their lenders of our Common Shares. Those repurchases may in turn, dramatically increase the price of our Common Shares until investors with short exposure are able to purchase additional Common Shares to cover their short position. This is often referred to as a &#8220;short squeeze.&#8221; Following such a short squeeze, once investors purchase the shares necessary to cover their short position, the price of our Common Shares may rapidly decline. A short squeeze could lead to volatile price movements in our shares that are not directly correlated to our performance or prospects. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We may experience rapid and substantial share price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As a relatively small-capitalization company with relatively small public float, we may experience greater share price volatility, extreme price run-ups or rapid price declines, larger spreads in bid and ask prices, lower trading volume and less liquidity than large-capitalization companies. Such volatility, including any share price run-up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares. In addition, holders of our Common Shares may experience losses, which may be material, if the price of our Common Shares declines after this offering or if such investors purchase our Common Shares prior to any price decline. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, if the trading volumes of our Common Shares are low, investors buying or selling in relatively small quantities may be able to easily influence the price of our Common Shares. Such low volume of trades could also cause the price of our Common Shares to fluctuate greatly, with large percentage changes in share price occurring in any trading day session. Holders of our Common Shares may also not be able to readily liquidate their </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">40<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg31"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Common Shares. As a result of this volatility, investors may experience losses on their investment in our Common Shares. A decline in the market price of our Common Shares also could adversely affect our ability to issue additional Common Shares or other securities and our ability to obtain additional financing in the future. Please also see &#8220;&#8212;The market price of our Common Shares may be subject to significant fluctuations. Further, there is no guarantee of a continuing public market to resell our Common Shares.&#8221; </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our management will have significant flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, prospects, financial condition, operating results and cash flow. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The Pre-funded Warrants and Warrants are speculative in nature and there is no assurance that they will ever be profitable for holders to exercise all or any of them. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Pre-funded Warrants and Warrants offered hereby do not confer any rights of Common Share ownership on their holders, such as voting rights, but rather merely represent the right to acquire Common Shares at a fixed price (subject to certain adjustments). Specifically, commencing on the date of issuance, holders of Pre-funded Warrants may acquire the Common Shares issuable upon exercise of such warrants at an exercise price of $0.001 per share until all of the Pre-funded Warrants are exercised in full, and holders of Warrants may acquire the Common Shares issuable upon exercise of such warrants at an initial exercise price of $&#8195;&#8195; per share (200% of the public offering price of each Unit in this offering), prior to the three-year anniversary of the date of issuance, after which date any unexercised Warrants will expire and have no further value. The exercise price for the Warrants will be adjusted downward (each, a &#8220;Reset Price&#8221;) on each of the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, and 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day (each, a &#8220;Reset Date&#8221;) following the closing of this offering to the price that is equal to 60%, 40% and 30%, respectively, of the Basis Price, of $&#8195;&#8195;&#8195;&#8195;, provided that the Reset Price is less than the exercise price then in effect (and subject to the Floor Price, as defined herein). If the exercise price is so adjusted on a Reset Date, the number of Common Shares underlying the Warrants will also be proportionally increased on such Reset Date so that the applicable Reset Price multiplied by the increased number of Common Shares equal the aggregate proceeds that would have resulted from the full exercise of the Warrants immediately prior to the applicable Reset Date. Moreover, following this offering, the market value of the Pre-funded Warrants and Warrants is uncertain and there can be no assurance that the market value of the Pre-funded Warrants and Warrants will ever equal or exceed the public offering price. There can also be no assurance that the market price of the Common Shares will ever equal or exceed the exercise price of the Warrants. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">If the Warrants are exercised by way of an alternative cashless exercise, common shareholders may suffer substantial dilution and we will receive no additional funds upon such exercise. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If the Warrants are exercised by way of an alternative cashless exercise, such exercising holder will receive one-and-a-half (1.5) times the aggregate number of Common Shares that would be issuable upon a cash exercise of the Warrant, without any cash payment to us. Further, on each Reset Date, if the Reset Price is lower than the exercise price then in effect, the exercise price for the Warrants will be adjusted downward, and the corresponding number of Common Shares underlying the Warrants will be proportionally increased so that the applicable Reset Price multiplied by the increased number of Common Shares equal the aggregate proceeds that would have resulted from the full exercise of the Warrants immediately prior to such Reset Date. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If an alternative cashless exercise occurs, such exercise will result in substantial dilution to our shareholders and if such alternative cashless exercise occurs after any of the Reset Dates, the dilution will be even more substantial. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">We will likely not receive any additional funds upon the exercise of the Warrants. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Warrants may be exercised by way of an alternative cashless exercise, in which case the holder would not pay a cash purchase price upon exercise, but instead would receive upon such exercise the aggregate number of Common Shares that would be issuable upon a cash exercise of the number of Warrants being exercised multiplied by one-and-a-half (1.5). Accordingly, we will likely not receive any additional funds upon the exercise of the Warrants. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">41<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg32"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">There is no public market for the Pre-funded Warrants or Warrants in this offering. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There is no established public trading market for the Pre-funded Warrants or Warrants, and we do not expect a market to develop. In addition, we do not intend to apply for listing of the Pre-funded Warrants or Warrants on any securities exchange or recognized trading system. Without an active market, the liquidity of the Warrants and Pre-funded Warrants will be limited. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">This is a best efforts offering, with no minimum amount of securities required to be sold, and we may sell fewer than all of the securities offered hereby. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Placement Agent has agreed to use its reasonable best efforts to solicit offers to purchase the securities offered in this offering. The Placement Agent has no obligation to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount worth of securities. There is no required minimum number of securities or amount of proceeds that must be sold as a condition to completion of this offering. Because there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, Placement Agent fees and proceeds to us, if any, are not presently determinable and may be substantially less than the maximum amounts described throughout this prospectus. We may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds received by us, and investors in this offering will not receive a refund in the event that we do not sell all of the securities offered in this offering. The success of this offering will impact our ability to use the proceeds to execute our business plans. Thus, we may not raise the amount of capital we believe is required for our business plans and may need to raise the required capital from alternative sources. There is no assurance that alternative capital, if needed, would be available on terms acceptable to us, or at all. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Purchasers who purchase our securities in this offering pursuant to a securities purchase agreement may have rights not available to purchasers that purchase without the benefit of a securities purchase agreement. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to rights and remedies available to all purchasers in this offering under federal securities and state law, the purchasers that enter into a securities purchase agreement will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract provides those investors with the means to enforce the covenants uniquely available to them under the securities purchase agreement including, but not limited to (i) timely delivery of securities, (ii) agreement to not issue any Common Shares or securities convertible into Common Shares for a period of ninety (90) days from closing of the offering, subject to certain exceptions and (iii)&#160;indemnification for breach of contract. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">As a newly incorporated company, we may not have the surplus required by law or otherwise to pay dividends. The declaration and payment of dividends will always be subject to the discretion of our Board of Directors and will depend on a number of factors. Our Board of Directors may not declare dividends in the future. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The declaration and payment of dividends is subject at all times to the discretion of our Board of Directors. The timing and amount of dividends, if any, depends on, among other things, our earnings, financial condition, cash requirements and availability, fleet renewal and expansion plans, restrictions in loan agreements, the laws of the Republic of the Marshall Islands, where our subsidiaries are currently incorporated, the laws of the countries where future subsidiaries may be incorporated, and overall market conditions. We cannot assure you that we will declare or pay any dividends. Please see below, &#8220;Our Chairwoman and Chief Executive Officer beneficially owns 100% of our Series&#160;B Preferred Shares and has control over us.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Marshall Islands law generally prohibits the payment of dividends (i) other than from surplus (which is essentially retained earnings and the excess of consideration received for the sale of shares above the par value of the shares), (ii) when a company is insolvent or (iii) if the payment of the dividend would render the company insolvent. We may not have the required surplus or net profits to pay dividends, and we may be unable to pay dividends in any anticipated amount or at all. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, our ability to pay dividends to holders of our Common Shares is subject to the rights of holders of our Series&#160;A Preferred Shares, which rank prior to our Common Shares with respect to dividends, distributions and payments upon liquidation. No cash dividend may be paid on our Common Shares unless full cumulative dividends have been or contemporaneously are being paid or provided for on all outstanding Series&#160;A Preferred Shares for all prior and the then-ending dividend periods. Cumulative dividends on our Series&#160;A Preferred Shares will accrue at a rate of 9.00% per annum on the stated amount per Series&#160;A Preferred Share and on any unpaid accrued dividends, and are payable in either cash or, at the Company&#8217;s option, in a combination of cash and Series&#160;A Preferred Shares. For more information, see &#8220;Description of Capital Stock&#8212;Description of 9.00% Series&#160;A Cumulative Convertible Perpetual Preferred Shares.&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">42<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg33"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Our Chairwoman and Chief Executive Officer beneficially owns 100% of our Series&#160;B Preferred Shares and has control over us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, beneficially owns all of the 1,500,000 outstanding Series&#160;B Preferred Shares. The Series&#160;B Preferred Shares each carry 1,000 votes, which is subject to adjustment to maintain a substantially identical voting interest in the Company following certain events. The Series&#160;B Preferred Shares held by Mrs.&#160;Panagiotidi represent 50.6% of our total issued and outstanding share capital and 99.9% of the aggregate voting power of our total issued and outstanding share capital. Because Mrs.&#160;Panagiotidi beneficially owns the majority of our voting power, she has the ability to control us and our affairs, including, among other matters, the election of our board of directors, and has the ability to exert significant influence on corporate decisions, including with respect to, among other things, our business direction, capital structure, and dividend policy, and, as a result, the ability of our common shareholders to influence corporate matters is limited. For more information, see &#8220;Description of Capital Stock&#8212;Description of Series&#160;B Perpetual Preferred Shares.&#8221; The interests of Mrs.&#160;Panagiotidi may be different from your interests. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We are a &#8220;controlled company&#8221; under Nasdaq corporate governance rules and we therefore are exempt from certain corporate governance requirements that could adversely affect our public shareholders. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Since our Chairwoman and Chief Executive Officer is the beneficial owner of a majority of the voting power of our issued and outstanding share capital (for so long as she remains the beneficial owner of all of the issued and outstanding Series&#160;B Preferred Shares), we qualify as a &#8220;controlled company&#8221; under the Nasdaq listing rules. Under these rules a company of which more than 50% of the voting power is held by an individual, group or another company is a &#8220;controlled company&#8221; and may elect not to comply with certain corporate governance requirements, including, without limitation (i) the requirement that a majority of the board of directors consist of independent directors, (ii) the requirement that the compensation of our officers be determined or recommended to the board of directors by a compensation committee that is comprised solely of independent directors, and (iii) the requirement that director nominees be selected or recommended to the board of directors by a majority of independent directors or a nominating and corporate governance committee comprised solely of independent directors. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the initial public offering, we do not rely on the &#8220;controlled company&#8221; exemption. Our status as a controlled company, however, could cause our Common Shares to appear less attractive to certain investors or otherwise harm our trading price. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Anti-takeover provisions in our amended and restated articles of incorporation and amended and restated bylaws could make it difficult for our shareholders to replace or remove our current Board of Directors or could have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Several provisions of our amended and restated articles of incorporation and amended and restated bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board to maximize shareholder value in connection with any unsolicited offer to acquire our company. However, these anti-take-over provisions could make it difficult for our shareholders to change the composition of our Board of Directors in any one year, preventing them from changing the composition of our management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition that some shareholders may consider favorable. These provisions: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">authorize our Board of Directors to issue &#8220;blank check&#8221; preferred stock without shareholder approval, including preferred shares with superior voting rights, such as the Series&#160;B Preferred Shares; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">provide for a classified Board of Directors with staggered, three-year terms; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">permit the removal of any director only for cause upon the affirmative vote of not less than two-thirds of the outstanding shares of our capital stock entitled to vote for such director; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">prohibit shareholder action by written consent unless the written consent is signed by all shareholders entitled to vote on the action; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">limit the persons who may call special meetings of shareholders; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">establish advance notice requirements for nominations for election to our Board of Directors or for proposing matters that can be acted on by shareholders at meetings of shareholders. </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">43<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg34"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, we have entered into a shareholders&#8217; rights agreement that makes it more difficult for a third party to acquire us without the support of our Board of Directors. See &#8220;Description of Capital Stock&#8221; for a description of our shareholders&#8217; rights agreement. These anti-takeover provisions, along with provisions of our shareholders&#8217; rights agreement, could substantially impede the ability of our shareholders to impose a change in control and, as a result, may adversely affect the market price of our Common Shares and your ability to realize any potential change of control premium. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">Issuance of preferred shares, such as our Series&#160;B Preferred Shares and our Series&#160;C Participating Preferred Shares, 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. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation 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' 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&#160;B Preferred Shares or the Series&#160;C Participating Preferred Shares, which could have a dilutive effect on our common shareholders. If our Board of Directors determines to issue preferred shares, such issuance may discourage, delay or prevent a merger or acquisition that shareholders may consider favorable. The issuance of preferred shares with voting and conversion rights may also adversely affect the voting power of the holders of Common Shares. This could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our Common Shares and our shareholders' ability to realize any potential change of control premium. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">The multi-class structure of our shares has the effect of concentrating voting control with Mrs.&#160;Panagiotidi and limiting our other shareholders&#8217; ability to influence corporate matters. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have a multi-class capital structure consisting of Common Shares, Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. Our common shareholders are entitled to one vote for each Common Share held. Our Series&#160;A Preferred Shares have no voting rights, subject to limited exceptions, however each Series&#160;A Preferred Shares has a stated amount of $1,000 per share, and each holder of Series&#160;A Preferred Shares has the right, subject to certain conditions, at any time commencing on July&#160;16, 2025 and until July&#160;15, 2032, to convert all (but not a portion) of the Series&#160;A Preferred Shares beneficially held by such holder into our Common Shares at the applicable conversion price then in effect. The issuance of additional Common Shares upon the potential conversion of our Series&#160;A Preferred Shares could dilute the interests of our common shareholders and affect the trading price for our Common Shares. Each Series&#160;B Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to maintain a substantially identical voting interest in us following the occurrence of certain events. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series&#160;B Preferred Shares, holders of our Series&#160;B Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, is the sole holder of our Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. The Series&#160;B Preferred Shares held by Mrs.&#160;Panagiotidi represent 99.9% of the aggregate voting power of our total issued and outstanding share capital. Because Mrs.&#160;Panagiotidi beneficially owns the majority of our voting power, she has the ability to control us and our affairs, including, among other matters, the election of our board of directors, and has the ability to exert significant influence on corporate decisions, including with respect to, among other things, our business direction, capital structure, and dividend policy, and, as a result, the ability of our common shareholders to influence corporate matters is limited, which may adversely affect the market price for our Common Shares. Additionally, this concentrated voting control and influence may discourage transactions involving a change of control of us, including transactions in which you as a common shareholder might otherwise receive a premium for your shares. Furthermore, any future issuances of Series&#160;B Preferred Shares or other classes of shares with increased voting power may dilute the voting power of our Common Shares, which could further exacerbate the risks associated with the multi-class capital structure. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: justify;">We cannot predict the impact our multi-class capital structure may have on the market price or liquidity of our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We cannot predict whether our multi-class capital structure will result in a lower or more volatile market price of our Common Shares, or have other adverse consequences for our shareholders. For example, certain index </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">44<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_104-risk_pg35"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">providers have policies that restrict or prohibit the inclusion of companies with multi-class share structures in certain of their indices. Under such policies, our multi-class capital structure would make us ineligible for inclusion in certain indices, and as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices will not be investing in our Common Shares. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from stock indices would likely preclude investment in our Common Shares by many of these funds. Additionally, the holding of low-voting stock, such as our Common Shares, may not be permitted by the investment policies of certain institutional investors, or may be less attractive to other investors. As a result, the market price or liquidity of our Common Shares could be adversely affected. </div><div class="BRDSX_frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: justify;">We may fail to meet the continued listing requirements of Nasdaq, which could cause our Common Shares to be delisted. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There can be no assurance that we will remain in compliance with Nasdaq&#8217;s listing qualification rules, or that our Common Shares will not be delisted, which could have an adverse effect on the market price of, and the efficiency of the trading market for, our Common Shares and could cause a default under our loan agreements and other financing arrangements. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">45<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_105-fls_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tFLS"><!--Anchor--></a>FORWARD-LOOKING STATEMENTS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The 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. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection therewith. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;would&#8221; and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The forward-looking statements in this prospectus are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully in the section entitled &#8220;Risk Factors.&#8221; Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include among other things: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in seaborne and other transportation patterns; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in the supply of or demand for dry bulk commodities, including dry bulk commodities carried by sea, generally or in particular regions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in the number of new buildings under construction in the dry bulk shipping industry; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in the useful lives and the value of our vessels and the related impact on our compliance with loan covenants; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the aging of our fleet and increases in operating costs; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in our ability to complete future, pending or recent acquisitions or dispositions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures, acquisitions and other general corporate activities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">risks relating to our business strategy, areas of possible expansion or expected capital spending or operating expenses; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in our ability to leverage the relationships and reputation in the dry bulk shipping industry of Pavimar and Mrs.&#160;Panagiotidi, our Chairwoman and Chief Executive Officer; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessels in our fleet; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">loss of our customers, charters or vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">damage to our vessels; </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">46<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_105-fls_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">potential liability from future litigation and incidents involving our vessels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our future operating or financial results; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">acts of terrorism and other hostilities, pandemics or other calamities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in global and regional economic and political conditions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">general domestic and international political conditions or events, including &#8220;trade wars&#8221; and sanctions and the ongoing wars between Russia and Ukraine and between Israel and Hamas; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the dry bulk shipping industry; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to continue as a going concern; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">other factors discussed in the &#8220;Risk Factors&#8221; section of this prospectus. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects, on us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">47<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_106-use_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tUSE"><!--Anchor--></a>USE OF PROCEEDS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We estimate that the net proceeds from this offering will be approximately $9.0 million (assuming the sale of all Units offered), after deducting Placement Agent fees and estimated offering expenses payable by us, and assuming no exercise of the Warrants, based on an assumed public offering price of $2.11 per Unit. However, this is a best efforts offering, with no minimum number of securities or amount of proceeds as a condition to closing, and we may not sell all or any of these securities offered pursuant to this prospectus; as a result, we may receive significantly less in net proceeds. Based on the assumed public offering price set forth above, we estimate that our net proceeds from the sale of 75%, 50%, and 25% of the securities offered in this offering would be approximately $6.7 million, $4.3 million, and $2.0 million, respectively, after deducting the estimated Placement Agent fees and estimated offering expenses payable by us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We intend to use the net proceeds of this offering for general corporate purposes, which may include, among other things, funding for working capital needs, debt repayments, and fleet expansion. At this time, we have not specifically identified any vessels to acquire, nor have we identified a material single use for which we intend to use the net proceeds, and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us. The foregoing represents our current intentions with respect to the use of the net proceeds of this offering based upon our present plans and business conditions, but our management will have significant flexibility and discretion in applying the net proceeds. The occurrence of unforeseen events or changed business conditions could result in the application of the net proceeds of this offering in a manner other than as described above. The principal purposes of this offering are to obtain additional capital to fund our operations and growth and to facilitate our future access to the public equity&#160;markets. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">48<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_106-use_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCZ"><!--Anchor--></a>CAPITALIZATION </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following table sets forth our total cash and capitalization as of September&#160;30, 2024: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">on actual basis; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">on as adjusted basis, giving effect to the (i) $0.1&#160;million (or $0.085&#160;per Common Share) cash dividend declared on November&#160;11, 2024, and paid on December&#160;27, 2024, and (ii) the $0.3 million principal repaid on December 31, 2024, under our long-term debt; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">on as further adjusted basis, also giving effect to the sale by us of all of the Units offered in this offering, at an assumed public offering price of $2.11 per Unit, assuming (i) no sale of any Units containing a Pre-funded Warrant<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>, (ii) no exercise of the Warrants<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> and the Placement Agent&#8217;s Warrants<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>, (iii) no value attributed to the Warrants, and after deducting Placement Agent fees and estimated offering expenses payable by us, resulting in net proceeds of approximately $9.0 million. </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 300pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 33.76pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 54.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 51.7pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 300pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(In Thousands of U.S. Dollars, except share data)</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">ACTUAL</div></td><td style="width: 4.65pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">AS ADJUSTED</div></td><td style="width: 4.65pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">AS FURTHER <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">ADJUSTED<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 300pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Cash, Cash Equivalents and Restricted Cash<font style="font-weight: normal; padding-left: 2.65pt;"></font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,823</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">&#8203;</font><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,400</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$10,390 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total long-term debt<font style="font-weight: normal; padding-left: 2.89pt;"></font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$16,500</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$16,200</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$16,200 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholders&#8217; equity:<br></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common shares&#8212;authorized 750,000,000 shares with $0.001 par value, 1,450,000 shares issued and outstanding on actual and as adjusted basis, 6,189,336 shares on as further adjusted basis<font style="padding-left: 2.87pt;"></font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="padding-left: 27.5pt;">1</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="padding-left: 27.5pt;">1</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="padding-left: 27.5pt;">6</font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Series&#160;A Preferred Shares&#8212;authorized 1,500,000 shares with $0.001 par value, 15,000 shares issued and outstanding on actual, as adjusted and as further adjusted basis<font style="padding-left: 3.66pt;"></font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Series&#160;B Preferred Shares&#8212;authorized 1,500,000 shares with $0.001 par value, 1,500,000 shares issued and outstanding on actual, as adjusted and as further adjusted basis<font style="padding-left: 0.89pt;"></font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="padding-left: 27.5pt;">2</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="padding-left: 27.5pt;">2</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="padding-left: 27.5pt;">2 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Series&#160;C Participating Preferred Shares&#8212;authorized 1,500,000 shares with $0.001 par value, no shares issued and outstanding on actual, as adjusted and as further adjusted basis<font style="padding-left: 4.24pt;"></font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Additional paid-in capital<font style="padding-left: 3.09pt;"></font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="padding-left: 5.37pt;">11,615</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="padding-left: 5.37pt;">11,615</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="padding-left: 5pt;">20,465</font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Retained earnings<font style="padding-left: 4.75pt;"></font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,023</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">900</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">900</font><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;"> </font></div></td></tr><tr><td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total shareholders&#8217; equity<font style="padding-left: 2.31pt;"></font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,641</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,518</font></div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$21,373 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Capitalization<font style="font-weight: normal; padding-left: 1.77pt;"></font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 33.76pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$29,141</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 54.65pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 11.08pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$28,718</font></div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 51.7pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 9.6pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$37,573</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 300pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 33.76pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 54.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.65pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 51.7pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">The &#8220;as further adjusted&#8221; information is illustrative only and will change based on actual pricing and other terms of this offering determined at pricing. The final public offering price will be determined through negotiation between us, the Placement Agent and the investors in the offering and may be at a discount to the current market price. Therefore, the assumed public offering price used here and throughout this prospectus may not be indicative of the final public offering price.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">The accounting treatment for the Warrants, Pre-funded Warrants and Placement Agent&#8217;s Warrants, has not been finalized as of the date of this prospectus. </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">49<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_106-use_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDP"><!--Anchor--></a>DIVIDEND POLICY </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We expect to pay regular quarterly cash dividends on our Common Shares during the one-year period following our initial public offering, in an aggregate amount of approximately $500,000 for the year, of which, to date, $116,000&#160;were paid on September&#160;30, 2024, and $123,250 on December&#160;27, 2024. The amount of dividends we expect to pay may be changed or terminated in the future at any time and for any reason without advance notice. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The declaration and payment of dividends is subject at all times to the discretion of our Board of Directors. The timing and amount of dividends, if any, depends on, among other things, our earnings, financial condition, cash requirements and availability, fleet renewal and expansion plans, restrictions in loan agreements, the laws of the Republic of the Marshall Islands, where our subsidiaries are currently incorporated, the laws of the countries where future subsidiaries may be incorporated, and overall market conditions. We cannot assure you that we will declare or pay any dividends in the future. Our dividend policy is not reflected in any written policies of the Company. Please see &#8220;Risk Factors&#8212;Risks Relating to Our Common Shares and this Offering&#8212;Our Chairwoman and Chief Executive Officer beneficially owns 100% of our Series&#160;B Preferred Shares and has control over us.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends on our Series&#160;A Preferred Shares are cumulative and accrue, whether or not declared by our Board of Directors, at a rate of 9.00% per annum on the stated amount per Series&#160;A Preferred Share and on any unpaid accrued dividends, from and including the original issue date (or, for any subsequently issued and newly outstanding Series&#160;A Preferred Shares, from the Dividend Payment Date immediately preceding the issuance date of such Series&#160;A Preferred Shares). Dividends on our Series&#160;A Preferred Shares shall be paid biannually, in either cash or, at the Company&#8217;s option, in a combination of cash and Series&#160;A Preferred Shares. For more information, see &#8220;Description of Capital Stock&#8212; Description of 9.00% Series&#160;A Cumulative Convertible Perpetual Preferred Shares.&#8221; The holders of our Series&#160;A Preferred Shares do not have the right to participate, on an as-converted basis or otherwise, in regular cash dividends declared and paid on our Common Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a holding company and our subsidiaries conduct all of our operations and own our operating assets, the vessels. We have no material assets other than the equity interests in those subsidiaries. We expect any vessel we may acquire in the future to be owned by subsidiaries that will be directly or indirectly owned by us. As a result, our ability to satisfy our financial obligations and to make dividend payments, if any, depends on our subsidiaries and their ability to distribute funds to us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the future, in addition to its earnings, financial condition, cash requirements and availability, the ability of a subsidiary to make distributions to us could be affected by the covenants in our current and future loan agreements or other financing arrangements, a claim or other action by a third party, including a creditor, and the laws of its country of incorporation. Under such circumstances, we or our subsidiaries may not be able to pay dividends, so long as we are in default or have breached certain covenants of a loan agreement or other financing arrangement, without our lender&#8217;s consent or waiver of the default or breach. In addition, Marshall Islands law generally prohibits the payment of dividends (i) other than from surplus (which is essentially retained earnings and the excess of consideration received for the sale of shares above the par value of the shares) or (ii) when a company is insolvent or (iii) if the payment of the dividend would render the company insolvent. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, we may incur expenses or liabilities, including extraordinary expenses, decreases in revenues, including as a result of off-hire days or loss of a vessel or other unforeseen circumstances, or increased cash needs that could reduce or eliminate the amount of cash that we have available for distribution as dividends. Please see&#160;&#8220;Risk Factors&#8221; for additional information. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any dividends paid by us will be income to a United States shareholder. Please see &#8220;Tax Considerations&#8221; for additional information relating to the United States federal income tax treatment of our dividend payments, if any are declared in the future. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have declared the following dividends per Common Share in respect of the periods set forth below: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">On August&#160;23, 2024, we declared a cash dividend of $0.08 per Common Share for the second quarter of the year, which was paid on September&#160;30, 2024. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">On November&#160;11, 2024, we declared a cash dividend of $0.085 per Common Share for the third quarter of the year, which was paid on December&#160;27, 2024. </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">50<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_106-use_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDN"><!--Anchor--></a>DILUTION </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Investing in our Units will be accretive to your interest to the extent of the difference between our pro forma as further adjusted net tangible book value per Common Share immediately after this offering and the public offering price per Unit. Net tangible book value represents the amount of our total consolidated tangible assets less the amount of our total consolidated liabilities: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">on actual basis, our net tangible book value as of September&#160;30, 2024, was approximately $12.6&#160;million or approximately $8.36 per Common Share<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">on as adjusted basis, giving effect to the (i) $0.1 million (or $0.085 per Common Share) cash dividend declared on November 11, 2024, and paid on December&#160;27, 2024, and (ii) the $0.3 million principal repaid on December 31, 2024, under our long-term debt, our pro forma as adjusted net tangible book value as of September&#160;30, 2024, was approximately $12.5 million or approximately $8.27 per Common Share<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">on as further adjusted basis, also giving effect to the sale by us of all of the Units offered in this offering, at the price set forth on the cover page of this prospectus, assuming (i) no sale of any Units containing a Pre-funded Warrant, (ii) no exercise of the Warrants and the Placement Agent&#8217;s Warrants, (iii) no value attributed to the Warrants, and after deducting Placement Agent fees and estimated offering expenses payable by us, our pro forma as further adjusted net tangible book value as of September&#160;30, 2024, would have been approximately $21.4 million, or approximately $3.37 per Common Share<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>. This amount represents an immediate dilution to existing shareholders of $4.91 in pro forma as adjusted net tangible book value per Common Share, and an immediate accretion to purchasers of our Units of $1.26 per Common Share. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dilution to existing shareholders is calculated by subtracting the pro forma as adjusted net tangible book value per Common Share before giving effect to this offering, from the pro forma as further adjusted net tangible book value per Common Share after giving effect to this offering. Accretion to purchasers of our Units in this offering is calculated by subtracting the public offering price per Unit from the pro forma as further adjusted net tangible book value per Common Share after this offering. The following table illustrates these calculations: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 401pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 21.72pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 22.33pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 401pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assumed public offering price per Unit<font style="padding-left: 2.08pt;"></font></div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 21.72pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 22.33pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$2.11 </div></td></tr><tr><td style="width: 401pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Pro forma as adjusted net tangible book value per Common Share as of September&#160;30, 2024<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 2.12pt;"></font></div></td><td style="width: 5.74pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.74pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 21.72pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$8.27</div></td><td style="width: 5.74pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.74pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 22.33pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 401pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; 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white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 5.74pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.74pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 22.33pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 0.61pt;">&#8203;3.37</font></div></td></tr><tr><td style="width: 401pt; padding-top: 0.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accretion per Common Share to purchasers of our Units in this offering<font style="padding-left: 0.31pt;"></font></div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 21.72pt; padding-top: 0.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 22.33pt; padding-top: 0.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 0.61pt;">1.26</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 401pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 21.72pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.74pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 22.33pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 9.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Figures expressed per Common Share, give effect to the cumulative dividends on our Series A Preferred Shares as of September 30, 2024, amounting to $0.5 million</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A $0.10 increase (or decrease) in the assumed public offering price of $2.11 per Unit would result to a $0.12&#160;increase (or $0.13 decrease) in the pro forma as further adjusted net tangible book value per Common Share after this offering and to a $0.02&#160;increase (or $0.03 decrease) in the accretion per Common Share to purchasers of our Units in this offering, assuming no change to any of the other foregoing assumptions (including the number of securities offered by us in this offering) and after deducting Placement Agent fees and estimated offering expenses payable by us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If we sell 75%, 50%, or 25% of the securities offered by us in this offering, our as further adjusted net tangible book value per Common Share after this offering would be $3.71, $4.26, and $5.30, respectively, and the accretion per Common Share to purchasers of our Units in this offering would be $1.60, $2.15, and $3.19, respectively, assuming no change to any of the other foregoing assumptions (including the assumed public offering price) and after deducting Placement Agent fees and estimated offering expenses payable by us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The number of Common Shares underlying the foregoing calculations do not include the Common Shares issuable upon the potential conversion of our Series&#160;A Preferred Shares (see &#8220;Description of Capital Stock&#8212;Authorized Capital Stock&#8212;Description of 9.00% Series&#160;A Cumulative Convertible Perpetual Preferred Shares&#8221;) and upon exercise of the First&#160;Representative&#8217;s Warrant (see &#8220;Description of Capital Stock&#8212;First&#160;Representative&#8217;s Warrant&#8221;). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The information discussed above is illustrative only and will change based on actual pricing and other terms of this offering determined at pricing. The final public offering price will be determined through negotiation between </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">51<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_106-use_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">us, the Placement Agent and the investors in the offering and may be at a discount to the current market price. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final public offering price. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">52<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tMDA"><!--Anchor--></a>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">AND RESULTS OF OPERATIONS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto, included herein. Those financial statements have been prepared in accordance with U.S. GAAP and, among other things, include more detailed information regarding the basis of presentation for the following information.<font style="font-style: normal;"> </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Overview </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a growth-oriented shipping company, providing worldwide seaborne transportation services for dry bulk cargoes via our fleet of oceangoing vessels. We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users. Upon completion of our initial public offering in July&#160;2024, we owned one Panamax dry bulk vessel, the M/V <font style="font-style: italic;">Alfa</font>, with a carrying capacity of approximately 77,326&#160;dwt, built in Japan in 2006. On September&#160;23, 2024, we successfully took delivery of our second dry bulk vessel, the M/V <font style="font-style: italic;">Bravo</font>, a Kamsarmax dry bulk carrier with a carrying capacity of approximately 81,448 dwt, built in Japan in 2007. Both vessels are employed by an international commodity trading conglomerate, earning hire at floating daily rates linked to the Baltic Panamax Index. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Implications of Being an Emerging Growth Company </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We qualify as an &#8220;emerging growth company&#8221; as defined in the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from the auditor attestation requirement in the assessment of the emerging growth company&#8217;s internal controls over financial reporting under Section&#160;404(b) of Sarbanes-Oxley; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">exemption from compliance with any new requirements adopted by the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report in which the auditor would be required to provide additional information about the audit and financial statements. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We may take advantage of these provisions until the end of the fiscal year following the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging growth company. For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are choosing to take advantage of these reduced burdens, save for the exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies. We are choosing to &#8220;opt out&#8221; of such extended transition period and will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section&#160;107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Factors Affecting our Results of Operations </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe the principal factors affecting our results of operations are the underlying supply and demand dynamics of the commodities our vessels carry, the number of vessels competing for those cargoes, and ultimately the overall economic and market conditions, regulatory changes, global geopolitical events, capital availability, and market sentiment. Other key factors that are fundamental to our business, operating results, cash flows and financial condition include: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the number of vessels in our fleet; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our customer relationships; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our access to capital required to acquire additional vessels and implement our business strategy; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to acquire and sell vessels at prices we deem satisfactory; and </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">53<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our and our vessels&#8217; manager ability to: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: left; font-size: 10pt;"><font style="font-size: 10pt;">successfully utilize and employ our vessels at economically attractive rates; </font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: left; font-size: 10pt;"><font style="font-size: 10pt;">effectively and efficiently manage our vessels and control vessel operating costs; and </font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;">ensure compliance with regulations, environmental, health and safety standards applicable to our business. </font></div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to those factors described above, our results of operations have been, and are expected to continue to be, affected by a range of material events and uncertainties many of which are beyond our control. Therefore, it is reasonable likely that the reported financial information is not necessarily indicative of our future operating results or future financial condition. Please also read the sections entitled &#8220;Business&#8221; and &#8220;Risk Factors&#8221; in our Registration Statement. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Components of our operating results </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Operating segments<font style="font-style: normal; font-weight: normal;">. We report financial information by total vessel revenues and our management does not use discrete financial information to evaluate operating results separately for each charter type, customer, vessel or vessel type. As a result, we have identified one single business segment. Furthermore, when we charter a vessel, the charterer is generally free to trade such vessel worldwide or within broad geographical limits and, therefore, the disclosure of geographical information is impracticable. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel revenues<font style="font-style: normal; font-weight: normal;">. We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The main charter contract types are (i) voyage charters, also known as spot voyages, where the owner and charterer agree to carry out a single voyage to transport an agreed quantity of cargo between certain ports or geographical regions, (ii) time charters, where the charterer agrees to hire a vessel for a predetermined period of time with the operational responsibility of the vessel remaining with the owner, and (iii) bareboat charters, where a vessel is fully leased to a charterer, including all operational responsibility. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our vessels are currently employed by an international commodity trading conglomerate, on time charters expiring between August&#160;2025 and February&#160;2026, earnings hire at floating daily rates linked to the Baltic Panamax Index. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage expenses<font style="font-style: normal; font-weight: normal;">. Voyage expenses primarily consist of bunker fuel consumption, port dues, canal tolls, brokerage and commercial management commissions, and other expenses directly associated to the performance of a particular charter. Voyage expenses mainly arise from voyage charters, or when a vessel is repositioning or unemployed. In such cases voyage expenses are borne by us. Conversely, when a vessel is employed under time or bareboat charters, substantially all voyage expenses are paid by the charterers, save for brokerage and commercial management commissions. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, in time or bareboat charters, bunker fuel remaining on board the vessel on commencement of the charter is sold to charterers and then repurchased on completion. This may result in gains or losses equal to the difference between the book value of bunker fuel and the value for which such bunker fuel is sold to charterers. These gains or losses, if any, are reported under other operating income. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel operating expenses<font style="font-style: normal; font-weight: normal;">. Vessel operating expenses reflect the costs to operate and maintain our vessels and primarily consist of manning costs, vessel insurance premiums, repairs and maintenance, machinery lubricants, spares, stores, and ancillary expenses. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Management fees<font style="font-style: normal; font-weight: normal;">. Management fees are paid in exchange for corporate administration, and vessel commercial and technical management services. The Company&#8217;s Board of Directors has organized the provision of management services through Pavimar, a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Law 27 of 1975. Pavimar is controlled by our Chairwoman and Chief Executive Officer. Pursuant to the management agreement, which became effective on January&#160;18, 2024, Pavimar provides us with vessel commercial and technical management services, including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">54<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">ancillary services. Prior to January&#160;18, 2024, similar services were provided to us by Pavimar S.A., a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Law 27 of 1975, also controlled by our Chairwoman and Chief Executive Officer. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In our results of operations, the technical management fees, commercial management commissions, and sale or purchase commissions, are reported under &#8220;management fees,&#8221; &#8220;voyage expenses,&#8221; and &#8220;vessel cost&#8221; or &#8220;gain/loss on sale of vessels,&#8221; respectively. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">General and administrative expenses<font style="font-style: normal; font-weight: normal;">. General and administrative expenses include expenses associated with being a public company, such as stock exchange fees, regulatory and compliance costs, investor relations, and incremental director and officer liability insurance premiums. General and administrative expenses also include general corporate expenses, audit, legal, advisory and other professional fees, directors&#8217; remuneration, and compensation for our executives and corporate secretary. Pavimar S.A. provided us with the services of our Chief Executive Officer and Chief Financial Officer pursuant to a services agreement (the &#8220;Services Agreement&#8221;) dated October&#160;1, 2023, which was novated to Pavimar on January&#160;18, 2024, on the same terms. The compensation payable under that Services Agreement was originally $12,000 per annum, and was amended and restated on April&#160;1, 2024, to include the services of our corporate secretary for an additional fee of $2,000 per annum, commencing on July&#160;11, 2024, the date the Company&#8217;s registration statement on form F-1 in connection with its initial public offering was declared effective by the SEC. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel&#8217;s depreciation<font style="font-style: normal; font-weight: normal;">. Depreciation is computed using the straight-line method over the estimated useful life of a vessel, after considering the estimated salvage value. Each vessel&#8217;s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Salvage values are periodically reviewed and revised, if needed, to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage value affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimates the useful life of our vessels to be 25 years from the date of initial delivery from the shipyard. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amortization of drydocking costs<font style="font-style: normal; font-weight: normal;">. Vessels are subject to regular drydocking and special surveys which are carried out every 30 to 60 months to coincide with the renewal of the compliance certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. Drydocking and special survey costs are accounted for under the deferral method, whereby the costs incurred are deferred and amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs qualifying for deferral mainly relate to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, electrical works, as well as lodging and subsistence of personnel dispatched to the yard site to supervise. If a drydocking and/or a special survey is performed prior to its originally scheduled date, any remaining unamortized costs balance from previous events is immediately expensed. Unamortized costs balances of vessels that are sold are also written-off and included in the calculation of the resulting gain or loss in the period of vessel&#8217;s sale. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Interest and finance costs<font style="font-style: normal; font-weight: normal;">. Interest and finance costs primarily consist of interest expense incurred under our loan agreement, as well as finance costs incurred in connection with entering into such loan agreement, including arrangement, legal, and other fees and expenses. Finance costs are deferred and amortized over the life of the related loan or financing arrangement using the effective interest method. Unamortized deferred finance costs relating to loans or other financing arrangements repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period of such repayment or refinancing. Please see &#8220;&#8212;Our Borrowing Activities&#8221; below for additional information relating to our existing loan agreement. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Interest income<font style="font-style: normal; font-weight: normal;">. Interest income reflects the interest earned on our cash deposits. </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Key performance indicators </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The key performance indicators that management uses to assess our financial condition and results of operations are: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ownership Days<font style="font-style: normal; font-weight: normal;">. Ownership Days are the total days we owned our vessels during the relevant period. We use this to measure the size of our fleet over a period. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Available Days<font style="font-style: normal; font-weight: normal;">. Available Days are the Ownership Days, less any days during which our vessels were unable to be used for their intended purpose as a result of scheduled maintenance, upgrades, modifications, drydockings, special or intermediate surveys, or due to change of ownership logistics, including positioning for and repositioning from such events. We use this to measure the number of days in a period during which our vessels should be capable of generating revenues. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">55<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Operating Days<font style="font-style: normal; font-weight: normal;">. Operating Days are the Available Days, less any days during which our vessels were unable to be used for their intended purpose as a result of unforeseen events and circumstances. We use this to measure the number of days in a period during which our vessels actually generated revenues. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Vessel Utilization<font style="font-style: normal; font-weight: normal;">. Vessel Utilization is the ratio of Operating Days to Available Days. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Average Number of Vessels<font style="font-style: normal; font-weight: normal;">. Average Number of Vessels is the ratio of Ownership Days to calendar days in a period. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Non-GAAP financial measures<font style="font-style: normal; font-weight: normal;">. To supplement our financial information presented in accordance with U.S.&#160;GAAP, we may use certain &#8220;non-GAAP financial measures&#8221; as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company&#8217;s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe non-GAAP financial measures provide investors with greater transparency and supplemental data relating to our financial condition and results of operations and, therefore, a more complete understanding of our business and financial performance than the comparable U.S. GAAP measures alone. However, non-GAAP financial measures should only be used in addition to, and not as substitutes for, the financial results presented in accordance with U.S.&#160;GAAP. Although we believe the following definitions and calculation methods are consistent with industry standards, our non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies: </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Time Charter Equivalent (&#8220;TCE&#8221;)</font>. TCE is a measure of revenue generated over a period that accounts for the effect of the different charter types under which our vessels may be employed. TCE is calculated by deducting voyage expenses from revenue and making any other adjustments that may be required to approximate the revenue that would have been generated, had the vessels been employed under time charters. TCE is typically expressed on a daily basis (&#8220;Daily TCE&#8221;) by dividing it by Operating Days, to eliminate the effect of changes in fleet composition between periods. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Daily Vessel Operating Expenses (&#8220;Daily OPEX&#8221;)</font>. Daily OPEX, is a measure of the vessel operating expenses incurred over a period divided by Ownership Days, to eliminate the effect of changes in fleet composition between periods. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Earnings before Interest, Tax, Depreciation and Amortization (&#8220;EBITDA&#8221;)</font>. EBITDA is a financial measure we calculate by deducting interest and finance costs, interest income, taxes, depreciation and amortization, from net income. EBITDA assists our management by carving out the effects that non-operating expenses and non-cash items have on our financial results. We believe this also enhances the comparability of our operating performance between periods and against companies that may have varying capital structures, other depreciation and amortization policies, or that may be subject to different tax regulations. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following table summarizes these key performance indicators during the reported periods: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 216pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 108.99pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 90.75pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 216pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars, except for fleet operational data and daily results)</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 108.99pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nine-month period ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September 30,</div></td><td style="width: 13.06pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 90.75pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 216pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024</div></td><td style="width: 13.07pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023</div></td><td style="width: 13.06pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023</div></td><td style="width: 13.06pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2022 </div></td></tr><tr><td style="width: 216pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fleet operational data<br></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ownership Days<font style="padding-left: 0.75pt;"></font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 10pt;">281.8</font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;"><font style="padding-left: 9.63pt;">273.0</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 9.63pt;">365.0</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10pt;">365.0 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Available Days<font style="padding-left: 1.49pt;"></font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 10pt;">250.8</font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;"><font style="padding-left: 9.63pt;">273.0</font></div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 9.63pt;">365.0</font></div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10pt;">365.0 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating Days<font style="padding-left: 4.64pt;"></font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 10pt;">250.8</font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;"><font style="padding-left: 9.63pt;">273.0</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 9.63pt;">364.9</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10pt;">363.6 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel Utilization<font style="padding-left: 1.86pt;"></font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 10pt;">100.0%</font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;"><font style="padding-left: 9.63pt;">100.0%</font></div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 9.63pt;">100.0%</font></div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 15pt;">99.6% </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Average Number of Vessels<font style="padding-left: 0.03pt;"></font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 20pt;">1.0</font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;"><font style="padding-left: 19.63pt;">1.0</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 19.63pt;">1.0</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20pt;">1.0 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-GAAP financial measures<br></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">EBITDA<font style="padding-left: 1.84pt;"></font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;">$<font style="padding-left: 5pt;">1,492</font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;">$<font style="padding-left: 4.63pt;">1,484</font></div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; 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padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily TCE<font style="padding-left: 4.24pt;"></font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">13,258</font></div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;"><font style="padding-left: 5pt;">11,462</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 5pt;">11,822</font></div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 5pt;">20,160 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily OPEX<font style="padding-left: 1.85pt;"></font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.61pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 10pt;">5,064</font></div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.24pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.56pt; text-align: left;"><font style="padding-left: 9.63pt;">5,136</font></div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.13pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 9.63pt;">5,151</font></div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 10pt;">4,893</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 216pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.07pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.24pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 32.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">56<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following table reconciles non-GAAP financial measures to the most directly comparable GAAP financial measures: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 216pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 109.04pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 90.63pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 216pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars, except for fleet operational data and daily results)</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 109.04pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nine-month period ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September 30,</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 90.63pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 216pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2022 </div></td></tr><tr><td style="width: 216pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">TCE and Daily TCE:<br></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Revenue, net<font style="padding-left: 0.46pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;">$<font style="padding-left: 5pt;">3,582</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;">$<font style="padding-left: 4.45pt;">3,248</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 4.45pt;">4,476</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 5pt;">7,241 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less:<font style="font-style: normal;"> Voyage expenses</font><font style="font-style: normal; padding-left: 0.02pt;"></font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 14.17pt;">(257)</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 13.99pt;">(119)</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 13.62pt;">(162)</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 14.17pt;">(270) </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Plus: <font style="font-style: normal;">Other operating income</font><font style="font-style: normal; padding-left: 2.43pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 21.95pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 21.95pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">359 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">TCE<font style="font-weight: normal; padding-left: 2.95pt;"></font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.6pt; text-align: left;">$<font style="padding-left: 5pt;">3,325</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.61pt; text-align: left;">$<font style="padding-left: 4.45pt;">3,129</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 4.45pt;">4,314</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 5pt;">7,330 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Divided by<font style="font-style: normal;">: Operating Days</font><font style="font-style: normal; padding-left: 4.11pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">250.8</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 9.45pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">273.0</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 9.45pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">364.9</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">363.6 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily TCE<font style="font-weight: normal; padding-left: 2.02pt;"></font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$13,258</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$11,462</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$11,822</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$20,160 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily OPEX:<br></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel operating expenses<font style="padding-left: 2.44pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;">$<font style="padding-left: 5pt;">1,427</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;">$<font style="padding-left: 4.45pt;">1,402</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 4.45pt;">1,880</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 5pt;">1,786 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Divided by<font style="font-style: normal;">: Ownership Days</font><font style="font-style: normal; padding-left: 0.22pt;"></font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">281.8</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 9.45pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">273.0</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 9.45pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">365.0</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">365.0 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daily OPEX<font style="font-weight: normal; padding-left: 4.62pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">5,064</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 4.45pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">5,136</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 4.45pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">5,151</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,893 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">EBITDA:<br></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income<font style="padding-left: 1.3pt;"></font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;">$<font style="padding-left: 12.5pt;">562</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;">$<font style="padding-left: 11.95pt;">752</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 4.45pt;">1,155</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 5pt;">4,242 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Plus<font style="font-style: normal;">: Depreciation expense</font><font style="font-style: normal; padding-left: 2.43pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 17.5pt;">547</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 16.95pt;">508</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 16.95pt;">680</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">680 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Plus<font style="font-style: normal;">: Amortization of deferred drydocking costs</font><font style="font-style: normal; padding-left: 1.35pt;"></font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 17.5pt;">380</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 16.95pt;">267</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 16.95pt;">357</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">360 </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Plus<font style="font-style: normal;">: Interest and finance costs</font><font style="font-style: normal; padding-left: 0.78pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 22.5pt;">61</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 26.95pt;">2</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 21.95pt;">&#8212;</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 216pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less<font style="font-style: normal;">: Interest income</font><font style="font-style: normal; padding-left: 1.87pt;"></font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(58</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="padding-left: 18.62pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(45</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 18.62pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(56</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(13</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 216pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">EBITDA<font style="font-weight: normal; padding-left: 0.17pt;"></font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.7pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.6pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,492</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.16pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.61pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 4.45pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,484</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.95pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 4.45pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,136</font></div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">5,269</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 216pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.7pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.16pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 31.95pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Results of Operations for the nine-month periods ended September&#160;30, 2024 and 2023 </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following table summarizes our results of operations for the nine-month periods ended September&#160;30, 2024 and 2023: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 95.44pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 95.44pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nine-month period ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars)</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024</div></td><td style="width: 6.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Revenue, net<font style="padding-left: 4.46pt;"></font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;">$<font style="padding-left: 3.33pt;">3,582</font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;">$<font style="padding-left: 3.33pt;">3,248 </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses<font style="padding-left: 3.27pt;"></font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.5pt;">(257)</font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.87pt;">(119) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel operating expenses<font style="padding-left: 1.44pt;"></font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 5pt;">(1,427)</font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 5pt;">(1,402) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management fees<font style="padding-left: 0.87pt;"></font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.5pt;">(293)</font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.5pt;">(205) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative expenses<font style="padding-left: 3.12pt;"></font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 13.24pt;">(111)</font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 17.5pt;">(37) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation expense<font style="padding-left: 0.32pt;"></font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.5pt;">(547)</font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.5pt;">(508) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of deferred drydocking costs<font style="padding-left: 3.68pt;"></font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.5pt;">(380)</font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 12.5pt;">(267) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest and finance costs<font style="padding-left: 3.67pt;"></font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 17.5pt;">(61)</font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 22.5pt;">(2) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income<font style="padding-left: 4.75pt;"></font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 20.83pt;">58</font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 20.83pt;">45 </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other costs, net<font style="padding-left: 3.36pt;"></font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">562</font></div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 5.3pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">752</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Revenue, net<font style="font-style: normal; font-weight: normal;">. Throughout the first nine months of 2024 and 2023, Icon&#8217;s vessels operated under index-linked time charters, benefitting from the year-on-year increase in the dry bulk charter market rates. The resulting increase in revenue, net was partly offset by the fewer Operating Days during the nine-month period ended September&#160;30, 2024. Overall, revenue, net increased by 10% to $3.6&#160;million from $3.2&#160;million in the comparable period. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">57<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage expenses<font style="font-style: normal; font-weight: normal;">. The increase in voyage expenses, from $0.1&#160;million during the nine-month period ended September&#160;30, 2023, to $0.3&#160;million during the corresponding period of 2024, is attributable mainly to costs associated with positioning the M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;"> for her scheduled drydocking and with the delivery of the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;">. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Vessel operating expenses<font style="font-style: normal; font-weight: normal;">. Vessel operating expenses were maintained at similar levels during both periods. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Management fees<font style="font-style: normal; font-weight: normal;">. The management agreement with Pavimar S.A. was terminated on January&#160;18, 2024, and in accordance with its terms, the management fee payable to Pavimar S.A. continued to be payable for a further period of three calendar months from the termination date, to enable Pavimar S.A. to finalize all outstanding matters. This was the primary reason for the increase of management fees to $0.3&#160;million during the nine-month period ended September&#160;30, 2024, compared to $0.2&#160;million during the same period of 2023. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">General and administrative expenses<font style="font-style: normal; font-weight: normal;">. The $0.1&#160;million increase in general and administrative expenses mainly reflect Icon&#8217;s incremental obligations as a public company since July&#160;2024, such as directors&#8217; remuneration and insurance, stock exchange fees, audit fees and other. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Depreciation expense<font style="font-style: normal; font-weight: normal;">. Depreciation expense increased during the nine-month period ended September&#160;30, 2024, compared to the same period in 2023, due to the acquisition of M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;">. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amortization of deferred drydocking costs<font style="font-style: normal; font-weight: normal;">. Amortization of deferred drydocking costs increased by $0.1&#160;million during the nine-month period ended September&#160;30, 2024, compared to the same period in 2023, mainly due to the non-cash write-off of the unamortized balance of previously deferred drydocking costs, upon arrival of the M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;"> at the shipyard for her scheduled drydocking. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Interest and finance costs<font style="font-style: normal; font-weight: normal;">. The increase in interest and finance costs relates to Icon&#8217;s new term loan facility, pursuant to which, $16.5&#160;million were drawn on September&#160;19, 2024, to finance part of the purchase price of the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;"> and to leverage the M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;">. </font></div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Results of Operations for the Years Ended December&#160;31, 2023 and 2022<font style="font-style: normal; font-weight: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following table summarizes our results of operations for the years ended December&#160;31, 2023 and 2022. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 84.84pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 84.84pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars)</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023</div></td><td style="width: 11.59pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2022 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Revenue, net<font style="padding-left: 4.46pt;"></font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 3.33pt;">4,476</font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 3.33pt;">7,241 </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses<font style="padding-left: 3.27pt;"></font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(162)</font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(270) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel operating expenses<font style="padding-left: 1.44pt;"></font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 5pt;">(1,880)</font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 5pt;">(1,786) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management fees<font style="padding-left: 0.87pt;"></font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(274)</font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(274) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative expenses<font style="padding-left: 3.12pt;"></font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">(18)</font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 17.5pt;">(12) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other operating income<font style="padding-left: 0.87pt;"></font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212;</font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 15.83pt;">359 </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation expense<font style="padding-left: 0.32pt;"></font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(680)</font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(680) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of deferred drydocking costs<font style="padding-left: 3.68pt;"></font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(357)</font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt;">(360) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Finance costs<font style="padding-left: 2.52pt;"></font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 22.5pt;">(3)</font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 22.5pt;">(3) </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income<font style="padding-left: 4.75pt;"></font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt;">56</font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt;">13 </font></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other (costs)/income, net<font style="padding-left: 4.49pt;"></font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">14 </font></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,155</font></div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,242</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 30.83pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.59pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 30.83pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Revenues, net<font style="font-style: normal; font-weight: normal;">. Vessel revenues decreased to $4.5&#160;million during 2023, from $7.2&#160;million in 2022. During all of 2023 and most of 2022, the M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;"> operated under similar index-linked charters, and there was no material difference in the Operating Days between the two years. Therefore, the decrease in vessel revenues is attributable to the lower charter rates achieved in 2023, primarily due to a decline in the overall dry bulk charter market resulting from weaker demand for dry bulk commodities carried by sea and geopolitical and macro uncertainty. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage expenses, net<font style="font-style: normal; font-weight: normal;">. The M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;"> was employed under time charters during both 2023 and 2022. The decrease in voyage expenses, from $0.27&#160;million during 2022 to $0.16&#160;million during 2023, is attributable mainly to the lower charter rates in 2023, which resulted in lower brokerage commissions. In addition, voyage expenses during 2022 include $0.05&#160;million of bunkers consumed in between charters, compared to none during 2023. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">58<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel operating expenses<font style="font-style: normal; font-weight: normal;">. Vessel operating expenses increased to $1.9&#160;million during 2023, compared to $1.8&#160;million during 2022, mainly due to increased crew, lubricants and victualling costs. The increase was partially offset by decreased spares and classification fees. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Management fees<font style="font-style: normal; font-weight: normal;">. Management fees during both 2023 and 2022 were $0.27&#160;million. Management fees, in their entirety, reflect the fees paid to Pavimar S.A. for managing the M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;">. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">General and administrative expenses<font style="font-style: normal; font-weight: normal;">. General and administrative expenses of $0.02&#160;million and $0.01&#160;million during 2023 and 2022, respectively, relate to general corporate expenses and the compensation payable for our Chief Executive Officer and Chief Financial Officer. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Other operating income<font style="font-style: normal; font-weight: normal;">. Other operating income of $0.4&#160;million during 2022, reflects the gains realized on commencement of time charters when bunker fuel remaining on board a vessel is sold to charterers. There were no such gains in 2023. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Depreciation expense<font style="font-style: normal; font-weight: normal;">. Depreciation expenses remained unchanged between 2023 and 2022, as there were no vessel improvements or changes in the fleet composition between the two periods. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amortization of deferred drydocking costs<font style="font-style: normal; font-weight: normal;">. Amortization of deferred drydocking costs remained unchanged between 2023 and 2022, as there were no drydockings in these two periods. </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Critical Accounting Estimates </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management evaluates the estimates and judgments on an on-going basis, including those related to uncompleted voyages, future drydock dates, the selection of useful lives and residual values for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivable, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. We have described below what we believe are our most critical accounting policies, because they generally involve a comparatively higher degree of judgment and estimates in their application. We believe there are no recent changes in environmental or other climate-related regulations which would materially affect our critical accounting estimates and policies. For a more complete description of our significant accounting policies, please read Note&#160;2 &#8220;<font style="font-style: italic;">Significant Accounting Policies and Recent Accounting Pronouncements</font>&#8221; to our consolidated financial statements as of December&#160;31, 2023, as well as the respective note to our interim unaudited condensed financial statements as of September&#160;30, 2024, both included in our Registration Statement. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Impairment of Long-lived Assets<font style="font-style: normal; font-weight: normal;">. We review our vessels for impairment whenever events or changes in circumstances indicate that their carrying amount may not be fully recoverable. When the estimate of future undiscounted operating cash flows projected to be generated by the use of a vessel is less than her carrying amount, we evaluate that vessel for an impairment loss. Measurement of the impairment loss is based on the fair value of the vessel in comparison to her carrying value, including unamortized deferred drydocking costs and any related intangible assets. In this respect, management regularly reviews the carrying amount of the vessels in connection with their estimated recoverable amount. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As of December&#160;31, 2023 and 2022, after considering various indicators, including but not limited to the market price of the vessels, contracted revenues, expected cash flows and the economic outlook, our management concluded that no impairment indicators were present and, therefore, no further analysis should be performed on the long-lived assets of the Company. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of September&#160;30, 2024, our management assessed that the prevailing dry bulk market conditions indicated that the carrying amount of one of the Company&#8217;s vessels may potentially not be fully recoverable and, therefore, </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">59<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">performed further analysis by comparing such vessel&#8217;s carrying amount to its undiscounted operating cash flows projected to be generated throughout its estimated remaining useful life. The Company estimates future undiscounted operating cash flows based on assumptions regarding vessel utilization, time charter rates, operating expenses, capital expenditure, residual value, and useful life. The exercise resulted that the vessel&#8217;s carrying amount is recoverable and no impairment charge should be recognized. For the same period, our management concluded that no impairment indicators were present for the Company&#8217;s other vessel and, therefore, no further analysis should be performed. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Although management believes the underlying indicators and assumptions supporting these conclusions are reasonable, future events or changes in circumstances may affect the recoverability of the carrying amount of our vessels, in which case, management may be required to perform further analysis that could potentially expose the Company to material impairment charges in the future. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Liquidity and Capital Resources </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Supply and demand dynamics, seasonality, and competition in the markets we operate, have historically caused increased volatility. We expect this to continue in the foreseeable future with a consequent effect on the trading performance of our vessels and, in turn, our short and long-term liquidity. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our primary short-term liquidity needs are to fund general working capital requirements, vessel operating expenses, general and administrative expenses, and to service our debt. We anticipate that our primary sources of funds for our short-term liquidity needs will be cash from operations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We expect our long-term liquidity needs to primarily relate to growing and renewing our fleet through vessel acquisitions, capital expenditures required to comply with international shipping standards and environmental laws and regulations, costs to maintain the class certification of our vessels by undergoing periodical drydockings and special surveys, and to service our debt. We anticipate that our primary sources of funds for our long-term liquidity needs will be cash from operations, loan facilities, other financing arrangements and equity issuances. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate in a capital-intensive industry and in the future we may seek any combination of loan agreements, other financing arrangements and equity issuances, to raise capital and fund our operations and growth. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our working capital is sufficient to meet our requirements for the next twelve months, taking into account our projected cash flows from operations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash Flows<font style="font-style: normal; font-weight: normal;">. As of September&#160;30, 2024 and 2023, we had cash and cash equivalents of $1.3&#160;million and $1.8&#160;million, respectively. As of December&#160;31, 2023 and 2022, we had cash and cash equivalents of $2.7&#160;million and $3.6&#160;million, respectively. Our cash flows from operating, investing and financing activities during the nine-month periods ended September&#160;30, 2024 and 2023, and during the years ended December&#160;31, 2023 and 2022, are summarized in the following table: </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 91.72pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 70.52pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 91.72pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nine-month period ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September 30,</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 70.52pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars)</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2022 </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash provided by operating activities<font style="padding-left: 2.77pt;"></font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;">$<font style="padding-left: 15.83pt;">588</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;">$<font style="padding-left: 3.33pt;">1,533</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 3.33pt;">2,505</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 3.33pt;">3,989 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash used in investing activities<font style="padding-left: 3.32pt;"></font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(18,006</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(22</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(225</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash provided by/(used in) financing activities<font style="padding-left: 3.9pt;"></font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 8.33pt;">16,539</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 5pt;">(3,307)</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 5pt;">(3,332)</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 5pt;">(2,638) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net decrease in cash, cash equivalents and restricted cash<font style="font-weight: normal; padding-left: 4.58pt;"></font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.05pt; text-align: left;">$<font style="padding-left: 12.5pt;">(879)</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.05pt; text-align: left;">$(1,774)</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 7.5pt;">(849)</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 3.33pt;">1,126 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Cash, cash equivalents and restricted cash at the beginning of the period<font style="padding-left: 4.95pt;"></font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,702</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,551</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,551</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,425 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Cash, cash equivalents and restricted cash at the end of the period<font style="font-weight: normal; padding-left: 2.73pt;"></font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,823</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,777</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,702</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">3,551 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Reconciliation of cash, cash equivalents and restricted cash<br></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents<font style="padding-left: 2.77pt;"></font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;">$<font style="padding-left: 8.33pt;">1,323</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;">$<font style="padding-left: 3.33pt;">1,777</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<font style="padding-left: 3.33pt;">2,702</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<font style="padding-left: 3.33pt;">3,551 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restricted cash<font style="padding-left: 3.86pt;"></font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">500</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 43.93pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,823</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 38.93pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.05pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,777</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,702</font></div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">3,551</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 43.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 38.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 30.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 30.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">60<br></div></div></div>
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<div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div class="BRPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Restricted cash consists of minimum cash deposits required to be maintained throughout the term of the Company&#8217;s loan agreement and can only be applied towards repayment of the final principal instalment pursuant to the terms and conditions of such loan agreement. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash provided by operating activities decreased from $1.5&#160;million during the nine-month period ended September&#160;30, 2023, to $0.6&#160;million during the same period in 2024, mainly due to the cash outflow to purchase the bunker fuel on board the M/V <font style="font-style: italic;">Bravo</font> upon taking delivery of the vessel from her previous owners on September&#160;23, 2024. The bunkers were subsequently sold to the vessel&#8217;s charterers, but cash was received in October&#160;2024 and, therefore, as of September&#160;30, 2024, the amount was included in trade receivables. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash provided by operating activities decreased from $4.0&#160;million during 2022 to $2.5&#160;million during 2023, mainly due to the decrease in net income (after taking into account the effects of non-cash depreciation expense and amortization of deferred drydocking costs on such net income) during the same periods. The decrease in cash provided by operating activities was partially offset by working capital other than cash, which increased by $0.3&#160;million during 2023 compared to a decrease by $0.8&#160;million during 2022, as well as by payments made early in 2022 in connection with the drydocking of the M/V <font style="font-style: italic;">Alfa</font> in late 2021. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash used in investing activities during the nine-month period ended September&#160;30, 2024, relates to the acquisition of the M/V <font style="font-style: italic;">Bravo</font> and related costs, and to the installation of efficiency improvement equipment on the M/V <font style="font-style: italic;">Alfa</font> during her scheduled drydocking. No cash was used in investing activities during the nine-month period ended September&#160;30, 2023. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash used in investing activities during 2023 relates to advances made towards vessel efficiency improvement equipment that was installed on the M/V <font style="font-style: italic;">Alfa</font> in 2024. Cash used in investing activities during 2022 reflects payments made towards fitting the M/V <font style="font-style: italic;">Alfa</font> with a ballast water treatment system in late 2021, part of which was paid in 2022 in accordance with the payment terms of the suppliers of the related spares and equipment. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash used in financing activities during the nine-month period ended September&#160;30, 2023, relates entirely to dividend payments. Cash provided by financing activities during the nine-month period ended September&#160;30, 2024, relates to the proceeds from the Company&#8217;s initial public offering and new term loan facility, counterbalanced by returns of additional paid-in capital and dividend payments: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">On July&#160;15, 2024, Icon successfully closed the initial public offering of 1,250,000 Common Shares, at an offering price of $4.00 per share, for gross proceeds of approximately $5.0&#160;million, before deducting underwriting discounts and offering expenses. Icon&#8217;s Common Shares began trading on the Nasdaq Capital Market on July&#160;12, 2024, under the symbol &#8220;ICON.&#8221; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">On September&#160;19, 2024, we borrowed an amount of $16.5&#160;million under a new term loan facility to finance part of the purchase price of the M/V <font style="font-style: italic;">Bravo</font> and to leverage the M/V <font style="font-style: italic;">Alfa</font>. See&#160;&#8220;Our Borrowing Activities&#8221; below for further information. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">On September&#160;30, 2024, we paid a cash dividend of $0.08 per Common Share for the second quarter of the year. On December&#160;27, 2024, we paid a cash dividend of $0.085 per Common Share for the third quarter of the year. In addition, on April&#160;1, 2024, we approved the return of an amount of $3&#160;million of additional paid-in capital, which was paid on May&#160;13, 2024. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash used in financing activities during 2023 consists of dividend payments of $3.3&#160;million and payment of issuance costs of $0.03&#160;million. During 2022, cash used in financing activities relates entirely to dividend payments. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">61<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_107-mda_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Our Borrowing Activities </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Maui Term Loan Facility<font style="font-style: normal; font-weight: normal;">. On September&#160;16, 2024, we entered into a new term loan facility with a leading international financial institution for up to $91.5 million, consisting of a committed portion of up to $16.5 million and an uncommitted upsize option of up to another $75 million (the &#8220;Maui Term Loan Facility&#8221;). On September&#160;19, 2024, we borrowed the $16.5&#160;million committed portion in full, to finance part of the purchase price of the M/V&#160;</font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;"> and to leverage the M/V </font><font style="font-weight: normal;">Alpha</font><font style="font-style: normal; font-weight: normal;">. This borrowed portion of the Maui Term Loan Facility bears interest at SOFR plus a margin of 3.95% per annum, has a term of four years, and is repayable in quarterly installments, with a balloon payment due at maturity in December&#160;2028. As of September&#160;30, 2024, we were in compliance with the applicable financial covenants under the Maui Term Loan Facility. The Maui Term Loan Facility has the following characteristics: </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Security</font>. The borrowed portion is secured by, among other things, (i) a first priority mortgage on the M/V <font style="font-style: italic;">Alpha</font> and the M/V <font style="font-style: italic;">Bravo</font>, (ii) an assignment of their earnings and insurances, (iii) a pledge of the earnings accounts of the mortgaged vessels, and (iv) a pledge of the equity interests of each of the subsidiaries owning the mortgaged vessels. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Restrictive Covenants</font>. The Maui Term Loan Facility contains certain undertakings that may limit or restrict our ability to (i) incur additional indebtedness, (ii) make any substantial change to the nature of our business, (iii) pay dividends, (iv) sell the mortgaged vessels or change their management, and (v) effect a change of control of us, enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction or joint venture arrangement. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Financial Covenants</font>. The Maui Term Loan Facility contains certain financial covenants, requiring us to maintain (i) minimum restricted cash deposits of $250,000 per mortgaged vessel, and (ii) a minimum &#8216;loan to mortgaged vessels value&#8217; ratio of 65%. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Upsize option</font>. The uncommitted upsize option of up to another $75.0&#160;million may be made available to us under the Maui Term Loan Facility, in whole or in parts, to finance future vessel acquisitions. This portion of the Maui Term Loan Facility remains free of interest or other fees, and we are not obliged to borrow it, or any part thereof. The terms of borrowing this portion, or any part thereof, will be determined at the time it is requested. </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Quantitative and Qualitative Disclosures about Market Risk </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Interest Rate Risk<font style="font-style: normal; font-weight: normal;">. Our borrowings under the Maui Term Loan Facility bear interest at SOFR plus a margin, and we are therefore exposed to market risks associated with changes in interest rates. Increases in interest rates could materially affect our operating results and ability to service our debt. As of September&#160;30, 2024, we had total borrowings of $16.5&#160;million bearing interest based on SOFR and had not entered into any hedging contracts or taken other actions to protect against interest rate fluctuations. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As a quantitative indication of our exposure to interest rate fluctuations, we estimate that a 100 basis points increase in SOFR, would have resulted in an increase of $0.01&#160;million in interest and finance costs during the nine-month period ended September&#160;30, 2024. We expect to continue having outstanding borrowings under the Maui Term Loan Facility until its maturity in December&#160;2028, and under any future loan agreements or other financing arrangements we may enter into and, therefore, we will continue to be exposed to market risks associated with changes in interest rates. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">62<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tBUS"><!--Anchor--></a>BUSINESS </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">History and Development of our Company </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a growth-oriented shipping company, providing worldwide seaborne transportation services for dry bulk cargoes via our fleet of oceangoing vessels. We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users. Currently, our fleet consists of one Panamax dry bulk vessel, the M/V <font style="font-style: italic;">Alfa</font>, with a carrying capacity of approximately 77,326 dwt, and one Kamsarmax dry bulk vessel, the M/V <font style="font-style: italic;">Bravo</font>, with a carrying capacity of approximately 81,448 dwt. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On June&#160;11, 2024, we acquired all of the outstanding share capital of Maui, the entity that wholly owns Positano, which in turn owns M/V <font style="font-style: italic;">Alfa</font>, from our Chairwoman and Chief Executive Officer, Mrs.&#160;Panagiotidi, in exchange for 15,000 Series&#160;A Preferred Shares, 1,500,000 Series&#160;B Preferred Shares, and 200,000 of our Common Shares, pursuant to the Exchange Agreement. Maui was incorporated on October&#160;27, 2022, under the laws of the Republic of Marshall Islands. On May&#160;3, 2023, Maui entered into a deed of transfer of shares with the shareholders of Positano by which all outstanding shares of Positano were transferred to Maui. Positano was incorporated on February&#160;1, 2021, under the laws of the Republic of the Marshall Islands. These transactions were accounted for as transactions between entities under common control. All references in this prospectus to us when used in a historical context prior to June&#160;11, 2024, refer to our predecessor companies, Maui and Positano. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;15, 2024, we completed our underwritten initial public offering of 1,250,000 Common Shares, at $4.00&#160;per share, raising gross proceeds of $5,000,000. Our Common Shares trade on the Nasdaq Capital Market under the symbol &#8220;ICON.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have a multi-class capital structure consisting of Common Shares, Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. Our common shareholders are entitled to one vote for each Common Share held. Our Series&#160;A Preferred Shares have no voting rights, subject to limited exceptions, however each Series&#160;A Preferred Share has a stated amount of $1,000 per share, and each holder of Series&#160;A Preferred Shares has the right, subject to certain conditions, at any time commencing on July&#160;16, 2025 and until July&#160;15, 2032, to convert all (but not a portion) of the Series&#160;A Preferred Shares beneficially held by such holder into our Common Shares at the applicable conversion price then in effect. The issuance of additional Common Shares upon the potential conversion of our Series&#160;A Preferred Shares could dilute the interests of our common shareholders and affect the trading price for our Common Shares. Each Series&#160;B Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to maintain a substantially identical voting interest in us following the occurrence of certain events. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series&#160;B Preferred Shares, holders of our Series&#160;B Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled &#8220;Description of Capital Stock&#8221; for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, is the sole holder of our Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. The Series&#160;B Preferred Shares held by Mrs.&#160;Panagiotidi represent 99.9% of the aggregate voting power of our total issued and outstanding share capital. Because Mrs.&#160;Panagiotidi beneficially owns the majority of our voting power, she has the ability to control us and our affairs, including, among other matters, the election of our board of directors and, as a result, the ability of our common shareholders to influence our corporate matters is limited. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The address of our principal executive offices is c/o Pavimar Shipping Co., 17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> km National Road Athens-Lamia &amp; Foinikos Str. 14564, Nea Kifissia, Athens, Greece, and our telephone number is +30 211 88 81 300. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our website is www.icon-nrg.com. The Commission maintains a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov. The information contained on, or that can be accessed through, these websites is not incorporated by reference herein and does not form part of this prospectus. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Chartering of our Fleet </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We intend to charter our vessels to regional and international dry bulk operators, commodity traders and end users, primarily on time charters (either index-linked or fixed rate) or voyage charters, depending on market conditions, opportunities available to us, and other strategic and tactical considerations. Our vessels are currently </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">63<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">employed by international commodity trading conglomerates, on time charters expiring between August&#160;2025 and February&#160;2026, at floating daily rates linked to the Baltic Panamax Index. The vessels&#8217; time charters contain customary events of termination, such as violation of applicable sanctions, the outbreak of war or actual hostilities in certain countries and certain insolvency events. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Set forth below are brief descriptions of the main types of charters under which our vessels may be employed: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Time Charter. </font>A time charter is a contract to charter a vessel for a predetermined period of time. Typically, under time charter arrangements, the charterer pays a charter hire in regular intervals based on a daily rate and will be responsible for substantially all voyage expenses, such as port dues, canal tolls and bunker fuel costs, and any other expenses related to the cargoes. The owner of the vessel remains responsible for vessel operating expenses, such as costs for crewing, provisions, stores, lubricants, insurance, maintenance and repairs, as well as costs for drydocking, intermediate and special surveys. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Spot Voyage or Voyage Charter. </font>A spot voyage or voyage charter is a contract to carry out a single voyage to transport an agreed quantity and type of cargo between certain ports or geographical regions. Typically, the charterer pays an agreed upon lumpsum amount, and the owner bears substantially all vessel operating expenses and voyage expenses. </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Management of our Company and our Fleet </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Overall responsibility for the management of Icon Energy rests with our Board of Directors. Our Board of Directors has organized the provision of management services through Pavimar, a ship management company controlled by our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, under the terms of the New Management Agreement which became effective on January&#160;18, 2024. Pavimar operates on the same principles and draw upon the expertise of Pavimar S.A., an integrated vessel commercial and technical manager, also controlled by our Chairwoman and Chief Executive Officer. Founded in 2014, Pavimar S.A. has successfully managed over 50&#160;vessels across the dry bulk, tanker and container sectors, has built a reputation for reliability, and is well-established and regarded within the international shipping community. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pavimar provides us with vessel commercial and technical management services including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. Prior to the effectiveness of our New Management Agreement, similar services were provided to us by Pavimar S.A. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Our Competitive Strengths </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our experienced team, efficient vessel operations and broad industry relationships offer us a competitive advantage in seizing opportunities and navigating industry challenges. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Experienced Executive Management Team<font style="font-style: normal; font-weight: normal;">. Our executive management team has extensive experience in the shipping industry, bringing a wealth of expertise in all aspects of commercial, technical, operational and financial areas of our business. Our management team is led by Mrs.&#160;Panagiotidi, our Chairwoman and Chief Executive Officer, who has over 17 years of experience with operating, owning, and investing in vessels across the dry bulk, tanker and container sectors. In 2014, Mrs.&#160;Panagiotidi founded Pavimar S.A. and led it to be the reputable, integrated, commercial and technical vessel manager that it is today, demonstrating her significant leadership and industry experience that we believe will help us drive our success and accomplish our goals. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Efficient Vessel Operations<font style="font-style: normal; font-weight: normal;">. We intend to capitalize on the accumulated experience and long-standing relationships of Pavimar. Pavimar operates on the same principles and draw upon the expertise of Pavimar S.A., which has successfully managed over 50 vessels across the dry bulk, tanker and container sectors, has built a reputation for reliability, and is well-established and regarded within the international shipping community. We expect Pavimar will afford us economies of scale, promote the efficient, safe and environmentally responsible operation of our vessels, support our commitment to regulatory compliance, ensure recruitment and retention of skilled seafarers, and help us achieve operational excellence. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Broad Industry Relationships<font style="font-style: normal; font-weight: normal;">. We believe our management team&#8217;s competencies and breadth of experiences, coupled with Pavimar&#8217;s deep industry knowledge and global network, provide us with access to high quality charterers, financial institutions, and other key seaborne transportation industry participants. We plan to leverage these relationships in successfully competing for new charters, profitably operating our fleet, identifying attractive investment opportunities, and sourcing capital to fuel our growth. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">64<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Our Business Strategies </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fleet Expansion Through Disciplined and Opportunistic Vessel Acquisitions<font style="font-style: normal; font-weight: normal;">. We intend to grow, renew and expand our fleet, through timely and selective acquisitions of additional vessels. We intend to predominately focus on acquiring dry bulk vessels in the secondhand market; however, in our pursuit of investment opportunities we believe to be attractive, we may also consider diversifying in other sectors and/or placing newbuilding orders. Further to our strategy, on September&#160;23, 2024, we successfully took delivery of our second vessel, the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;">, a Kamsarmax dry bulk vessel with a carrying capacity of approximately 81,448 dwt, built in Japan in 2007. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fleet Optimization<font style="font-style: normal; font-weight: normal;">. We plan to be agile, constantly assess the composition of our fleet and act opportunistically in response to market conditions, including vessel acquisitions when valuations are appealing, and disposals to realize profits, manage exposure or renew our fleet. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Balanced Charter Mix<font style="font-style: normal; font-weight: normal;">. As the size of our fleet grows, we plan to strategically employ our vessels according to market conditions for the purpose of providing us with a combination of stable cash flows and high utilization rates, while preserving the flexibility to capitalize on potentially rising charter rates. In furtherance of this strategy, we aim to diversify our fleet between fixed rate time charters that deliver stable revenue streams and cash flow visibility, and floating rate, time, trip or voyage charters to maximize profits during periods of high demand. We will evaluate and adjust our chartering strategy in response to market conditions (actual and expected) and other tactical or strategic considerations. </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Recent and Other Developments </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Acquisition<font style="font-style: normal; font-weight: normal;">. On September&#160;23, 2024, we took delivery of our second vessel, the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;">, a Kamsarmax dry bulk vessel with a carrying capacity of approximately 81,448 dwt, built in Japan in 2007. The vessel was acquired from an unaffiliated third-party for a purchase price of $17.57&#160;million, which was financed with a combination of cash on hand and borrowings. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Charter<font style="font-style: normal; font-weight: normal;">. On August&#160;29, 2024, we entered into an agreement with an international commodity trading conglomerate to time charter the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;"> for a period of 11 to 14 months, at a floating daily hire rate linked to the Baltic Panamax Index. The charter commenced shortly after the vessel&#8217;s delivery to us. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Drydocking<font style="font-style: normal; font-weight: normal;">. On September&#160;2, 2024, our M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;"> completed her scheduled drydocking, undergoing routine repairs and maintenance to ensure continued operational efficiency, safety, and compliance with class requirements. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Financing<font style="font-style: normal; font-weight: normal;">. On September&#160;19, 2024, under a new term loan facility of up to $91.5&#160;million, consisting of a committed portion of up to $16.5&#160;million and an uncommitted upsize option of up to another $75 million, we borrowed the $16.5 million committed portion in full, to finance part of the purchase price of the M/V </font><font style="font-weight: normal;">Bravo</font><font style="font-style: normal; font-weight: normal;"> and to leverage the M/V </font><font style="font-weight: normal;">Alfa</font><font style="font-style: normal; font-weight: normal;">. The uncommitted upsize option of up to another $75.0&#160;million may be made available to us, in whole or in parts, to finance future vessel acquisitions. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends<font style="font-style: normal; font-weight: normal;">. On September&#160;30, 2024, we paid a cash dividend of $0.08 per Common Share for the second quarter of the year. On December&#160;27, 2024, we paid a cash dividend of $0.085 per Common Share for the third quarter of the year. </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Competition </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate in a highly competitive market that is capital intensive and highly fragmented. Competition arises primarily from other independent and state-owned dry bulk vessel owners. Competition for the transportation of dry bulk cargoes by sea is intense and depends on price, location, size, age, condition and the acceptability of a vessel and her operators to the charterers. We believe that no single competitor or cartel has a dominant position in or influences the markets in which we compete. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Seasonality </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We operate in markets that have historically exhibited seasonal variations in demand and, as a result, in charter hire rates. This seasonality may result in quarter-to-quarter volatility in our operating results. The dry bulk shipping market is typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials in the northern hemisphere. In addition, unpredictable weather patterns in these months tend to disrupt </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">65<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">vessel schedules and supplies of certain commodities. As a result, our revenues may be weaker during the fiscal quarters ending March&#160;31 and June&#160;30, and, conversely, our revenues may be stronger in fiscal quarters ending September&#160;30 and December&#160;31. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Organizational Structure </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We were incorporated under the laws of the Republic of the Marshall Islands on August&#160;30, 2023, with our principal executive offices being located at c/o Pavimar Shipping Co., 17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> km National Road Athens-Lamia &amp; Foinikos Str. 14564, Nea Kifissia, Athens, Greece. We own our vessels through our subsidiaries, a list of which is filed as Exhibit&#160;21.1 to the registration statement, of which this prospectus forms a part. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Permits and Authorizations </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels. The kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel&#8217;s crew and the age of the vessel. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of us doing business. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Property, Plants and Equipment </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not own or lease any material properties other than our vessels. Please see &#8220;Prospectus Summary&#8212;Formation Transactions.&#8221; </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Legal Proceedings </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">To our knowledge, we are not currently a party to any legal proceeding that would have a material adverse effect on our financial position, results of operations or liquidity, nor are we aware of any pending proceedings that may have a material adverse effect on our financial position, results of operations or liquidity. From time to time in the future, in the ordinary course of conducting our business, we may become involved in various legal actions and other claims. Litigation is subject to many uncertainties, the outcome of individual litigated matters is not predictable with assurance, and it is reasonably possible that some of these matters may be decided unfavorably to the Company. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Exchange Controls </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our shares. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">The International Dry Bulk Shipping Industry </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The shipping industry is often referred to as the backbone of international trade and the global economy, and it is estimated that over 80% of traded goods are carried by sea. Goods that are non-liquid, granular or solid, usually in their raw or unprocessed form, are commonly described as &#8216;dry bulk&#8217; and are fundamental to manufacturing, construction, agriculture, and energy production. Dry bulk goods include &#8216;major bulks&#8217; such as iron ore, coal, and grains, and &#8216;minor bulks&#8217; such as bauxite, steel, sugar, fertilizers, cement and scrap metal. A dry bulk vessel, or dry bulk carrier, is a type of ship designed and constructed to transport such cargoes across global shipping routes. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dry bulk vessels come in various sizes and configurations and, although these terms are not precisely defined, are frequently grouped into the following primary categories: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 231pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 231pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 231pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Category</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 231pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Carrying capacity </div></td></tr><tr><td style="width: 231pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Handysize/Handymax</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 231pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">20,000-49,000 dwt </div></td></tr><tr><td style="width: 231pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Supramax/Ultramax</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 231pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">50,000-66,000 dwt </div></td></tr><tr><td style="width: 231pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Panamax/Kamsarmax</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 231pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">70,000-82,500 dwt </div></td></tr><tr><td style="width: 231pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Post Panamax/Mini Cape</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 231pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">90,000-120,000 dwt </div></td></tr><tr><td style="width: 231pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Capesize/Newcastlemax</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 231pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">120,000+ dwt</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 231pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 231pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Demand for dry bulk vessels derives from, and fluctuates in line with, the underlying supply and demand dynamics of the commodities they carry, and the geographical dislocation between production regions and </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">66<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">consumption centers around the world. Supply of dry bulk vessels refers to the total number of such vessels in service and is influenced by newbuilding orders, vessel scrapping activity, service speeds, port congestion, vessel lay-ups, trading patterns, and other factors which are ultimately driven by the overall economic and market conditions, regulatory changes, global geopolitical events, capital availability, and market sentiment. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Over the years, the dry bulk market has demonstrated cyclicality, seasonality, and increased volatility. One of the main benchmarks used by market participants to monitor the dry bulk market is the BDI, a composite of the dry bulk time charter averages published daily by the Baltic Exchange, a reputable and leading source of independent maritime market data. The index provides a continuous timeseries since 1985 and has exhibited significant volatility over short time spans, including declines of over 90% during the global financial crisis and COVID-19. The index reached its highest level of 11,793 in May&#160;2008 and its lowest of 290 in February&#160;2016, which represents a decline of approximately 98%. In the preceding and following years volatility was less extreme, although there were still multiple instances where the index decreased or increased by more than 50% in short periods of time. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">During 2023, demand for major bulk imports into China was particularly strong, whereas most minor bulk imports experienced a slowdown. Outside China, geopolitical and macroeconomic uncertainty dampened demand, especially for construction-related materials. As a result, although trade routes into China were well supported, other regions struggled. The market recovered towards the end of 2023 and into 2024, spurred by escalating disruptions in major sea canals. Regional hostilities at the Suez Canal and the Red Sea hampered safe navigation, while historically low water levels in the Panama Canal forced capacity restrictions. Consequently, most vessels opted for longer routes via the Cape of Good Hope, boosting ton-mile demand and driving charter rates higher in the first half of 2024. However, these disruptions gradually eased since then and other factors weighed on charter rates during the second half of 2024. Exports from Brazil and Argentina were below expectations, while China accelerated imports from the U.S. Gulf (shorter voyage duration than South America), possibly in anticipation of potential policy shifts under the new U.S. administration in 2025. Additionally, low port congestion in major hubs reduced market inefficiencies, contributing to the subdued charter rates in the latter half of 2024 compared to earlier in the year. Despite these pressures, overall seaborne trade volumes continued to grow, reflecting the resilience of global dry bulk shipping. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Environmental and Other Regulations in the Shipping Industry</div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Environmental and Other Regulations.<font style="font-style: normal; font-weight: normal;"> Government regulations and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications and implementation of certain operating procedures. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard, or USCG, harbor master or equivalent), classification societies, flag state administrations (countries of registry), terminal operators and charterers. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our vessels. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards that emphasize operational safety, quality maintenance, continuous training of officers and crews and compliance with United States and international regulations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our vessels are currently compliant in all material respects with applicable regulations and has all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. Such conventions, laws and regulations frequently change and, therefore, we cannot predict the ultimate implementation and compliance cost with these requirements, or the impact of these requirements on our business, operating results, cash flows and financial condition, and on the resale value or useful lives of our vessels, which may be material and adverse. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">International Maritime Organization.<font style="font-style: normal; font-weight: normal;"> The IMO, the United Nations agency for maritime safety and the prevention of pollution by vessels, has adopted the International Convention for the Prevention of Pollution from </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">67<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, the SOLAS Convention, the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, and the International Convention on Load Lines of 1966, or LL Convention. MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, the handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to dry bulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex&#160;I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex&#160;VI, lastly, relates to air emissions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In 2013, the MEPC adopted a resolution amending MARPOL Annex&#160;I Condition Assessment Scheme, or CAS. These amendments became effective on October&#160;1, 2014 and require compliance with the 2011 International Code on the Enhanced Program of Inspections during Surveys of Bulk Carriers and Oil Tankers, or ESP Code, which provides for enhanced inspection programs. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our vessels are currently compliant in all material respects with applicable regulations and has all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. Such conventions, laws and regulations frequently change and, therefore, we cannot predict the ultimate implementation and compliance cost with these requirements, or the impact of these requirements on our business, operating results, cash flows and financial condition, and on the resale value or useful lives of our vessels, which may be material and adverse. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Air Emissions.<font style="font-style: normal; font-weight: normal;"> In September of 1997, the IMO adopted Annex&#160;VI to MARPOL to address air pollution from vessels. Annex&#160;VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex&#160;VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of &#8220;volatile organic compounds&#8221; from certain vessels, and the shipboard incineration (from incinerators installed after January&#160;1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The MEPC adopted amendments to Annex&#160;VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July&#160;1, 2010. The amended Annex&#160;VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. Effective January&#160;1, 2020, there has been a global limit of 0.5% m/m sulfur oxide emissions (reduced from 3.50%). This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels, or certain exhaust gas cleaning systems. Ships are required to obtain bunker delivery notes and International Air Pollution Prevention, or IAPP, Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex&#160;VI to prohibit the carriage of bunkers above 0.5% sulfur on ships became effective on March&#160;1, 2020. Additional amendments to Annex&#160;VI revising, among other terms, the definition of &#8220;Sulphur content of fuel oil&#8221; and &#8220;low-flashpoint fuel&#8221; and pertaining to the sampling and testing of onboard fuel oil, became effective in 2022. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">MEPC 77 adopted a non-binding resolution which urges Member States and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of propulsion that are safe for ships and could contribute to the reduction of black carbon emissions from ships when operating in or near the Arctic. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Sulfur content standards are even stricter within certain ECAs. As of January&#160;1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1%. Amended Annex&#160;VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean Sea area. Recently at the MEPC78, the IMO approved a proposal for a new ECA for the Mediterranean Sea as a whole. These amendments entered into force on May&#160;1, 2024, however ships operating in this ECA will be exempted from compliance with the 0.10% m/m sulfur content standard for fuel oil until July&#160;1, 2025. Ocean-going vessels in these areas are subject to stringent emission controls and may cause us to incur additional costs. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency, or EPA, or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">68<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">MEPC 79 adopted amendments to Annex&#160;VI on the reporting of mandatory values related to the implementation of the IMO short term GHG reduction measure, including attained EEXI, CII and rating values to the IMO DCS, which became effective May&#160;1, 2024. MEPC 80 adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships with enhanced targets to mitigate harmful emissions. The revised IMO GHG Strategy comprises a common ambition to ensure an uptake of alternative zero and near-zero GHG fuels by 2030 and to achieve net-zero emissions from international shipping by 2050. MEPC took place in March&#160;2024 at which MEPC 81 agreed on an illustration of a possible draft outline of an &#8216;IMO net-zero framework&#8217; for cutting GHG emissions from international shipping, which lists regulations under MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions. This may include economic mechanisms to incentivize the transition to net-zero. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Annex&#160;VI also established new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Now Annex&#160;VI provides for a three-tier reduction in NOx emissions from marine diesel engines, with the final tier (or Tier III) to apply to engines installed on vessels constructed on or after January&#160;1, 2016 and which operate in the North American ECA or the U.S. Caribbean Sea ECA as well as ECAs designated in the future by the IMO. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built after January&#160;1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in late 2009. Additionally, amendments to Annex&#160;II, which strengthen discharge requirements for cargo residues and tank washings in specified sea areas (including Northwest European waters, Baltic Sea area, Western European waters and Norwegian Sea), came into effect in January&#160;2021. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Regulation 22A of MARPOL Annex&#160;VI became effective as of March&#160;1, 2018 and requires ships above 5,000&#160;gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection commencing on January&#160;1, 2019. The IMO intends to use such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below. Amendments to Annex&#160;VI requiring bunker delivery notes to include a flashpoint of fuel oil or a statement that the flashpoint has been measured at or above 70"C as mandatory information, became effective May&#160;1, 2024. Pursuant to MPC 80, in July&#160;2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, which identifies a number of levels of ambition, including (1) decreasing the carbon intensity from ships through implementation of further phases of energy efficiency for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030; and (3) pursuing net-zero GHG emissions by or around 2050. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">MARPOL mandates certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans, or SEEMPS, and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index, or EEDI. Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our vessels are currently compliant in all material respects with applicable regulations and has all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. Such conventions, laws and regulations frequently change and, therefore, we cannot predict the ultimate implementation and compliance cost with these requirements, or the impact of these requirements on our business, operating results, cash flows and financial condition, and on the resale value or useful lives of our vessels, which may be material and adverse. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Safety Management System Requirements.<font style="font-style: normal; font-weight: normal;"> The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills. The Convention of Limitation of Liability for Maritime Claims, or the LLMC, sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">69<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports. Amendments to certain SOLAS chapters entered into force on January&#160;1, 2024; these amendments are to complete the work on modernization of the Global Maritime Distress and Safety System. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code, or IMDG Code. Effective January&#160;1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods, and (3) new mandatory training requirements. Amendments to the IMDG Code relating to segregation requirements for certain substances, and classification and transport of carbon, following incidents involving the spontaneous ignition of charcoal, came into effect in June&#160;2022. Updates to the IMDG Code, in line with the updates to the United Nations Recommendations on the Transport of Dangerous Goods, which set the recommendations for all transport modes, became effective January&#160;1, 2024. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Effective July&#160;1, 2024, new SOLAS Chapter XV, and the associated IP Code, aim to provide minimum safety standards for ships carrying industrial personnel, and address specific risks of maritime operations within the offshore and energy sectors. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In 2013, the IMO&#8217;s Marine Environmental Protection Committee, or the MEPC, adopted a resolution amending MARPOL Annex&#160;I Condition Assessment Scheme, or CAS. These amendments became effective on October&#160;1, 2014 and require compliance with the 2011 International Code on the Enhanced Program of Inspections during Surveys of Bulk Carriers and Oil Tankers, or ESP Code, which provides for enhanced inspection programs. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, or STCW. As of February&#160;2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, actions by the IMO&#8217;s Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in an attempt to combat cybersecurity threats. For example, effective January&#160;2021, cyber-risk management systems were required to be incorporated by shipowners and managers. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our vessels are currently compliant in all material respects with applicable regulations and has all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. Such conventions, laws and regulations frequently change and, therefore, we cannot predict the ultimate implementation and compliance cost with these requirements, or the impact of these requirements on our business, operating results, cash flows and financial condition, and on the resale value or useful lives of our vessels, which may be material and adverse. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pollution Control and Liability Requirements.<font style="font-style: normal; font-weight: normal;"> The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted the International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments, or the BWM Convention, which entered into force in September&#160;2017. The BWM Convention requires ships to manage their ballast water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Specifically, ships over 400 gross tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from coastal waters. The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. For most ships, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. BWMs, which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the Ballast Water, must be approved </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">70<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">in accordance with IMO Guidelines (Regulation D-3). Pursuant to the BWM Convention amendments that entered into force in October&#160;2019, BWMS installed on or after October&#160;28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed before October&#160;23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. Ships sailing in U.S. waters are required to employ a type-approved BWMS which is compliant with USCG regulations. Amendments to the BWM Convention entered into force in June&#160;2022 concerning commissioning testing of BWMS and the form of the International Ballast Water Management Certificate. Additional amendments to the BWM Convention, concerning the form of the Ballast Water Record Book, are expected to enter into force in February&#160;2025. Costs of compliance with these regulations may be substantial. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, to impose strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship&#8217;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions such as the United States where the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our vessels are currently compliant in all material respects with applicable regulations and has all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. Such conventions, laws and regulations frequently change and, therefore, we cannot predict the ultimate implementation and compliance cost with these requirements, or the impact of these requirements on our business, operating results, cash flows and financial condition, and on the resale value or useful lives of our vessels, which may be material and adverse. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Anti-Fouling Requirements.<font style="font-style: normal; font-weight: normal;"> In 2001, the IMO adopted the International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the &#8220;Anti-fouling Convention.&#8221; The Anti-fouling Convention entered into force in September&#160;2008 and prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service or before an International Anti-fouling System Certificate is issued for the first time; and subsequent surveys when the anti-fouling systems are altered or replaced. In 2023, amendments to the Anti-fouling Convention came into effect which include controls on the biocide cybutryne; ships shall not apply or re-apply anti-fouling systems containing cybutryne from January&#160;1, 2023. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our vessels are currently compliant in all material respects with applicable regulations and has all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. Such conventions, laws and regulations frequently change and, therefore, we cannot predict the ultimate implementation and compliance cost with these requirements, or the impact of these requirements on our business, operating results, cash flows and financial condition, and on the resale value or useful lives of our vessels, which may be material and adverse. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Compliance Enforcement.<font style="font-style: normal; font-weight: normal;"> Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this prospectus, our vessels are ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future. The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">71<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act.<font style="font-style: normal; font-weight: normal;"> The U.S. Oil Pollution Act of 1990, or OPA, established an extensive regulatory and liability regime for the protection and clean-up of the environment from oil spills. OPA affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.&#8217;s territorial sea and its 200 nautical mile exclusive economic zone around the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">injury to, or economic losses resulting from, the destruction of real and personal property; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">loss of subsistence use of natural resources that are injured, destroyed or lost; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iv)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(v)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(vi)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">OPA contains statutory caps on liability and damages; such caps do not apply to direct clean-up costs. In March&#160;2023, the USCG adjusted the limits of OPA liability for non-tank vessels, edible oil tank vessels, and any oil spill response vessels, to the greater of $1,300 per gross ton or $1,076,000 (subject to periodic adjustment for inflation). These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party&#8217;s gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section&#160;311 (c), (e)) or the Intervention on the High Seas Act. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for clean-up, removal and remedial costs, as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0&#160;million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG&#8217;s financial responsibility regulations by providing applicable certificates of financial responsibility. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">72<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The 2010 <font style="font-style: italic;">Deepwater Horizon</font> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement&#8217;s, or BSEE, revised Production Safety Systems Rule, or PSSR, effective December&#160;27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, in August&#160;2023, the BSEE released a final Well Control Rule&#160;which strengthens testing and performance requirements, and may affect offshore drilling operations. Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could negatively impact the cost of our operations and adversely affect our business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners&#8217; responsibilities under these laws. The Company intends to comply with all applicable state regulations in the ports where the Company&#8217;s vessels call. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We currently maintain pollution liability coverage insurance in the amount of $1&#160;billion per vessel per incident. If the damages from a catastrophic spill were to exceed our insurance coverage, that could have an adverse effect on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Other United States Environmental Initiatives. <font style="font-style: normal; font-weight: normal;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990), or CAA, requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. The CAA requires states to adopt State Implementation Plans, or SIPs, some of which regulate emissions resulting from vessel loading and unloading operations which may affect our vessels. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The U.S. Clean Water Act, or CWA, prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA expanded the definition of &#8220;waters of the United States,&#8221; or WOTUS, thereby expanding federal authority under the CWA. On December&#160;30, 2022, the EPA and U.S. Army Corps of Engineers announced the revised WOTUS rule, which was published on January&#160;18, 2023. In August&#160;2023, the EPA and Department of the Army issued a final rule to amend the revised WOTUS definition to conform the definition of WOTUS to the U.S. Supreme Court&#8217;s interpretation of the Clean Water Act in its decision dated May&#160;25, 2023. This final rule became effective September&#160;8, 2023 and operates to limit the Clean Water Act. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to VIDA, which was signed into law on December&#160;4, 2018 and requires that the U.S. Coast Guard develop implementation, compliance, and enforcement regulations regarding ballast water. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On October&#160;26, 2020, the EPA published a Notice of Proposed rulemaking for Vessel Incidental Discharge National Standards of Performance under VIDA, and in November&#160;2020, held virtual public meetings. On October&#160;18, 2023, the EPA published a Supplemental Notice to the Vessel Incidental Discharge National Standards of Performance, which shares new ballast water information that the EPA received from the USCG. On September&#160;20, 2024, the EPA finalized national standards of performance for non-recreational vessels 79-feet in length and longer with respect to incidental discharges and on October&#160;9, 2024, these Vessel Incidental Discharge National Standards of Performance were published. Within two years of publication, the USCG is required to develop corresponding implementing regulations. Until those regulations are final, effective and enforceable, vessels will continue to be subject to the VGP 2013 requirements and USCG ballast water regulations. USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. Several U.S. states have added </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">73<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">specific requirements to the Vessel General Permit and, in some cases, may require vessels to install ballast water treatment technology to meet biological performance standards. In addition, several U.S. states have added specific requirements to the VGP, including submission of a Notice of Intent, or NOI, or retention of a PARI form and submission of annual reports. Any upcoming rule changes may have a financial impact on our vessels and may result in our vessels being banned from calling in US in case compliance issues arise. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">European Union Regulations.<font style="font-style: normal; font-weight: normal;"> In October&#160;2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April&#160;2015 (amended by Regulation (EU) 2016/2071 with respect to methods of calculating, inter alia, emission and consumption) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses. As of January&#160;2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. The system entered into force on 1 March&#160;2018. July&#160;2020 saw the European Parliament&#8217;s Committee on Environment, Public Health and Food Safety vote in favor of the inclusion of vessels of 5,000 gross tons and above in the EU Emissions Trading System (in addition to voting for a revision to the monitoring, reporting and verification of CO2 emissions). In September&#160;2020, the European Parliament adopted the proposal from the European Commission to amend the regulation on monitoring carbon dioxide emissions from maritime transport. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;14, 2021, the European Commission published a package of draft proposals as part of its &#8216;Fit for 55&#8217; environmental legislative agenda and as part of the wider EU Green Deal growth strategy. There are two key initiatives relevant to maritime arising from the Proposals: (a) a bespoke emissions trading scheme for the maritime sector, or ETS, which commenced in 2024 and which applies to all ships above a gross tonnage of 5,000; and (b)&#160;a FuelEU regulation which seeks to require all ships above a gross tonnage of 5,000 to carry on board a &#8216;FuelEU certificate of compliance&#8217; from June&#160;30, 2025 as evidence of compliance with the limits on the greenhouse gas intensity of the energy used on-board by a ship and with the requirements on the use of on-shore power supply (OPS) at berth. ETS was agreed in December&#160;2022 and came into force in 2023. More specifically, ETS is to apply gradually over the period from 2024-2026. 40% of allowances would have to surrender be surrendered in 2025 for the year 2024; 70% of ETS allowances would have to be surrendered in 2026 for the year 2025 100% of allowances would have to be surrendered in 2027 for the year 2026. Compliance is to be on a company wide (rather than per ship) basis and &#8220;shipping company&#8221; is defined widely to capture both the ship owner and any contractually appointed commercial operator/ship manager/charterer. The cap under the ETS would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture 100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports and 50% of emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Furthermore, the newly passed EU Emissions Trading Directive 2023/959/EC makes clear that all maritime allowances will be auctioned and there will be no free allocation. 78.4&#160;million emissions allowances have been allocated specifically to maritime. From a risk management perspective, new systems, including personnel, data management systems, costs recovery mechanisms, revised service agreement terms and emissions reporting procedures will have to be put in place, at potentially significant cost, to prepare for and manage the administrative aspect of ETS compliance. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">FuelEU was passed into law in July&#160;2023 and will apply from January&#160;2025. However, the first compliance deadline thereunder is August&#160;31, 2025, when shipping companies will be required to submit their monitoring plans to verifiers demonstrating what fuels and technologies they plan to use to meet the GHG intensity targets applicable from 2025. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Responsible recycling and scrapping of ships are becoming increasingly important issues for shipowners and charterers alike as the industry strives to replace old ships with cleaner, more energy efficient models. The recognition of the need to impose recycling obligations on the shipping industry is not new. In 2009, the IMO oversaw the creation of the Hong Kong Ship Recycling Convention (the &#8220;Hong Kong Convention&#8221;), which sets standards for ship recycling. The Convention was recently ratified and is due to enter into force on June&#160;26, 2025., The EU published its own Ship Recycling Regulation 1257/2013 (SRR) in 2013, with a view to facilitating early ratification of the </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">74<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Hong&#160;Kong Convention both within the EU and in other countries outside the EU. The 2013 regulations are vital to responsible ship recycling in the EU. SRR requires that, from 31 December&#160;2020, all existing ships sailing under the flag of EU member states and non-EU flagged ships calling at an EU port or anchorage must carry on-board an Inventory of Hazardous Materials (IHM) with a certificate or statement of compliance, as appropriate. For EU-flagged vessels, a certificate (either an Inventory Certificate or Ready for Recycling Certificate) will be necessary, while non-EU flagged vessels will need a Statement of Compliance. Now that the Hong Kong Convention has been ratified and will enter into force on 26 June&#160;2025, it is expected the EU Ship Recycling Regulation will be reviewed in light of this. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The new EU Waste Shipment Regulation 2024/1157 came into effect on May&#160;20, 2024 and seeks to clarify the legal framework applicable to the recycling of EU-flagged ships. Ships can now be recycled in recycling facilities located outside the OECD, if they meet the requirements of the SRR and are added to the EU list. Furthermore, the new Environmental Crime Directive 2024/1203 also came into effect on May&#160;20, 2024 and makes it an offence punishable by substantial fines for unlawful recycling of ships that fall within the scope of SRR. Member states have two years to implement this Directive. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. Since January&#160;1, 2015, vessels have been required to burn fuel with sulfur content not exceeding 0.1% while within EU member states&#8217; territorial seas, exclusive economic zones and pollution control zones that are included in &#8220;SOx Emission Control Areas.&#8221; EU Directive (EU) 2016/802 establishes limits on the maximum sulfur content of gas oils and heavy fuel oil and contains fuel-specific requirements for ships calling at EU ports. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">EU Directive 2004/35/CE (as amended) regarding the prevention and remedying of environmental damage addresses liability for environmental damage (including damage to water, land, protected species and habitats) on the basis of the &#8220;polluter pays&#8221; principle. Operators whose activities caused the environmental damage are liable for the damage (subject to certain exceptions). With regard to specified activities causing environmental damage, operators are strictly liable. The directive applies where damage has already occurred and where there is an imminent threat of damage. The directive requires preventative and remedial actions, and that operators report environmental damage or an imminent threat of such damage. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On November&#160;10, 2022, the EU Parliament adopted the Corporate Sustainability Reporting Directive (&#8220;CSRD&#8221;). EU member states have 18 months to integrate it into national law. The CSRD will create new, detailed sustainability reporting requirements and will significantly expand the number of EU and non-EU companies subject to the EU sustainability reporting framework. The required disclosures will go beyond environmental and climate change reporting to include social and governance matters (for example, respect for employee and human rights, anti-corruption and bribery, corporate governance and diversity and inclusion). In addition, it will require disclosure regarding the due diligence processes implemented by a company in relation to sustainability matters and the actual and potential adverse sustainability impacts of an in-scope company&#8217;s operations and value chain. The CSRD will begin to apply for financial years starting in 2024 to large EU and non-EU undertakings subject to certain financial and employee thresholds being met. New systems, personnel, data management systems and reporting procedures will have to be put in place, at significant cost, to prepare for and manage the administrative aspect of CSRD compliance. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A new Corporate Sustainability Due Diligence Directive (&#8220;CSDDD&#8221;) has also been proposed as part of the Fit for 55 package to establish a corporate due diligence duty. Though the European Parliament agreed on its negotiating position on the European Commission&#8217;s proposal for CSDDD on June&#160;1, 2023, the same was later rejected. Following numerous postponements and difficulty reaching agreement, the Belgian presidency put forward the &#8220;final&#8221; compromise text in April&#160;2024, although certain provisions were further altered after receiving pressure from a number of member states. The primary change of the changes proposed and accepted by member states relates to thresholds and scope. The number of employees was raised from 500 to 1,000 and the turnover threshold was raised from &#8364;150&#160;million to &#8364;450&#160;million, which means that only a third of companies will be covered by the law as compared to what was contemplated in the initial proposal. The aim of CSDDD is to foster sustainable and </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">75<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">responsible corporate behavior and to anchor human rights and environmental considerations in companies&#8217; operations and corporate governance. The new rules will ensure that businesses address adverse impacts of their actions, including in their value chains inside and outside of Europe. CSDDD will also apply to large companies. Companies that do not meet the CSDDD thresholds will still likely be impacted indirectly because their larger customers will require human rights and environmental data to be disclosed to enable their compliance. New systems, including personnel, data management systems, and reporting procedures, will have to be implemented, at significant cost, to prepare for and manage the administrative aspect of CSDDD compliance, which will likely commence in 2025. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">International Labor Organization. <font style="font-style: normal; font-weight: normal;">The International Labor Organization, or the ILO, is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006, or MLC 2006. A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade. We believe that our vessels are in substantial compliance with and are certified to meet MLC 2006. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Greenhouse Gas Regulation. <font style="font-style: normal; font-weight: normal;">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change (this task having been delegated to the IMO), which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020. In December&#160;2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November&#160;4, 2016 and does not directly limit greenhouse gas emissions from ships. The United States rejoined the Paris Agreement in February&#160;2021. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">At MEPC 80 in July&#160;2023 and pursuant to the new Revised Strategy &#8211;Reduction of GHG Emissions from Ships &#8211;the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, which revoked the 2018 initial strategy. The 2023 IMO GHG Strategy identifies a number of levels of ambition, including: (1) decline of carbon intensity through further improvement of the energy efficiency for new ships; (2) decline of carbon intensity of international shipping, to reduce CO2 emissions by at least 40% by 2030, compared to 2008, and by at least 70% by 2040; (3) uptake of zero or near-zero GHG emission technologies, fuels, and/or energy sources, striving to represent 10% of the energy sources used by international shipping by 2030; and (4) to reach net-zero GHG emission by or around 2050. MEPC 81 took place in March&#160;2024 at which MEPC 81 agreed on an illustration of a possible draft outline of an &#8216;IMO net-zero framework&#8217; for cutting GHG emissions from international shipping, which lists regulations under MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions. This may include economic mechanisms to incentivize the transition to net-zero. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">At MEPC 70 in October&#160;2016, a mandatory data collection system (DCS) was adopted which requires ships above 5,000 gross tons to report consumption data for fuel oil, hours under way and distance travelled. Unlike the EU MRV (see below), the IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, ice-breaking, fish-catching and off-shore installations. The SEEMPs of all ships covered by the IMO DCS must include a description of the methodology for data collection and reporting. After each calendar year, the aggregated data are reported to the flag state. If the data have been reported in accordance with the requirements, the flag state issues a statement of compliance to the ship. Flag states subsequently transfer this data to an IMO ship fuel oil consumption database, which is part of the Global Integrated Shipping Information System (GISIS) platform. IMO will then produce annual reports, summarizing the data collected. Thus, currently, data related to the GHG emissions of ships above 5,000 gross tons calling at ports in the European Economic Area (EEA) must be reported in two separate, but largely overlapping, systems: the EU MRV &#8211; which applies since 2018 &#8211; and the IMO DCS &#8211; which applies since 2019. The proposed revision of Regulation (EU) 2015/757 adopted on 4 February&#160;2019 aims to align and facilitate the simultaneous implementation of the two systems however it is still not clear when the proposal will be adopted. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">IMO&#8217;s MEPC 76 adopted amendments to MAPROL Annex&#160;VI that will require ships to reduce their greenhouse gas emissions. Effective from January&#160;1, 2023, the Revised MARPOL Annex&#160;VI includes carbon intensity measures (requirements for ships to calculate their EEXI following technical means to improve their energy efficiency and to </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">76<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">establish their annual operational carbon intensity indicator and rating). MEPC 76 also adopted guidelines to support implementation of the amendments. MEPC 79 adopted additional amendments to Annex&#160;VI to revise the DCS and reporting requirements in connection with the implementation of the EEXI and the CII framework; these amendments became effective on May&#160;1, 2024. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July&#160;2021, the European Commission launched the &#8220;Fit for 55&#8221; (described above) to support the climate policy agenda. As of January&#160;2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources, and proposed regulations to limit greenhouse gas emissions from large stationary sources. The EPA or individual U.S. states could enact environmental regulations that could negatively affect our operations. On November&#160;2, 2021, the EPA issued a proposed rule under the CAA designed to reduce methane emissions from oil and gas sources. In November&#160;2022, the EPA issued a supplemental proposal that would achieve more comprehensive emissions reductions and add proposed requirements for sources not previously covered. The EPA held a public hearing in January&#160;2023 and, in December&#160;2023, issued a final rule to sharply reduce emissions of methane and other air pollution from oil and natural gas operations, including storage vessels. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel Security Regulations.<font style="font-style: normal; font-weight: normal;"> Since the terrorist attacks of September&#160;11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the MTSA. To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facilities Security Code, or the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship&#8217;s identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security plans; ship identification number to be permanently marked on a vessel&#8217;s hull; a continuous synopsis record kept onboard showing a vessel&#8217;s history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship&#8217;s identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security certification requirements. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant negative financial impact on us. We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including the Gulf of Aden, the Red Sea and Arabian Sea areas. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">77<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_108-bus_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly and negatively affect our business. Costs may be incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Inspection by Classification Societies.<font style="font-style: normal; font-weight: normal;"> The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified &#8220;in class&#8221; by a classification society which is a member of the International Association of Classification Societies, the IACS. The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil tankers and bulk carriers constructed on or after July&#160;1, 2015. The Rules attempt to create a level of consistency between IACS Societies. Our vessels are certified as being &#8220;in class&#8221; by Bureau Veritas. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A vessel must undergo annual surveys, intermediate surveys, and special surveys. Every vessel is also required to undergo inspection of her underwater parts every 30 to 36 months that, either requires drydocking, or is deemed satisfied by the classification society through a diving survey, propeller inspection, tails shaft bearing clearance and overall hull condition, all of which are verified in the presence of a class surveyor. In any case, every vessel has to be drydocked at least once every 60 months. If any vessel does not maintain her class and/or fails a survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which will have a material adverse impact on our business, operating results, cash flows and financial condition. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Insurances </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Risk of Loss and Liability Insurance<font style="font-style: normal;">. </font><font style="font-style: normal; font-weight: normal;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected and we might not be always able to obtain adequate insurance coverage at reasonable rates. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Hull &amp; Machinery and War Risks Insurances. <font style="font-style: normal; font-weight: normal;">We maintain marine hull and machinery and war risks insurances, which include the risk of actual or constructive total loss, for our vessels. Our vessels are covered up to at least its fair market value with a deductible of $125,000 per incident. We also maintain increased value coverage for our vessels. Under this increased value coverage, in the event of total loss of a vessel, we will be able to recover the sum insured under the increased value policy in addition to the sum insured under the hull and machinery policy. Increased value insurance also covers excess liabilities which are not recoverable under our hull and machinery policy by reason of under insurance. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Protection and Indemnity Insurance<font style="font-style: normal;">. </font><font style="font-style: normal; font-weight: normal;">Protection and indemnity insurance, provided by mutual protection and indemnity associations, or P&amp;I Associations, covers our third-party liabilities in connection with our shipping activities. This includes related expenses of injury, illness or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property such as fixed and floating objects, pollution arising from oil or other substances, salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or &#8220;clubs.&#8221; </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our coverage limit is as per the rules of the International Group of P&amp;I Clubs, or the International Group, where there are standard sub-limits. The 12 P&amp;I Associations that comprise the International Group insure approximately 90% of the world&#8217;s ocean-going tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities in excess of each association&#8217;s own retention of $10.0&#160;million up to, currently, approximately $8.9&#160;billion. As a member of P&amp;I Associations, which are a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">78<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_109-management_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tMGMT"><!--Anchor--></a>MANAGEMENT </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Directors and Executive Officers </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Board of Directors and executive officers oversees and supervises our operations. Our Board of Directors is elected annually on a staggered basis, and each director will hold office for a three-year term or until his or her successor shall have been duly elected and qualified, except in the event of his or her death, resignation, removal or the earlier termination of his or her term of office. The initial term of office of each director is as follows: our Class&#160;I directors will serve for a term expiring at the 2025 annual meeting of shareholders, our Class&#160;II directors will serve for a term expiring at the 2026 annual meeting of shareholders, and our Class&#160;III directors will serve for a term expiring at the 2027 annual meeting of shareholders. Officers are elected from time to time by vote of our Board of Directors and hold office until a successor is elected. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following provides information about each of our directors and executive management. The business address for each director and executive officer is the address of our principal executive office which is located at c/o&#160;Pavimar Shipping Co., 17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> km National Road Athens-Lamia &amp; Foinikos Str. 14564, Nea Kifissia, Athens, Greece. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 120pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 24pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 312pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 120pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Age</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Position </div></td></tr><tr><td style="width: 120pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ismini Panagiotidi<font style="padding-left: 3.07pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;">42</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Chief Executive Officer, and Chairwoman of the Board (Class&#160;III Director) </div></td></tr><tr><td style="width: 120pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dennis Psachos<font style="padding-left: 3.64pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;">41</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Chief Financial Officer </div></td></tr><tr><td style="width: 120pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Spiros Vellas<font style="padding-left: 4.36pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;">43</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class&#160;I Director </div></td></tr><tr><td style="width: 120pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Evangelos Macris<font style="padding-left: 4.75pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;">73</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Class&#160;II Director </div></td></tr><tr><td style="width: 120pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kalliopi Kyriakakou<font style="padding-left: 4.19pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7pt; text-align: left;">42</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 312pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Secretary</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 120pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 24pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Biographical information with respect to each of our directors and executive officers is set forth below. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Ismini Panagiotidi.<font style="font-style: normal; font-weight: normal;">Mrs.&#160;Ismini Panagiotidi has served as our Chairwoman and Chief Executive Officer since our inception in August&#160;2023. Mrs.&#160;Panagiotidi has been involved in investing, owning, and managing vessels since&#160;2006 and has developed a deep understanding of our industry by working in shipping business development since a very young age. In 2014, Mrs.&#160;Panagiotidi founded Pavimar S.A. and led the evolution of the company to a reputable, integrated, commercial and technical vessel manager that has over the years successfully managed more than 50 vessels across the dry bulk, tanker and container sectors. Previously, she served as the Business Development Officer of the former NYSE listed Excel Maritime Carriers Ltd for eight years. She is a member of the Board of the London P&amp;I Club, member of the DNV Greek National Committee, and engages in numerous social and philanthropic initiatives, including being a founding member of Hope Genesis&#8217; International Committee and a member of Elpida Youth&#8217;s Founding Committee. Mrs.&#160;Panagiotidi holds a master&#8217;s degree in Shipping Trade and Finance from the Bayes Business School, City University of London, and a bachelor&#8217;s degree in Business from the Questrom School of Business, Boston University. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dennis Psachos.<font style="font-style: normal; font-weight: normal;">Mr.&#160;Dennis Psachos has served as our Chief Financial Officer since October&#160;2023. Mr.&#160;Psachos is a seasoned professional with extensive background in finance, audit, and accounting roles in the shipping industry since 2009. Mr.&#160;Psachos has enjoyed an international and diverse career by working in Athens, Oslo and London, and has successfully led numerous debt financings, mezzanine facilities, restructurings, bonds, joint ventures and corporate M&amp;A transactions. He commenced his career as an auditor and before joining us, he served as Chief Financial Officer of Lomar, an international shipping group controlling a fleet of containerships, dry bulk carriers and tankers. Prior to that, he held the same position at Prime Marine, a product tanker and gas carrier management company. Mr.&#160;Psachos is a chartered certified accountant and holds a master&#8217;s degree in Shipping from the University of Piraeus, and a bachelor&#8217;s degree in Economics from the National and Kapodistrian University of Athens. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Spiros Vellas.<font style="font-style: normal; font-weight: normal;"> Mr.&#160;Spiros Vellas has served as a director since our initial public offering in July&#160;2024. Mr.&#160;Vellas has over two decades of experience in corporate finance and investment banking. Since 2015 he has been focused on maritime finance and advisory from his capacity as Head of Corporate Finance of Eurofin Group, a global maritime finance specialist, gaining exposure across international shipping markets and sectors. Mr.&#160;Vellas started his career in project finance working for a project management company and moved to the corporate side, involved in the IPO and investor relations of a company in the TMT sector. Mr.&#160;Vellas has worked for Greek lender Eurobank, on various risk management projects and loan securitization projects for business loans and in investment banking and private equity within Lead Finance, a corporate finance advisory and PE firm based out of Athens and New York, active in buy-side and sell-side M&amp;A, capital placement and turnaround investments. Prior to his current position, </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">79<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_109-management_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">he was employed by Clayton, a credit analytics and consulting firm based out of the UK. His role was focused on managing projects for international financial institutions and funds for transactions related to performing and nonperforming loans. Mr.&#160;Vellas holds a master&#8217;s degree in Finance &amp; Economics from London School of Economics (LSE), and a bachelor&#8217;s degree in Economics from LSE. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Evangelos Macris.<font style="font-style: normal; font-weight: normal;"> Mr.&#160;Evangelos Macris has served as a director since our initial public offering in July&#160;2024. Mr.&#160;Macris has a professional track record spanning over four decades, specializing in shipping law, corporate law, banking, finance, and energy related matters. Mr.&#160;Macris has practiced law since 1978 and is the founding partner of Evangelos S. Macris Law Office, a Piraeus-based reputable law firm focusing on shipping. Throughout his career, he has served as member of the board, offered his counsel, and advised a number of esteemed companies. Mr.&#160;Macris is a member of the Bar Association of Athens, holds a bachelor&#8217;s degree in Economics and Political Science from the Panteion University of Athens, a Law Degree from the University of Athens, and a post graduate degree in Shipping Law from the University College, University of London. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Kalliopi Kyriakakou<font style="font-style: normal; font-weight: normal;">. Mrs.&#160;Kalliopi Kyriakakou has served as our secretary since our initial public offering in July&#160;2024. Mrs.&#160;Kyriakakou is a skilled shipping lawyer with over a decade of experience, adept at navigating the intricacies of corporate governance and regulatory compliance. In 2023, Mrs.&#160;Kyriakakou joined Pavimar S.A. as in-house legal counsel, practicing shipping law and managing the company&#8217;s legal affairs. Before that, she served for more than ten years as legal, insurance and claims manager of Goldenport, a highly regarded shipowning and shipmanagement group, where she successfully handled a wide range of legal and corporate matters, insurance placements, vessel sale and purchase transactions, and was appointed as company secretary in the group&#8217;s LSE-listed arm. Earlier in her career, Mrs.&#160;Kyriakakou engaged in maritime law by working for other shipping companies and legal firms. She is a member of the Piraeus Bar Association, holds a PgCert in construction law and arbitration from Robert Gordon University, Aberdeen Business School UK, a bachelor&#8217;s degree in law from Democretus University, Greece, and an LLB and LLM in international trade law from University of Northumbria, Newcastle UK. </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">Executive Compensation </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Aggregate executive compensation amounted to $12,000 for each of the years ended December&#160;31, 2023 and 2022, relating to amounts allocated as compensation for executive services provided to Maui and Positano. Commencing October&#160;1, 2023, the services of our Chief Executive Officer and Chief Financial Officer were provided by Pavimar S.A. pursuant to the Services Agreement, which was novated to Pavimar on January&#160;18, 2024, on the same terms. The executive compensation payable under the Services Agreement is $12,000 per annum (which, for 2023, was pro-rated). Aggregate executive compensation for each of the nine-month periods ended September&#160;30, 2024 and 2023, amounted to $9,000. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">Compensation of Directors </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Chief Executive Officer who also serves as a director will not receive additional compensation for her service as director. We anticipate that each non-management director will receive compensation for attending meetings of our Board of Directors, as well as committee meetings. Each of our non-employee directors will receive annual cash compensation in the aggregate amount of $20,000, plus reimbursements for out-of-pocket expenses incurred while acting in their capacity as a director. Each director will be fully indemnified by us for actions associated with being a director to the extent permitted under Marshall Islands law. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">Employees </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As of September&#160;30, 2024, and December&#160;31, 2023, we had no direct employees. Pavimar provides us with the services of our Chief Executive Officer and Chief Financial Officer. Please see &#8220;&#8212;Executive Compensation&#8221; above. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">Board Practices </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our directors do not have service contracts and do not receive any benefits upon termination of their directorships. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Audit Committee.<font style="font-style: normal; font-weight: normal;"> Our audit committee consists of Mr.&#160;Vellas and Mr.&#160;Macris. Our Board of Directors has determined that Mr.&#160;Vellas is an &#8220;Audit Committee Financial Expert&#8221; according to Commission rules and that the members of the audit committee meet the applicable independence requirements of the Commission and the Nasdaq Stock Market Rules. The audit committee has powers and performs the functions customarily performed by such a committee (including those required of such a committee by Nasdaq and the Commission). The audit committee is responsible for selecting and meeting with our independent registered public accounting firm regarding, among other matters, audits and the adequacy of our accounting and control systems. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">80<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_109-management_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Compensation Committee. <font style="font-style: normal; font-weight: normal;">Our compensation committee consists of Mr.&#160;Vellas and Mr.&#160;Macris each of whom is an independent director. The compensation committee reviews and makes recommendations to the Board on the compensation of our directors and executive officers. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Nominating Committee. <font style="font-style: normal; font-weight: normal;">Our nominating committee consists of Mr.&#160;Vellas and Mr.&#160;Macris, each of whom is an independent director. The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our Board of Directors. </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Share Ownership </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The shares owned by our directors and executive officers are disclosed below in &#8220;Security Ownership of Certain Beneficial Owners and Management.&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">81<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_110-certain_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCRR"><!--Anchor--></a>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have entered, or may enter in the future, into significant contractual agreements and transactions with related parties. Related party transactions are subject to review and approval of the independent members of our Board. The information in this section includes, were applicable, a summary of the terms of the agreements entered into with related parties. This summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the relevant agreements filed as exhibits hereto.<font style="font-style: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition to the information contained in this section, you should carefully review the notes to our financial statements included in this prospectus for additional information about our related party transactions, including outstanding balances with and amounts paid to such entities during the nine-month periods ended September&#160;30, 2024 and 2023, and the years ended December&#160;31, 2023 and 2022.<font style="font-style: normal;"> </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Management, Commercial and Administrative Services </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company&#8217;s Board of Directors has organized the provision of management services through Pavimar, a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Law 27 of 1975. Pavimar is controlled by the Company&#8217;s Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi. Pursuant to the New Management Agreement, which became effective on January&#160;18, 2024, Pavimar provides us with vessel commercial and technical management services, including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. In exchange for these services, for the nine-month period ended September&#160;30, 2024, total management fees charged by Pavimar amounted to $0.4&#160;million. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pavimar is generally not liable to us for any loss, damage, delay or expense incurred during the provision of the foregoing services, except insofar as such events arise from gross negligence or willful default of Pavimar, Pavimar&#8217;s employees, agents or subcontractors, subject to certain contractual limitations. Notwithstanding the foregoing, Pavimar is in no circumstances responsible for the actions of the crews on our vessels. We have also agreed to indemnify Pavimar in certain circumstances. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Prior to the effectiveness of our New Management Agreement, similar management services were provided to us by Pavimar S.A., a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Law 27 of 1975. Pavimar S.A. is controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. In exchange for these services, for the nine-month periods ended September&#160;30, 2024 and 2023, total management fees charged by Pavimar S.A. amounted to $0.1&#160;million and $0.2&#160;million, respectively. For each of the years ended December&#160;31, 2023 and 2022, total management fees charged by Pavimar S.A. amounted to $0.3&#160;million. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Services Agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Commencing October&#160;1, 2023, the services of our Chief Executive Officer and Chief Financial Officer were provided by Pavimar S.A. pursuant to the Services Agreement. The compensation payable under the Services Agreement was originally $12,000 per annum. The Services Agreement was novated to Pavimar on January&#160;18, 2024, on the same terms, and was amended and restated on April&#160;1, 2024, to include the provision of the services of our corporate secretary for an additional fee of $2,000 per annum, commencing July&#160;11, 2024. The related fees for the nine-month period ended September&#160;30, 2024, amounted to $567 to Pavimar S.A. and $8,878 to Pavimar. For the year ended December&#160;31, 2023, the related fees amounted to $3,000 to Pavimar S.A. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Exchange Agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On June&#160;11, 2024, we acquired all of the outstanding share capital of Maui, the entity that wholly owns Positano, which in turn owns M/V <font style="font-style: italic;">Alfa</font>, from our Chairwoman and Chief Executive Officer, Mrs.&#160;Panagiotidi, in exchange for 15,000 Series&#160;A Preferred Shares, 1,500,000 Series&#160;B Preferred Shares, and 200,000 of our Common Shares, pursuant to the Exchange Agreement dated June&#160;11, 2024. As part of the exchange, Mrs.&#160;Panagiotidi, forfeited the 1,000&#160;Common Shares beneficially owned by her immediately prior to the exchange. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Mrs.&#160;Panagiotidi is the sole holder of our Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. Our Series&#160;A Preferred Shares have no voting rights, subject to limited exceptions, however each Series&#160;A Preferred Share has a stated amount of $1,000 per share, and each holder of Series&#160;A Preferred Shares has the right, subject to certain </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">82<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_110-certain_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">conditions, at any time commencing on July&#160;16, 2025 and until July&#160;15, 2032, to convert all (but not a portion) of the Series&#160;A Preferred Shares beneficially held by such holder into our Common Shares at the applicable conversion price then in effect. The issuance of additional Common Shares upon the potential conversion of our Series&#160;A Preferred Shares could dilute the interests of our common shareholders and affect the trading price for our Common Shares. Each Series&#160;B Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to maintain a substantially identical voting interest in us following the occurrence of certain events. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series&#160;B Preferred Shares, holders of our Series&#160;B Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. Mrs.&#160;Ismini Panagiotidi is the sole holder of our Series&#160;A Preferred Shares and Series&#160;B Preferred Shares. The Series&#160;B Preferred Shares held by Mrs.&#160;Panagiotidi represent 99.9% of the aggregate voting power of our total issued and outstanding share capital. Because Mrs.&#160;Panagiotidi beneficially owns the majority of our voting power, she has the ability to control us and our affairs, including, among other matters, the election of our board of directors, and has the ability to exert significant influence on corporate decisions, including with respect to, among other things, our business direction, capital structure, and dividend policy, and, as a result, the ability of our common shareholders to influence our corporate matters is limited. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Please see the section of this prospectus entitled &#8220;Description of Capital Stock&#8221; for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of our shareholders. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Shipbroking services </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">From time to time, we use the commercial services of Alexandria Enterprises S.A., (&#8220;Alexandria&#8221;) an entity incorporated in the Republic of the Marshall Islands, specializing in shipbroking. Alexandria is controlled by family members of our Chairwoman and Chief Executive Officer. Alexandria charges us a commission on gross revenue generated from contracts brokered by Alexandria. Total commissions charged by Alexandria during the nine-month periods ended September&#160;30, 2024 and 2023, were $nil and $0.1&#160;million, respectively. Total commissions charged by Alexandria during the years ended December&#160;31, 2023 and 2022, were $0.1&#160;million and $0.2&#160;million, respectively. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">83<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_111-security_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSCOM"><!--Anchor--></a>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following table sets forth information regarding the beneficial ownership of our capital stock as of December 31, 2024, and upon completion of this offering (assuming the sale of all of the Units offered hereby, no sale of any Units containing a Pre-funded Warrant, no exercise of the Warrants, the First Representative&#8217;s Warrant and the Placement Agent&#8217;s Warrants, and no resulting adjustment to the conversion rate of the Series&#160;A Preferred Shares), held by beneficial owners of 5% or more of our voting stock and by our directors and officers as a group. All of our common shareholders, including the shareholders listed in the table below, are entitled to one vote for each Common Share held. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 180pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 141.33pt;" colspan="7"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 130.94pt;" colspan="7"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 180pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="7" style="width: 141.33pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Beneficially Owned <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">as of December 31, 2024</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="7" style="width: 130.94pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares to be <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Beneficially <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Owned After Offering </div></td></tr><tr class="BRDSX_header"><td style="width: 180pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percentage <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">of Class</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 48pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percentage <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">of Total <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Voting <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Power</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percentage <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">of Class</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percentage <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">of Total <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Voting <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Power </div></td></tr><tr><td style="width: 180pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Atlantis Holding Corp. (Ismini Panagiotidi)<br></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 48pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 180pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Common Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 1.55pt;"></font></div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">7,294,546</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.05pt; text-align: left;">85.4%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 48pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.75pt; text-align: left;"><font style="padding-left: 5pt;">0.48%</font></div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">7,294,546</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.06pt; text-align: left;">54.9%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 5pt;">0.48% </font></div></td></tr><tr><td style="width: 180pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Series&#160;B Preferred Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="padding-left: 3.82pt;"></font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1,500,000</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.05pt; text-align: left;"><font style="padding-left: 2.5pt;">100%</font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 48pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.75pt; text-align: left;">99.43%</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1,500,000</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.06pt; text-align: left;"><font style="padding-left: 2.5pt;">100%</font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;">99.12% </div></td></tr><tr><td style="width: 180pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total<font style="font-style: normal; padding-left: 2.3pt;"></font></div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 48pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.75pt; text-align: left;">99.91%</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;">99.60%</div></td></tr><tr><td style="width: 180pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">All other directors and executive officers individually<font style="padding-left: 4.17pt;"></font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 35pt;">0</font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.05pt; text-align: left;"><font style="padding-left: 12.5pt;">0</font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 48pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.75pt; text-align: left;"><font style="padding-left: 17.5pt;">0%</font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 35pt;">0</font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.06pt; text-align: left;"><font style="padding-left: 12.5pt;">0</font></div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.61pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 17.5pt;">0%</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 180pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 40pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 37.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 48pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 40pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 37.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 37.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">The amount of Common Shares beneficially owned includes (i)&#160;200,000 Common Shares and (ii)&#160;7,094,546 Common Shares that may be deemed to be beneficially owned by Atlantis Holding Corp. upon the hypothetical conversion of 15,000 Series&#160;A Preferred Shares as of December&#160;31, 2024. All 15,000 Series&#160;A Preferred Shares (but not a portion) are convertible to Common Shares, subject to certain conditions, commencing July&#160;16, 2025 and until July&#160;15, 2032 at the applicable conversion price then in effect. The Series A Preferred Shares have no voting rights, subject to limited exceptions. Please see the section of this prospectus entitled &#8220;Description of Capital Stock&#8221; for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Each Series&#160;B Preferred Share has the voting power of 1,000 Common Shares, subject to adjustment as described herein. The Series&#160;B Preferred Shares held by Mrs.&#160;Panagiotidi represent 99.9% of the aggregate voting power of our total issued and outstanding share capital as of December&#160;31, 2024 (or 99.6% after this offering) without taking into account the 7,094,546 Common Shares issuable upon the hypothetical conversion of 15,000 Series A Preferred Shares (or 99.43% and 99.12%, respectively, taking into account the 7,094,546 Common Shares issuable upon the hypothetical conversion of 15,000 Series A Preferred Shares). Please see the section of this prospectus entitled &#8220;Description of Capital Stock&#8221; for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">This percentage is calculated using a figure of 8,544,546 Common Shares outstanding, which consists of (i)&#160;1,450,000 Common Shares outstanding plus (ii)&#160;7,094,546 Common Shares issuable upon the hypothetical conversion of 15,000 Series A Preferred Shares as of December&#160;31, 2024. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">This percentage is calculated using a figure of 13,283,882 Common Shares outstanding, which consists of (i)&#160;1,450,000 Common Shares outstanding plus (ii) 7,094,546 Common Shares issuable upon the hypothetical conversion of 15,000 Series A Preferred Shares as of December&#160;31, 2024, and assumes the issuance and sale of 4,739,336 Common Shares in this offering (assuming the sale of all of the Units offered hereby, no sale of any Units containing a Pre-funded Warrant, and no exercise of the Warrants, the First Representative&#8217;s Warrant and the Placement Agent&#8217;s Warrants).</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">84<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDESC"><!--Anchor--></a>DESCRIPTION OF CAPITAL STOCK </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following is a description of the material terms of our amended and restated articles of incorporation and amended and restated bylaws. Please see our amended and restated articles of incorporation and amended and restated bylaws, copies of which have been filed as exhibits to the registration statement of which this prospectus forms a part.<font style="font-style: normal;"> </font></div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Purpose </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our purpose, as stated in our amended and restated articles of incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the BCA. Our amended and restated articles of incorporation and amended and restated bylaws do not impose any limitations on the ownership rights of our shareholders. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Authorized Capital Stock </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under our amended and restated articles of incorporation, our authorized share capital stock consists of: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">750,000,000 Common Shares, par value $0.001 per share, of which 1,450,000 shares are issued and outstanding as of the date hereof; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">250,000,000 preferred shares, par value $0.001 per share, out of which: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;">1,500,000 Series&#160;A Preferred Shares have been designated, of which 15,000 are issued and outstanding as of the date hereof; </font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;">1,500,000 Series&#160;B Preferred Shares have been designated, of which 1,500,000 are issued and outstanding as of the date hereof; and </font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;">1,500,000 Series&#160;C Participating Preferred Shares have been designated, of which none will be issued and outstanding at or prior to the effectiveness of the registration statement of which this prospectus forms a part. </font></div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Description of Common Shares<font style="font-style: normal; font-weight: normal;">. Each outstanding Common Share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred shares, holders of Common Shares are entitled to receive ratably all dividends, if any, declared by our Board of Directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of our Common Shares are entitled to receive pro rata our remaining assets available for distribution. Holders of Common Shares do not have conversion, redemption, or pre-emptive rights to subscribe to any of our securities. The rights, preferences, and privileges of holders of Common Shares are subject to the rights of the holders of any preferred shares, which we may issue in the future. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Preferred Shares<font style="font-style: normal; font-weight: normal;">. Our amended and restated articles of incorporation authorize our Board of Directors to establish one or more series of preferred stock and to determine, with respect to any series of preferred stock, the terms and rights of that series, including the designation of the series; the number of shares of the series; the preferences and relative, participating, optional, or other special rights, if any, and any qualifications, limitations, or restrictions of such series; and the voting rights, if any, of the holders of the series. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Description of 9.00% Series&#160;A Cumulative Convertible Perpetual Preferred Shares<font style="font-style: normal; font-weight: normal;">. The following description of the characteristics of the 9.00% Series&#160;A Cumulative Convertible Perpetual Preferred Shares (the &#8220;Series&#160;A Preferred Shares&#8221;) is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation, as amended and restated, in respect of the Series&#160;A Preferred Shares which is filed as an exhibit hereto and is incorporated herein by reference. Capitalized terms that are not defined below shall have the meaning ascribed to such terms in the Statement of Designation, as amended and restated, in respect of the Series&#160;A Preferred Shares. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On June&#160;11, 2024, we issued 15,000 Series&#160;A Preferred Shares, par value $0.001 per share, each with a stated amount of $1,000 per share, representing all of the Series&#160;A Preferred Shares that are issued and outstanding as of the date hereof. Such shares have the following characteristics: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Ranking.</font> The Series&#160;A Preferred Shares rank, with respect to dividend distributions and distributions upon our liquidation, dissolution or winding up of our affairs (whether voluntary or involuntary), sale of substantially all of our assets, property or business, or a change of control of us (each, a &#8220;Liquidation Event&#8221;), (i) senior to our Common Shares, our Series&#160;B Preferred Shares, our Series&#160;C Participating </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">85<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_bl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 40pt; text-align: justify;">Preferred Shares and to any other class or series of our stock that may be established in the future that is not expressly stated to be on parity with or senior to the Series&#160;A Preferred Shares in the payment of dividends and the distribution of assets upon a Liquidation Event (together with our Common Shares, the &#8220;Junior Stock&#8221;), (ii) on parity with any class or series of capital stock that may be established in the future that is expressly stated to be on parity with the Series&#160;A Preferred Shares with respect to the payment of dividends and the distribution of assets upon a Liquidation Event, and (iii) junior to any class or series of capital stock that may be established in the future that is expressly stated to rank senior to the Series&#160;A Preferred Shares with respect to the payment of dividends and the distribution of assets upon a Liquidation Event, and to all existing and future indebtedness and other liabilities, including trade payable and other non-equity claims on us. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Conversion Rights.</font> Each holder of Series&#160;A Preferred Shares has the right, subject to certain conditions, at any time commencing on July&#160;16, 2025 and until July&#160;15, 2032, to convert all (but not a portion), of the Series&#160;A Preferred Shares beneficially held by such holder into our Common Shares at the conversion rate then in effect. Each Series&#160;A Preferred Share is convertible into the number of our Common Shares equal to the quotient of the aggregate stated amount of the Series&#160;A Preferred Shares converted plus any accrued and unpaid dividends divided by the lower of (i) $6.00 per Common Share (the &#8220;Pre-Determined Price&#8221;) and (ii) the VWAP of our Common Shares over the five consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion. The Pre-Determined Price is also subject to appropriate adjustment for dilution, including but not limited to, certain issuances of additional Common Shares at a deemed price per share lower than the conversion price, stock combinations or splits, reclassifications or similar events affecting our Common Shares. The holders of Series&#160;A Preferred Shares also have the right to participate, on an as-converted basis, in certain non-recurring dividends and distributions declared or made on our Common Shares. The Series&#160;A Preferred Shares are otherwise not convertible into or exchangeable for property or shares of any other series or class of our capital stock. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Voting Rights.</font> So long as any Series&#160;A Preferred Shares are outstanding, in addition to any other vote or consent of shareholders required by law or by our amended and restated articles of incorporation, the vote or consent of the holders of at least 66 2/3% of the Series&#160;A Preferred Shares at the time outstanding, voting together as a separate class, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, will be necessary for effecting or validating: (i) any amendment, alteration or repeal of any provision of our amended and restated articles of incorporation or amended and restated bylaws that would alter or change the voting powers, preferences or special rights of the holders of the Series&#160;A Preferred Shares so as to affect them adversely; (ii) the issuance of Dividend Parity Stock if the Accrued Dividends on all outstanding Series&#160;A Preferred Shares through and including the most recently completed Dividend Period have not been paid or declared and a sum sufficient for the payment thereof has been set aside for payment; (iii) any amendment or alteration of our amended and restated articles of incorporation to authorize or create, or increase the authorized amount of, any Senior Stock; or (iv) any consummation of (x) a binding share exchange or reclassification involving the Series&#160;A Preferred Shares, (y) a merger or consolidation of the Company with another entity (whether or not a corporation), or (z) a conversion, transfer, domestication or continuance of the Company into another entity or an entity organized under the laws of another jurisdiction, unless in each case (A) the Series&#160;A Preferred Shares remain outstanding or, in the case of any such merger or consolidation with respect to the Company is not the surviving or resulting entity, or any such conversion, transfer, domestication or continuance, the Series&#160;A Preferred Shares are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (B) such shares remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and restrictions and limitations thereof, of the Series&#160;A Preferred Shares immediately prior to such consummation, taken as a whole. The foregoing voting rights do not apply in connection with the creation or issuance of Series&#160;C Participating Preferred Shares of the Company substantially in the form approved by the Board pursuant to the Rights Agreement (as defined below). </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Dividends.</font> The holders of Series&#160;A Preferred Shares will be entitled to receive, out of funds legally available for the purpose, biannual dividends payable in either cash or, at the Company&#8217;s option, in Series&#160;A Preferred Shares (&#8220;PIK Shares&#8221;), or a combination thereof, on each June&#160;30 and December&#160;31 of each year (each such date being referred to herein as a &#8220;Dividend Payment Date&#8221;), commencing on the first Dividend </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">86<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_bl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 40pt; text-align: justify;">Payment Date. Dividends will accumulate in each dividend period from and including the preceding Dividend Payment Date or the initial issue date, as the case may be, to but excluding the applicable Dividend Payment Date for such dividend period (each, a &#8220;Dividend Period&#8221;). If any Dividend Payment Date otherwise would fall on a day that NASDAQ is not open for trading and which is not a Saturday, a Sunday or other day on which banks in New York City are authorized or required by law to close (a&#160;&#8220;Business Day&#8221;), declared dividends will be paid on the immediately succeeding Business Day without the accumulation of additional dividends. Dividends on the Series&#160;A Preferred Shares will be payable based on a 360-day year consisting of twelve 30-day months and will accrue at a rate of 9.00% per annum (the &#8220;Dividend Rate&#8221;) on the stated amount per Series&#160;A Preferred Share and on any Accrued Dividends, from and including the original issue date (or, for any subsequently issued and newly outstanding Series&#160;A Preferred Shares, from the Dividend Payment Date immediately preceding the issuance date of such Series&#160;A Preferred Shares). </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 40pt; text-align: justify;">In the event of nonpayment of any Accrued Dividends on the Series&#160;A Preferred Shares (&#8220;Dividend Payment Default&#8221;), commencing with the next succeeding Dividend Period, the Dividend rate shall increase by a factor of 1.33, which factor shall be adjusted downward, pro rata, by the portion of Series&#160;A Dividends that have accrued in such Dividend Period that have been paid in cash and/or PIK Shares (&#8220;Default Adjustment&#8221;). A Default Adjustment shall occur on each relevant Dividend Payment Date for so long as any Dividend Payment Default occurs or continues during any Dividend Period. To the extent Accrued Dividends relating to a Dividend Payment Default are subsequently paid in cash and/or PIK&#160;Shares, the Default Adjustments relating to such Dividend Payment Default shall no longer be applied. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 40pt; text-align: justify;">In the event of a PIK Payment of Accrued Dividends for a Dividend Period, commencing with the next succeeding Dividend Period, the Dividend Rate shall be increased by a factor of 1.30, which factor shall be adjusted downward, pro rata, by the portion of Accrued Dividends for such Dividend Period that have been paid in cash or not at all. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Maturity/Redemption.</font> The Series&#160;A Preferred Shares are perpetual, non-redeemable and have no maturity date. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Liquidation, Dissolution or Winding Up.</font> In the event of any liquidation, dissolution, winding up of the Company or other Liquidation Event, whether voluntary or involuntary, the Series&#160;A Preferred Shares shall have a liquidation preference of $1,000 per share (plus Accrued Dividends to the date fixed for payment of such amount (whether or not declared), and no more). A consolidation or merger of us with or into any other entity, individually or in a series of transactions, will not be deemed a liquidation, dissolution or winding up of our affairs for this purpose. In the event that our assets available for distribution to holders of the outstanding Series&#160;A Preferred Shares and all Liquidation Parity Stock are insufficient to permit payment of all required amounts, our assets then remaining will be distributed among the holders of Series&#160;A Preferred Shares, as applicable, ratably on the basis of their relative aggregate Liquidation Preferences. After payment of all required amounts to the holders of the outstanding Series&#160;A Preferred Shares and all holders of Liquidation Preference Parity Stock, our remaining assets and funds will be distributed among the holders of the Common Shares and any other Junior Stock then outstanding according to their respective rights. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">No Preemptive Rights; No Sinking Fund.</font> The holders of Series&#160;A Preferred Shares do not have any preemptive rights. The Series&#160;A Preferred Shares will not be subject to any sinking fund or any other obligation of us for their repurchase or retirement. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Description of Series&#160;B Perpetual Preferred Shares<font style="font-style: normal; font-weight: normal;">. The following description of the characteristics of the Series&#160;B Perpetual Preferred Shares (the &#8220;Series&#160;B Preferred Shares&#8221;) is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation in respect of the Series&#160;B Preferred Shares, which is filed as an exhibit hereto and is incorporated herein by reference. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On June&#160;11, 2024, we issued 1,500,000 Series&#160;B Preferred Shares, par value $0.001 per share, representing all of the Series&#160;B Preferred Shares that are issued and outstanding as of the date hereof. Such shares have the following characteristics: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic; font-weight: bold;">Conversion Rights.</font> The Series&#160;B Preferred Shares are not convertible into our Common Shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Voting Rights.</font> Each Series&#160;B Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to adjustment to </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">87<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_bl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 40pt; text-align: justify;">maintain a substantially identical voting interest in the Company following the (i) creation or issuance of a new series of shares of the Company carrying more than one vote per share to be issued to any person other than holders of the Series&#160;B Preferred Shares, except for the creation (but not the issuance) of Series&#160;C Participating Preferred Shares substantially in the form approved by the Board and included as an exhibit to this registration statement, without the prior affirmative vote of a majority of votes cast by the holders of the Series&#160;B Preferred Shares or (ii) issuance or approval of Common Shares pursuant to and in accordance with the Rights Agreement (as defined below). The holders of Series&#160;B 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, except that the Series&#160;B Preferred Shares vote separately as a class on amendments to our amended and restated articles of incorporation that would materially alter or change the powers, preference or special rights of the Series&#160;B Preferred Shares. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Distributions.</font> The Series&#160;B Preferred Shares have no dividend or distribution rights, other than upon our liquidation, dissolution or winding up, as described below. Also, if we declare or make any dividend or other distribution of voting securities of a subsidiary which we control to the holders of our Common Shares by way of a spin off or other similar transaction, then, in each such case, each holder of Series&#160;B Preferred Shares shall be entitled to receive preferred shares of the subsidiary whose voting securities are so distributed with at least substantially similar rights, preferences, privileges and voting powers, and limitations and restrictions as those of the Series&#160;B Preferred Shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Maturity/Redemption. </font>The Series&#160;B Preferred Shares are perpetual, non-redeemable and have no maturity date. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">Ranking, Liquidation, Dissolution or Winding Up.</font> Upon any liquidation, dissolution or winding up of the Company, Series&#160;B Preferred Shares shall be entitled to receive a payment on the same terms as, and rank pari-passu with, the Common Shares with respect thereto, up to an amount equal to the par value of $0.001&#160;per share Series&#160;B Preferred Share. Holders of shares of this Series&#160;will have no other rights to distributions upon any liquidation, dissolution or winding up of the Company. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic; font-weight: bold;">No Preemptive Rights; No Sinking Fund.</font> Holders of the Series&#160;B Preferred Shares do not have any preemptive rights. The Series&#160;B Preferred Shares will not be subject to any sinking fund or any other obligation of us for their repurchase or retirement. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Description of Series&#160;C Participating Preferred Shares<font style="font-style: normal; font-weight: normal;">. The following description of the characteristics of the Series&#160;C Participating Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation in respect of the Series&#160;C Participating Preferred Shares which is filed as an exhibit hereto and is incorporated herein by reference. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As of the date of this prospectus, no Series&#160;C Participating Preferred Shares are issued and outstanding in connection with our Rights Agreement (as defined below). See &#8220;&#8212;Shareholders&#8217; Rights Agreement.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">When issued, each one one-thousandth of a Series&#160;C Participating Preferred Share will, among other things: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">not be redeemable; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">entitle holders to dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in our Common Shares or a subdivision of our outstanding Common Shares (by reclassification or otherwise), declared on our Common Shares; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The value of one one-thousandth of a Series&#160;C Participating Preferred Share issued in connection with the Rights Agreement should approximate the value of one Common Share. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">First Representative&#8217;s Warrant </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following description of the characteristics of the First Representative&#8217;s Warrant is a summary and does not purport to be complete and is qualified by reference to the First Representative&#8217;s Warrant, which is filed as an exhibit hereto and is incorporated herein by reference. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;15, 2024, in connection to our initial public offering, we issued to Maxim Group LLC, who acted as sole book-running manager, a warrant to purchase up to 80,000 Common Shares, in whole or in parts, at an exercise price of $4.40 per Common Share, subject to certain anti-dilution adjustments. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">88<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The First Representative&#8217;s Warrant is exercisable on or after January&#160;11, 2025, and expires on July&#160;11, 2027, and does not entitle its holder to any voting rights, dividends or other rights as a shareholder of the Company prior to its exercise. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If at the time of exercise of the First Representative&#8217;s Warrant there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of, the Common Shares issuable upon such exercise, then the First Representative&#8217;s Warrant may only be exercised, in whole or in part, by means of a cashless exercise in which case, the holder shall be entitled to receive a number of Common Shares equal to the difference between the applicable spot price per Common Share of the Company (as determined in the First&#160;Representative&#8217;s Warrant) and the exercise price then in effect, multiplied by the number of Common Shares that would be issuable upon a cash exercise, divided by the applicable spot price per Common Share of the Company (as&#160;determined in the First Representative&#8217;s Warrant). </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Placement Agent&#8217;s Warrants </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following description of the characteristics of the Placement Agent&#8217;s Warrants is a summary and does not purport to be complete and is qualified by reference to the form of the Placement Agent&#8217;s Warrant, which is filed as an exhibit hereto and is incorporated herein by reference. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have agreed that the Placement Agent will receive the Placement Agent&#8217;s Warrants covering a number of Common Shares equal to 5.0% of the total number of Units being sold in this offering. The Placement Agent&#8217;s Warrants will be non-exercisable for six months after the effective date of the registration statement and will expire three (3) years after such date. The Placement Agent&#8217;s Warrants will be exercisable at a price equal to 110% of the public offering price of each Unit in this offering, subject to certain anti-dilution adjustments. The Placement Agent&#8217;s Warrants shall not be redeemable. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Placement Agent Warrants may not be transferred, assigned or hypothecated for a period of six months following the closing, except that they may be assigned, in whole or in part, to any successor, officer, manager or member of the Placement Agent (or to officers, managers or members of any such successor or member), and to members of the Placement Agent syndicate or selling group. The Placement Agent&#8217;s Warrants may be exercised as to all or a lesser number of Common Shares, will provide for cashless exercise and will contain provisions for one&#160;demand registration of the sale of the underlying Common Shares at our expense, an additional demand registration at the warrant holders&#8217; expense, and unlimited &#8220;piggyback&#8221; registration rights for a period of three years after the closing at our expense. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Directors </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our directors are elected by a plurality of the votes cast by shareholders entitled to vote. Cumulative voting is prohibited. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation require our Board of Directors to consist of at least one&#160;member. Our Board of Directors currently consists of three members. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Board of Directors will be elected annually on a staggered basis, and each director will hold office for a three-year term or until his or her successor shall have been duly elected and qualified, except in the event of his or her death, resignation, removal or the earlier termination of his or her term of office. The initial term of office of each director will be as follows: our Class&#160;I directors will serve for a term expiring at the 2025 annual meeting of shareholders, our Class&#160;II directors will serve for a term expiring at the 2026 annual meeting of shareholders, and our Class&#160;III directors will serve for a term expiring at the 2027 annual meeting of shareholders. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Board of Directors has the authority to fix the amounts which shall be payable to the members of the Board of Directors for attendance at any meeting or for services as a director rendered to us. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Shareholder Meetings </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under our amended and restated bylaws, annual meetings of shareholders will be held at a time and place selected by our Board. The meetings may be held in or outside of the Marshall Islands. Special meetings may be called at any time by the Chairperson, Chief Executive Officer or President of the Company or a majority of our Board, or by the affirmative vote of the holders of at least one-third of the voting power of the aggregate outstanding voting shares of the Company. Our Board may set a record date between 15 and 60 days before the date of any </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">89<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">meeting to determine the shareholders that will be eligible to receive notice and vote at the meeting. One or more shareholders representing at least one-third of the total number of votes eligible to be cast by holders of shares issued and outstanding and entitled to vote at such meetings shall constitute a quorum for the purposes of the meeting. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Dissenters&#8217; Rights of Appraisal and Payment </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the BCA, our shareholders have the right to dissent from various corporate actions and receive payment of the fair value of their shares. In the event of any further amendment of our amended and restated articles of incorporation, a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which our shares are primarily traded on a local or national securities exchange. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Shareholders&#8217; Derivative Actions </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a holder of Common Shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Forum Selection </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation provide that, (A) unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or proceeding brought on behalf of the Company, (ii)&#160;any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder of the Company to the Company or the Company&#8217;s shareholders, and (iii) any action asserting a claim arising pursuant to any provision of the BCA or our articles of incorporation or bylaws and (B) the United States District Court for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the Exchange Act, and any rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state jurisdiction pursuant to the Securities Act or the Exchange Act, as applicable, after giving effect to clause (A) above. Therefore, to the fullest extent permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging a violation of the Securities Act or Exchange Act. The enforceability of similar forum selection provisions in other companies&#8217; governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court could find the forum selection provisions contained in our amended and restated articles of incorporation to be inapplicable or unenforceable in such action. For example, with respect to derivative actions arising under the Exchange Act, there is currently disagreement among federal Courts of Appeals in the United States (a circuit split between the Courts of Appeals for the Seventh and Ninth Circuits) as to whether a forum selection clause which requires that derivative actions be brought in a specified forum other than the federal courts would contravene Section&#160;27 of the Exchange Act under certain circumstances. The circuit split follows a line of cases that analyze the enforceability of forum selection provisions in the context of derivative Securities Act and Exchange Act claims. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Accordingly, the applicability of the provisions of our amended and restated articles of incorporation selecting a Marshall Islands forum for certain types of claims may be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances, the effect of our forum selection provisions may be uncertain. It is possible that a court could find our forum selection provisions to be inapplicable or unenforceable for these or other reasons. As a result, we could be required to litigate claims in multiple jurisdictions, incur additional costs, or otherwise not receive the benefits that we expect our forum selection provisions to provide. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any person or entity holding, owning, or otherwise acquiring any shares of capital stock of us shall be deemed to have notice of and consented to the forum selection provisions in our amended and restated articles of incorporation. Section&#160;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act and the rules and regulations thereunder and </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">90<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Section&#160;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act and the rules and regulations thereunder. Although our forum selection provisions shall not relieve us of our statutory duties to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders are not deemed to have waived our compliance with these laws, rules, and regulations, as applicable, our forum selection provisions may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage such lawsuits with respect to such claims. For more information regarding the risks connected to the forum selection provisions in our amended and restated articles of incorporation, see &#8220;Risk Factors&#8212;Risks Relating to our Common Shares and this Offering&#8212;We may not achieve the intended benefits of having forum selection provisions if they are found to be unenforceable.&#8221; </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">Limitations on Liability and Indemnification of Officers and Directors </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors' fiduciary duties. Our amended and restated articles of incorporation include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our amended and restated articles of incorporation provide that we must indemnify and hold harmless our directors and officers to the fullest extent permitted by the BCA. We are also required to advance certain expenses to our directors and officers incurred while defending a civil or criminal proceeding, provided that the director or officer will repay the amount if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that he or she is not entitled to indemnification under the relevant section of our amended and restated articles of incorporation. We may carry directors' and officers' insurance providing indemnification for our directors and officers for some liabilities. We believe that these indemnification provisions and this insurance are useful to attract and retain qualified directors and officers. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The limitation of liability and indemnification provisions in our amended and restated articles of incorporation may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Anti-Takeover Effect of Certain Provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Several provisions of our amended and restated articles of incorporation and amended and restated bylaws, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control, and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay, or prevent (i) the merger or acquisition of us by means of a tender offer, a proxy contest, or otherwise that a shareholder may consider in its best interest and (ii)&#160;the removal of incumbent officers and directors. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Blank check preferred stock<font style="font-style: normal; font-weight: normal;">. Under the terms of our amended and restated articles of incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up to two hundred fifty&#160;million (250,000,000) shares of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay, or prevent a change of control of us or the removal of our management. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Election and removal of directors<font style="font-style: normal; font-weight: normal;">. Our amended and restated articles of incorporation prohibit cumulative voting in the election of directors. Our amended and restated bylaws require parties other than the Board to give advance written notice of nominations for the election of directors. Our amended and restated articles of incorporation also provide that our directors may only be removed for cause upon the affirmative vote of not less than two-thirds of the outstanding shares of our capital stock entitled to vote for those directors. These provisions may discourage, delay or prevent the removal of incumbent directors. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">91<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Limited actions by shareholders<font style="font-style: normal; font-weight: normal;">. Our amended and restated articles of incorporation and our amended and restated bylaws provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders. Our amended and restated articles of incorporation provide that, unless otherwise prescribed by law, special meetings of our shareholders may only be called by our Chairperson, Chief Executive Officer or President, or a majority of our Board, or by the affirmative vote of the holders of at least one-third of the voting power of the aggregate outstanding voting shares of us, and the business transacted at the special meeting is limited to the purposes stated in the notice. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Advance notice requirements for shareholder proposals and director nominations<font style="font-style: normal; font-weight: normal;">. Our amended and restated bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder's notice must be received at our principal executive offices not less than 150&#160;days nor more than 180 days prior to the one-year anniversary of the immediately preceding annual meeting of shareholders. Our amended and restated bylaws also specify requirements as to the form and content of a shareholder's notice. These provisions may impede shareholders' ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders. These provisions may impede shareholders&#8217; ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Classified Board of Directors<font style="font-style: normal; font-weight: normal;">. As described above, our amended and restated articles of incorporation provide for the division of our Board into three classes of directors, with each class as nearly equal in number as possible, serving staggered three-year terms beginning on the expiration of the initial term for each class. Accordingly, approximately one-third of our Board will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of us. It could also delay shareholders who do not agree with the policies of our Board from removing a majority of our Board for two years. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Business Combinations with Interested Shareholders<font style="font-style: normal; font-weight: normal;">. Our amended and restated articles of incorporation also prohibit any Interested Shareholder from engaging in a Business Combination (as defined in our amended and restated articles of incorporation) with us within three years after the owner acquired such ownership, except where: </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">prior to such time, our Board of Directors approved either the Business Combination or the transaction which resulted in the shareholder becoming an Interested Shareholder; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">upon consummation of the transaction which resulted in the shareholder becoming an Interested Shareholder, the Interested Shareholder owned at least eighty-five percent (85%) of the outstanding Common Shares of the Company at the time the transaction commenced, excluding for purposes of determining the number of Common Shares outstanding those shares or equity interests owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares or equity interests held subject to the plan will be tendered in a tender or exchange offer; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">at or subsequent to such time, the Business Combination is approved by our Board and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of the holders of at least two-thirds of the Voting Power of the outstanding Voting Shares of the Company that are not owned by the Interested Shareholder; or (4) the stockholder was or became an Interested Stockholder prior to the consummation of the initial public offering of the Company&#8217;s Common Shares under the United&#160;States Securities Act of 1933, as amended. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The foregoing restrictions shall not apply if: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A shareholder becomes an Interested Shareholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares or equity interests so that the shareholder ceases to be an Interested Shareholder; and (ii) would not, at any time within the three-year period immediately prior to a Business Combination between the Company and such shareholder, have been an Interested Shareholder but for the inadvertent acquisition of ownership; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required hereunder of a proposed transaction which (i)&#160;constitutes one of the transactions described in the following sentence; (ii) is with or by a person who either was not an Interested Shareholder during the previous three years or who became an Interested </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">92<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_bl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 40pt; text-align: justify;">Shareholder with the approval of our Board; and (iii) is approved or not opposed by a majority of the members of our Board then in office (but not less than one) who were directors prior to any person becoming an Interested Shareholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;">a merger or consolidation of the Company (except for a merger in respect of which, pursuant to the BCA, no vote of the shareholders of the Company is required); </font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;">a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company (other than to any direct or indirect wholly-owned subsidiary or to the Company) having an aggregate market value equal to fifty percent (50%) or more of either the aggregate market value of all of the assets of the Company determined on a consolidated basis or the aggregate market value of all the outstanding Common Shares of the Company; or </font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt;">&#9675;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;">a proposed tender or exchange offer for fifty percent (50%) or more of the outstanding Common Shares of the Company. </font></div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For purposes of the foregoing: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">&#8220;<font style="font-style: italic;">Interested Shareholder</font>&#8221; means any person (other than the Company and any direct or indirect majority-owned subsidiary of the Company) that (i) is the owner of 15% or more of the outstanding Common Shares of the Company, or (ii) is an affiliate or associate of the Company and was the owner of fifteen percent (15%) or more of the outstanding Common Shares of the Company at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such person is an Interested Shareholder; and the affiliates and associates of such person; provided, however, that the term &#8220;Interested Shareholder&#8221; shall not include any person whose ownership of shares in excess of the fifteen percent (15%) limitation set forth herein is the result of action taken solely by the Company; provided that such person shall be an Interested Shareholder if thereafter such person acquires additional Common Shares of the Company, except as a result of further Company action not caused, directly or indirectly, by such person. For the purpose of determining whether a person is an Interested Shareholder, the Common Shares of the Company deemed to be outstanding shall include Common Shares deemed to be owned by the person, but shall not include any other unissued shares which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise. Notwithstanding the foregoing, none of Ismini Panagiotidi or her affiliates and associates shall be considered an Interested Shareholder; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">&#8220;<font style="font-style: italic;">Voting Power</font>&#8221; means, with respect to a class or series of capital stock or classes of capital stock, as the context may require, the aggregate number of votes that the holder(s) of such class or series of capital stock or classes of capital stock, or any relevant portion thereof, entitled to vote at a meeting of shareholders, as the context may require, have; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">&#8220;<font style="font-style: italic;">Voting Shares</font>&#8221; means, with respect to any corporation, shares of any class or series of capital stock entitled to vote in connection with the election of directors and/or all other matters submitted to a vote and, with respect to any entity that is not a corporation, any equity interest entitled to vote in connection with the election of the directors or other governing body of such entity and/or all other matters submitted to a vote. </div></td></tr></table><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Shareholders&#8217; Rights Agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our Board of Directors has declared a dividend of one preferred share purchase right (a &#8220;Right&#8221; or the &#8220;Rights&#8221;) for each outstanding Common Share and adopted a shareholder rights plan, as set forth in the Shareholders&#8217; Rights Agreement (the &#8220;Rights Agreement&#8221;), entered into between the Company and Computershare Trust Company, N.A., as rights agent (the &#8220;Rights Agent&#8221;). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Board of Directors has adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group, other than Ismini Panagiotidi or her controlled affiliates, that acquires 10% (15% in the case of a passive institutional investor) or more of the outstanding Common Shares without the approval of the Board of Directors. The Rights Agreement should not interfere with any merger or other business combination approved by the Board of Directors. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">93<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following is a summary description of the rights plan adopted under the Rights Agreement and the Rights. This description is only a summary, and is not complete, and should be read together with the entire Rights Agreement. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Rights<font style="font-style: normal; font-weight: normal;">. The Rights trade with, and are inseparable from, our Common Shares. The Rights are evidenced only by the certificates or book-entry notations that represent our Common Shares. New Rights will accompany any new Common Shares we issue, until the Distribution Date described below. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exercise Price<font style="font-style: normal; font-weight: normal;">. Each Right will allow its holder to purchase from us one one-thousandth of a share of Series&#160;C Participating Preferred Stock (a &#8220;Preferred Share&#8221;) for $25.00 (the &#8220;Exercise Price&#8221;), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights as would one Common Share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exercisability<font style="font-style: normal; font-weight: normal;">. The Rights are not be exercisable until ten days after the public announcement that a person or group has become an &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 10% (15% in the case of a passive institutional investor) or more of our outstanding Common Shares, provided that none of Ismini Panagiotidi or her controlled affiliates will be considered an Acquiring Person. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Certain synthetic interests in securities created by derivative positions&#8212;whether or not such interests are considered to be ownership of the underlying Common Shares or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended&#8212;are treated as beneficial ownership of the number of shares of our Common Shares equivalent to the economic exposure created by the derivative position, to the extent actual shares of our Common Shares are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are excepted from such imputed beneficial ownership. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 10%&#160;(15%&#160;in the case of a passive institutional investor) or more of our outstanding Common Shares, the Rights Agreement &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, the Common Shares certificates (or, in the case of uncertificated shares, by notations in the book-entry account system) will also evidence the Rights, and any transfer of Common Shares will constitute a transfer of Rights. After that date, the Rights will separate from the Common Shares and be evidenced by book-entry credits or by Rights certificates that we will mail to all eligible holders of Common Shares. Any Rights held by an Acquiring Person are null and void and may not be exercised. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Preferred Share Provisions<font style="font-style: normal; font-weight: normal;">. Each one one-thousandth of a Preferred Share, if issued, will, among other things: </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">not be redeemable; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in Common Shares or a subdivision of our outstanding Common Shares (by reclassification or otherwise), declared on Common Shares since the immediately preceding quarterly dividend payment date; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The value of one one-thousandth interest in a Preferred Share should approximate the value of one Common Share. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 20pt; text-align: left;">Consequences of a Person or Group Becoming an Acquiring Person </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Flip In.</font> If an Acquiring Person obtains beneficial ownership of 10% (15% in the case of a passive institutional investor) or more of our Common Shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares (or, in certain circumstances, cash, property or other securities of ours) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by us, as further described below. </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">94<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be null and void. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Flip Over</font>. If, after an Acquiring Person obtains 10% (15% in the case of a passive institutional investor) or more of our Common Shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="font-style: italic;">Notional Shares</font>. Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person beneficially owns a majority of the equity securities, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Redemption.<font style="font-style: normal; font-weight: normal;"> The Board of Directors may redeem the Rights for $0.001 per Right under certain circumstances. If the Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.001 per Right. The redemption price will be adjusted if the Company has a stock dividend or a stock split. The redemption price shall be payable, at our option, in cash, Common Shares or such other form of consideration as the Board of Directors shall determine. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exchange.<font style="font-style: normal; font-weight: normal;"> After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50%&#160;or more of the outstanding Common Shares, the board of directors may extinguish the Rights by exchanging one&#160;Common Share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, we may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one Common Share. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Expiration.<font style="font-style: normal; font-weight: normal;"> The Rights will expire on the earliest of (i) the tenth anniversary of the effective date of the Rights Agreement; or (ii) the redemption or exchange of the Rights as described above. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Anti-Dilution Provisions.<font style="font-style: normal; font-weight: normal;"> The board of directors may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Preferred Shares or Common Shares. No adjustments to the Exercise Price of less than 1% will be made. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Amendments.<font style="font-style: normal; font-weight: normal;"> The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights for so long as the Rights are redeemable. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person). </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Taxes.<font style="font-style: normal; font-weight: normal;"> The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The foregoing description of the Rights Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the form of the Rights Agreement, which has been filed as an exhibit hereto. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Registrar and Transfer Agent </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The registrar and transfer agent for our Common Shares is Computershare Trust Company N.A. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Listing </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Common Shares are listed on the Nasdaq Capital Market under the symbol &#8220;ICON.&#8221; </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">95<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOT"><!--Anchor--></a>DESCRIPTION OF THE SECURITIES WE ARE OFFERING </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are offering Units, each Unit consisting of one Common Share and one Warrant to purchase one Common Share. We are also offering to each purchaser whose purchase of Common Shares in this offering would otherwise result in the purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the purchaser, up to 9.99%) of our outstanding Common Shares immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses, Units containing Pre-funded Warrants in lieu of the Common Shares that would otherwise result in the purchaser&#8217;s beneficial ownership exceeding 4.99% (or, at the election of the purchaser, up to 9.99%) of our outstanding Common Shares. For each Unit including a Pre-funded Warrant we sell (without regard to any limitation on exercise set forth therein), the number of Units including a Common Share we are offering will be decreased on a one-for-one basis. Because one Warrant is being sold together in this offering with each Common Share or, in the alternative, each Pre-funded Warrant to purchase one Common Share, the number of Warrants sold in this offering will not change as a result of a change in the mix of the Common Shares and Pre-funded Warrants sold. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Units have no standalone rights and will not be certificated or issued as standalone securities. The Common Shares or Pre-funded Warrants and Warrants comprising the Units are immediately separable and will be issued separately in this offering. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Common Shares </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Please see the section titled &#8220;Description of Capital Stock&#8221; in this prospectus for a description of the material terms of our Common Shares and our Articles of Incorporation and Bylaws. The Common Shares sold in this offering include preferred stock purchase rights that trade with the Common Shares. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Pre-funded Warrants and Warrants </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following summary of certain terms and provisions of the Pre-funded Warrants and Warrants offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the form of Pre-funded Warrant and the form of Warrant, which will be filed as exhibits to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions set forth in the form of Warrant and form of Pre-funded Warrant. The Pre-funded Warrants and Warrants will be issued in certificated form only.<font style="font-style: normal;"> </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exercisability<font style="font-style: normal; font-weight: normal;">. The Pre-funded Warrants are exercisable at any time after their original issuance until they are exercised in full. The Warrants are immediately exercisable at any time after their issuance and at any time up to the date that is three (3) years after their issuance. Each of the Warrants and the Pre-funded Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice with payment in full in immediately available funds for the number of Common Shares purchased upon such exercise (except in the case of a cashless exercise or alternative cashless exercise, as discussed below). We may be required to pay certain amounts as liquidated damages as specified in the warrants in the event we do not deliver Common Shares upon exercise of the warrants within the time periods specified in the warrants. No fractional Common Shares will be issued in connection with the exercise of a warrant. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cashless Exercise and Alternative Cashless Exercise.<font style="font-style: normal; font-weight: normal;"> The holder may, in its sole discretion, elect to exercise the Pre-funded Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of Common Shares determined according to the formula set forth in the Pre-funded Warrant. If a registration statement registering the issuance of the Common Shares underlying the Warrants under the Securities Act is not effective or available, the holder may, in its sole discretion, elect to exercise the Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of Common Shares determined according to the formula set forth in the Warrant. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A holder of Warrants may also provide notice and elect an &#8220;alternative cashless exercise&#8221; pursuant to which they would receive, for no additional cash consideration, an aggregate number of shares equal to the product of (x) the aggregate number of Common Shares that would be issuable upon a cash exercise of the Warrant and (y) one-and-a-half (1.5). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exercise Limitation<font style="font-style: normal; font-weight: normal;">. A holder will not have the right to exercise any portion of the Pre-funded Warrants or Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election of the holder prior to the issuance of any warrants, up to 9.99%) of the number of shares of our Common Shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">96<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">with the terms of the warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, upon at least 61 days&#8217; prior notice from the holder to us with respect to any increase in such percentage. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exercise Price<font style="font-style: normal; font-weight: normal;">. The exercise price for the Pre-funded Warrants is $0.001 per Common Share. Each Warrant offered hereby will have an initial exercise price per Common Share equal to $&#8195;&#8195; (200% of the public offering price of each Unit in this offering). The exercise price for the Warrants will be adjusted downward (each, a &#8220;Reset Price&#8221;) on each of the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, and 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day (each, a &#8220;Reset Date&#8221;) following the closing of this offering to the price that is equal to 60%, 40% and 30%, respectively, of the Basis Price of $&#8195;&#8195;&#8195;, provided that the Reset Price is less than the exercise price then in effect (and subject to the Floor Price, as defined below). If the exercise price is so adjusted on a Reset Date, the number of Common Shares underlying the Warrants will also be proportionally increased on each such Reset Date so that the applicable Reset Price multiplied by the increased number of Common Shares equal the aggregate proceeds that would have resulted from the full exercise of the Warrants immediately prior to the applicable Reset Date. The exercise price of the Warrants may also be reduced to any amount and for any period of time at the discretion of our board of directors with the written consent of the holders, (subject to the Floor Price, as defined below). The exercise price and number of Common Shares issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common Shares. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Notwithstanding the foregoing, in no event shall the exercise price of the Warrants be reduced to a price that is less than $0.10 (the &#8220;Floor Price&#8221;). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Transferability<font style="font-style: normal; font-weight: normal;">. Subject to applicable laws, the Warrants and Pre-funded Warrants may be offered for sale, sold, transferred or assigned without our consent. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exchange Listing<font style="font-style: normal; font-weight: normal;">. We do not intend to list the Warrants or the Pre-funded Warrants offered in this offering on any securities exchange or other trading market. Without an active trading market, the liquidity of these securities will be limited. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Rights as a Shareholder<font style="font-style: normal; font-weight: normal;">. Except as otherwise provided in the Warrants or the Pre-funded Warrants or by virtue of such holder&#8217;s ownership of our Common Shares, the holder of a Warrant or Pre-funded Warrant does not have the rights or privileges of a holder of our Common Shares, including any voting rights, until the issuance of Common Shares upon exercise of the warrant. Holders of Pre-funded Warrants have the right to participate in dividends and holders of Pre-funded Warrants and Warrants have the right to participate in certain distributions as specified in the warrant. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fundamental Transactions<font style="font-style: normal; font-weight: normal;">. In the event of a fundamental transaction, as described in the Warrants and the Pre-funded Warrants and generally including, with certain exceptions, any reorganization, recapitalization or reclassification of our Common Shares, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding Common Shares or 50% of the voting power represented by our outstanding Common Shares, the holders of the Warrants and the Pre-funded Warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction. In addition, upon a fundamental transaction, the holder will have the right to require us to repurchase its Warrant at its fair value using the Black Scholes option pricing formula in the Warrants; provided, however, that, if the fundamental transaction is not within our control, including not approved by our board of directors, then the holder shall only be entitled to receive the same type or form of consideration (and in the same proportion), at the Black Scholes value of the unexercised portion of the Warrant, that is being offered and paid to the holders of our common stock in connection with the fundamental transaction. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Governing Law<font style="font-style: normal; font-weight: normal;">. The Pre-funded Warrants and the Warrants are governed by New York law. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">97<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSFS"><!--Anchor--></a>SHARES ELIGIBLE FOR FUTURE SALE </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Future sales of substantial amounts of our Common Shares in the public market after this offering, or the possibility of these sales occurring, could adversely affect the prevailing market prices for our Common Shares and could impair our ability to raise equity capital through the sale of our equity securities in the future. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Upon completion of this best efforts offering (assuming the sale of all of the Units offered hereby and no sale of any Units containing a Pre-funded Warrant), we will have 6,189,336 Common Shares outstanding, excluding Common Shares issuable upon the exercise of the Warrants sold in this offering. These Common Shares will be freely tradable without restriction or further registration or qualifications under the Securities Act. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, on July&#160;15, 2024, in connection to the Company&#8217;s initial public offering, we issued to Maxim Group LLC, who acted as sole book-running manager in the offering, a warrant to purchase up to 80,000 Common Shares at an exercise price of $4.40 per Common Share, subject to certain anti-dilution adjustments. The warrant is exercisable on or after January&#160;11, 2025, and expires on July&#160;11, 2027. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Further, we may issue additional Common Shares upon exercise of the Placement Agent&#8217;s Warrants to be issued to Maxim Group LLC in connection with this offering. The Placement Agent&#8217;s Warrants will be exercisable to purchase a number of Common Shares equal to 5.0% of the total number of Units being sold in this offering, at an exercise price equal to 110% of the public offering price of each Unit in this offering, subject to certain anti-dilution adjustments. The Placement Agent&#8217;s Warrants will be non-exercisable for six (6) months from the date of effectiveness of the registration statement of which this prospectus forms a part and will expire three (3) years after such date.</div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Lastly, our 15,000 Series A Preferred Shares issued and outstanding are convertible into a number of Common Shares, based on the applicable conversion price then in effect. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We, our directors and executive officers have agreed not to sell any Common Shares for a period of ninety&#160;(90)&#160;days from the date of closing of this offering, subject to certain exceptions and extensions. See &#8220;Plan of Distribution&#8221; for a description of these lock-up provisions.</div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">98<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCMCC"><!--Anchor--></a>CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our corporate affairs are governed by our amended and restated articles of incorporation and amended and restated bylaws and by the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States, including Delaware. While the BCA provides that its provisions shall be applied and construed in a manner to make them uniform with the laws of the State of Delaware and other states of the United States of America with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands and we cannot predict whether Marshall Islands courts would reach the same conclusions as courts in the United States. Accordingly, you may have more difficulty in protecting your interests under Marshall Islands law in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction that has developed a substantial body of case law. The following table provides a comparison between statutory provisions of the BCA and the General Corporation Law of the State of Delaware relating to shareholders&#8217; rights.</div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-top: 1pt solid #000000; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 461pt; padding-top: 2.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shareholder Meetings<font style="font-weight: normal;"> </font></div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">May be held at a time and place as designated in the bylaws.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Notice:</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Notice: </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Whenever shareholders are required to take any action at a meeting, written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting. Notice of a special meeting shall also state the purpose for which the meeting is called.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">A copy of the notice of any meeting shall be given personally, sent by mail or by electronic mail not less than 15 nor more than 60 days before the meeting.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Written notice shall be given not less than 10 nor more than 60 days before the meeting. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 461pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shareholders&#8217; Written Consent<font style="font-weight: normal;"> </font></div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Unless otherwise provided in the articles of incorporation, any action required to be taken at a meeting of shareholders may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, is signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not fewer than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 461pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Merger or Consolidation<font style="font-weight: normal;"> </font></div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Any two or more domestic corporations may merge or consolidate into a single corporation if approved by the board of each constituent corporation and if authorized by a majority vote at a shareholder meeting of each such corporation by the holders of outstanding shares.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting. </div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">99<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: 4pt; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-top: 1pt solid #000000; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 2.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Authorization by a majority vote of the holders of a class of shares may be required if such class is entitled to vote if a proposed amendment to the articles, undertaken in connection with such merger or consolidation, would increase or decrease the aggregate number of authorized shares of such class, increase or decrease the par value of the shares of such class, or alter or change the powers, preferences or special rights of the shares of such class so as to affect them adversely.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 2.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Authorization by a majority vote of the holders of a class of shares may be required if such class is entitled to vote if a proposed amendment to the articles, undertaken in connection with such merger or consolidation, would increase or decrease the aggregate number of authorized shares of such class, increase or decrease the par value of the shares of such class, or alter or change the powers, preferences, or special rights of the shares of such class so as to affect them adversely. However, unless expressly required by its certificate of incorporation, no vote of stockholders of a constituent corporation that has a class or series of stock that is listed on a national securities exchange or held of record by more than 2,000 holders immediately prior to the execution of the agreement of merger by such constituent corporation shall be necessary to authorize a merger that meets certain conditions. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&#8217;s usual or regular course of business, once approved by the board of directors (and notice of the meeting shall be given to each shareholder of record, whether or not entitled to vote), shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting, unless any class of shares is entitled to vote thereon as a class, in which event such authorization shall require the affirmative vote of the holders of a majority of the shares of each class of shares entitled to vote as a class thereon and of the total shares entitled to vote thereon.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Upon approval by the board, any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization of the shareholders of any such corporation.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 461pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Directors<font style="font-weight: normal;"> </font></div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">The number of directors may be fixed by the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw. The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The number of board members shall be fixed by, or in a manner provided by, the bylaws and amended by an amendment to the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation. </div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">100<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg17"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: 4pt; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-top: 1pt solid #000000; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 2.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 2.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholders entitled to vote upon amendments to the bylaws hold the power to adopt, amend or repeal bylaws in a stock corporation that has received any payment for its stock, unless such power is otherwise conferred upon the directors in the certificate of incorporation. An amendment to the certification of incorporation must be approved by the board and a majority of outstanding stock entitled to vote thereon. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Removal of Directors:</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; text-align: center;">Removal of Directors: </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Any or all of the directors may be removed for cause by vote of the shareholders. The articles of incorporation or the bylaws may provide for such removal by board action, except in the case of any director elected by cumulative voting, or by shareholders of any class or series when entitled by the provisions of the articles of incorporation.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">If the articles of incorporation or bylaws provide any or all of the directors may be removed without cause by vote of the shareholders.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">In the case of a classified board, shareholders may effect the removal of any or all directors only for cause unless the certificate of incorporation provides otherwise. </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 461pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Dissenters&#8217; Rights of Appraisal<font style="font-weight: normal;"> </font></div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his or her shares shall not be available for the shares of any class or series of stock, which shares or depository receipts in respect thereof, at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. The right of a dissenting shareholder to receive payment of the fair value of his or her shares shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the shareholders of the surviving corporation.</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed stock is offered for consideration which is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders. Notwithstanding those limited exceptions, appraisal rights will be available if shareholders are required by the terms of an agreement of merger or consolidation to accept certain forms of uncommon consideration. </div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">101<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_112-description_pg18"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="margin-top: 4pt; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-top: 1pt solid #000000; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 224.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Marshall Islands</div></td><td style="width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Delaware </div></td><td style="width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 2.01pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left;">&#8195;<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left; display: flex;"><div style="white-space: nowrap;">&#8195;&#8226;&#8195;</div><div>alters or abolishes any preferential right of any outstanding shares having preference; or<br></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 26.35pt; text-align: left;">&#8195;<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left; display: flex;"><div style="white-space: nowrap;">&#8195;&#8226;&#8195;</div><div>creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or<br></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 26.35pt; text-align: left;">&#8195;<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left; display: flex;"><div style="white-space: nowrap;">&#8195;&#8226;&#8195;</div><div>alters or abolishes any preemptive right granted by law and not disseated by the articles of incorporation of such holder to acquire shares or other securities; or<br></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 26.35pt; text-align: left;">&#8195;<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.75pt; text-align: left; display: flex;"><div style="white-space: nowrap;">&#8195;&#8226;&#8195;</div><div>excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.</div></div></td><td style="width: 5.75pt; border-right: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 224.5pt; padding-top: 2.01pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholders do not have appraisal rights due to an amendment of the company&#8217;s certificate of incorporation unless provided for in such certificate.</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.75pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 224.5pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">102<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tTC"><!--Anchor--></a>TAX CONSIDERATIONS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following is a summary of the material U.S. federal income tax and Marshall Islands tax consequences of the ownership and disposition of our Units consisting of one Common Share and one Warrant (or one Pre-funded Warrant and one Warrant) as well as the material U.S. federal and Marshall Islands income tax consequences applicable to us and our operations. The discussion below of the U.S. federal income tax consequences to &#8220;U.S.&#160;Holders&#8221; will apply to a beneficial owner of our Units that is treated for U.S. federal income tax purposes as: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an individual citizen or resident of the United States; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a trust if (i) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If you are not described as a U.S. Holder and are not an entity treated as a partnership or other pass-through entity for U.S. federal income tax purposes, you will be considered a &#8220;Non-U.S. Holder.&#8221; The U.S. federal income tax consequences applicable to Non-U.S. Holders is described below under the heading &#8220;&#8212;United States Federal Income Taxation of Non-U.S. Holders.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our Units through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of our Units, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This summary is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, its legislative history, Treasury Regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This summary does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder based on such holder&#8217;s individual circumstances. In particular, this discussion considers only holders that will own and hold our Units as capital assets within the meaning of Section&#160;1221 of the Code and does not address the potential application of the alternative minimum tax or the U.S. federal income tax consequences to holders that are subject to special rules, including: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">financial institutions or &#8220;financial services entities&#8221;; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">broker-dealers; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">taxpayers who have elected mark-to-market accounting for U.S. federal income tax purposes; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">tax-exempt entities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">governments or agencies or instrumentalities thereof; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">insurance companies; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">regulated investment companies; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">real estate investment trusts; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">certain expatriates or former long-term residents of the United States; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons that actually or constructively own 10% or more (by vote or value) of our shares; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons that own shares through an &#8220;applicable partnership interest&#8221;; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">persons required to recognize income for U.S. federal income tax purposes no later than when such income is reported on an &#8220;applicable financial statement&#8221;; </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">103<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">persons that hold our Units as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons whose functional currency is not the U.S. dollar. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This summary does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S., non-Marshall Islands tax laws. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have not sought, nor do we intend to seek, a ruling from the Internal Revenue Service, or the IRS, as to any U.S. federal income tax consequence described herein. The IRS may disagree with the description herein, and its determination may be upheld by a court. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Because of the complexity of the tax laws and because the tax consequences to any particular holder of our Units may be affected by matters not discussed herein, each such holder is urged to consult with its tax advisor with respect to the specific tax consequences of the ownership and disposition of our Units, including the applicability and effect of state, local and non-U.S. tax laws, as well as U.S. federal tax laws. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">United States Federal Income Tax Consequences </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Taxation of Operating Income in General </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Unless exempt from United States federal income taxation under the rules discussed below, a foreign corporation is subject to United States federal income taxation in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a shipping pool, partnership, strategic alliance, joint operating agreement, code sharing arrangements or other joint venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we refer to as &#8220;shipping income,&#8221; to the extent that the shipping income is derived from sources within the United States. For these purposes, 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States, exclusive of certain U.S. territories and possessions, constitutes income from sources within the United States, which we refer to as &#8220;U.S. source gross shipping income.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from sources within the United States. We are prohibited by law from engaging in transportation that produces income considered to be 100% from sources within the United States. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income earned by us that is derived from sources outside the United States will not be subject to any United States federal income tax. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We will be subject to a 4% tax imposed without allowance for deductions for any taxable year, as described in &#8220;&#8212;Taxation in Absence of Exemption,&#8221; if we do not qualify for exemption from tax under Section&#160;883 of the Code in such year, the requirements of which are described in detail below. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Exemption of Operating Income from United States Federal Income Taxation </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under Section&#160;883 of the Code and the regulations thereunder, we will be exempt from United States federal income taxation on our U.S.-source shipping income if (i) we are organized in a foreign country (our &#8220;country of organization&#8221;) that grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States and (ii) one of the following statements is true: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">more than 50% of the value of our stock is owned, directly or indirectly, by &#8220;qualified shareholders,&#8221; that are persons (i) who are &#8220;residents&#8221; of our country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States, and (ii) we satisfy certain substantiation requirements, which we refer to as the &#8220;50% Ownership Test&#8221;; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">our stock is &#8220;primarily&#8221; and &#8220;regularly&#8221; traded on one or more established securities markets in our country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to United States&#160;corporations, or in the United States, which we refer to as the &#8220;Publicly-Traded Test.&#8221; </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The jurisdictions where we and our ship-owning subsidiaries are incorporated grant &#8220;equivalent exemptions&#8221; to United States corporations. Therefore, we will be exempt from United States federal income taxation with respect to our U.S. source shipping income if we satisfy either the 50% Ownership Test or the Publicly-Traded Test. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">104<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">50% Ownership Test </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the regulations, a foreign corporation will satisfy the 50% Ownership Test for a taxable year if (i) for at least half of the number of days in the taxable year, more than 50% of the value of its stock is owned, directly or constructively through the application of certain attribution rules prescribed by the regulations, by one or more shareholders who are residents of foreign countries that grant &#8220;equivalent exemption&#8221; to corporations organized in the United States and (ii) the foreign corporation satisfies certain substantiation and reporting requirements with respect to such shareholders. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that we will satisfy the 50% Ownership Test for our 2024 taxable year, and expect to satisfy the substantiation and reporting requirements to claim the benefits of the 50% Ownership Test. Therefore, we intend to take the position that we are exempt from U.S. federal income tax under Section&#160;883 of the Code during our 2024 taxable year. However, there can be no assurance that we will continue to satisfy the requirements of the 50%&#160;Ownership Test in future taxable years. Furthermore, the substantiation requirements are onerous and therefore there can be no assurance that we would be able to satisfy them, even if our share ownership would otherwise satisfy the requirements of the 50% Ownership Test. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">Publicly-Traded Test </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The regulations provide that the stock of a foreign corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of shares of each class of stock used to satisfy the Publicly-Traded Test that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year on established securities markets in any other single country. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under the regulations, the stock of a foreign corporation will be considered &#8220;regularly traded&#8221; if one or more classes of its stock representing 50% or more of its outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, are listed on one or more established securities markets (such as the Nasdaq Capital Market), which we refer to as the &#8220;listing threshold.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The regulations further require that with respect to each class of stock relied upon to meet the listing requirement: (i) such class of the stock is traded on the market, other than in minimal quantities, on at least sixty&#160;(60)&#160;days during the taxable year or one-sixth (1/6) of the days in a short taxable year; and (ii) the aggregate number of shares of such class of stock traded on such market is at least 10% of the average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year. Even&#160;if a foreign corporation does not satisfy both tests, the regulations provide that the trading frequency and trading volume tests will be deemed satisfied by a class of stock if such class of stock is traded on an established market in the United States and such class of stock is regularly quoted by dealers making a market in such stock. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Notwithstanding the foregoing, the regulations provide, in pertinent part, that a class of stock will not be considered to be &#8220;regularly traded&#8221; on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class of stock are owned, actually or constructively under specified attribution rules, on more than half the days during the taxable year by persons who each own directly or indirectly 5% or more of the vote and value of such class of stock, whom we refer to as &#8220;5% Shareholders.&#8221; We refer to this restriction in the regulations as the &#8220;Closely-Held Rule.&#8221; </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For purposes of being able to determine our 5% Shareholders, the regulations permit a foreign corporation to rely on Schedule 13G and Schedule 13D filings with the Commission. The regulations further provide that an investment company that is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Shareholder for such purposes. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We believe that we did not satisfy the Publicly Traded Test during our 2024 taxable year. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Taxation in Absence of Exemption </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">To the extent the benefits of Section&#160;883 are unavailable, our U.S. source gross shipping income, to the extent not considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business, as described below, would be subject to a 4% tax imposed by Section&#160;887 of the Code on a gross basis, without the benefit of deductions, otherwise referred to as the &#8220;4% Tax.&#8221; Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% Tax. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">105<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">To the extent the benefits of the Section&#160;883 exemption are unavailable and our U.S. source gross shipping income is considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business, as described below, any such &#8220;effectively connected&#8221; U.S. source gross shipping income, net of applicable deductions, would be subject to the U.S. federal corporate income tax currently imposed at a rate of 21%. In addition, we may be subject to the 30% &#8220;branch profits&#8221; tax on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and for certain interest paid or deemed paid attributable to the conduct of our U.S. trade or business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our U.S. source gross shipping income would be considered &#8220;effectively connected&#8221; with the conduct of a U.S.&#160;trade or business only if: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">we have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">substantially all of our U.S. source gross shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States, or, in the case of income from the leasing of a vessel, is attributable to a fixed place of business in the United States. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We do not intend to have, or permit circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis, or earning income from the leasing of a vessel attributable to a fixed place of business in the United States. Based on the foregoing and on the expected mode of our shipping operations and other activities, we believe that none of our U.S. source gross shipping income will be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">United States Taxation of Gain on Sale of a Vessel </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Regardless of whether we qualify for exemption under Section&#160;883, we will not be subject to United States federal income taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under United States federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">United States Federal Income Taxation of U.S. Holders </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following represents the opinion of our United States counsel, Watson Farley &amp; Williams LLP, and is a summary of the material U.S. federal income tax consequences to U.S. Holders of the ownership and disposition of our Units. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Allocation of Purchase Price and Characterization of a Unit </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">No statutory, administrative or judicial authority directly addresses the treatment of a Unit or instruments similar to a Unit for United States federal income tax purposes and, therefore, that treatment is not entirely clear. The acquisition of a Unit should be treated for United States federal income tax purposes as the acquisition of one Common Share or one Pre-funded Warrant and one Warrant. For United States federal income tax purposes, each holder of a Unit must allocate the purchase price paid by such holder for such Unit between the Common Share or Pre-funded Warrant and Warrant based on the relative fair market value of each at the time of issuance. Under United States federal income tax law, each investor must make his or her own determination of such value based on all the relevant facts and circumstances. Therefore, we strongly urge each investor to consult his or her tax adviser regarding the determination of value for these purposes. The price allocated to each Common Share or Pre-funded Warrant and each Warrant should be the shareholder&#8217;s tax basis in such Common Share or Pre-funded Warrant and each Warrant, as the case may be. Any disposition of a Unit should be treated for United States federal income tax purposes as a disposition of the Common Share or Pre-funded Warrant and Warrant comprising the Unit, and the amount realized on the disposition should be allocated between the Common Share or Pre-funded Warrant and Warrant based on their respective relative fair market values at the time of disposition (as determined by each such Unit holder based on all relevant facts and circumstances). The separation of the Common Share or Pre-funded Warrant and the Warrant comprising a Unit should not be a taxable event for United States federal income tax purposes. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The foregoing treatment of the Common Shares, Pre-funded Warrants and Warrants and a holder&#8217;s purchase price allocation are not binding on the IRS or the courts. Because there are no authorities that directly address </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">106<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">instruments that are similar to the Units, no assurance can be given that the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly, each prospective investor is urged to consult its own tax advisors regarding the tax consequences of an investment in a Unit (including alternative characterizations of a Unit). The balance of this discussion assumes that the characterization of the Units described above is respected for United States federal income tax purposes. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Tax Treatment of the Pre-Funded Warrants </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We believe that our Pre-funded Warrants should be treated as our Common Shares for United States federal income tax purposes, rather than warrants. Assuming this position is upheld, no gain or loss should be recognized upon the exercise of a Pre-funded Warrant and, upon exercise, the holding period of a Pre-funded Warrant should carry over to the Common Share received. Similarly, the tax basis of a Pre-funded Warrant should carry over to the Common Share received upon exercise, increased by the exercise price of $0.001 per share. However, our position is not binding on the IRS and the IRS may treat the Pre-funded Warrants as warrants to acquire our Common Shares. You should consult your tax advisor regarding the United States federal tax consequences of an investment in the Pre-funded Warrants. The following discussion assumes our Pre-funded Warrants are properly treated as our Common Shares. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Taxation of Distributions Paid on Common Shares </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Subject to the passive foreign investment company, or PFIC, rules discussed below, any distributions made by us with respect to Common Shares to a U.S. Holder will generally constitute dividends, which may be taxable as ordinary income or &#8220;qualified dividend income&#8221; as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder&#8217;s tax basis in his or her Common Shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends-received deduction with respect to any distributions they receive from us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends paid on Common Shares to a U.S. Holder which is an individual, trust, or estate (a &#8220;U.S.&#160;Non-Corporate Holder&#8221;) will generally be treated as &#8220;qualified dividend income&#8221; that is taxable to such shareholders at preferential U.S. federal income tax rates provided that (1) the Common Shares are readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market on which our Common Shares are listed); (2) we are not a passive foreign investment company, or PFIC, for the taxable year during which the dividend is paid or the immediately preceding taxable year (which we do not expect to be); (3) the U.S. Non-Corporate Holder has owned the Common Shares for more than 60 days in the 121-day period beginning 60 days before the date on which the Common Shares become ex-dividend; and (4) certain other conditions are met. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a U.S. Holder. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Special rules may apply to any &#8220;extraordinary dividend&#8221;&#8212;generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder&#8217;s adjusted basis in a Common Share&#8212;paid by us. If we pay an &#8220;extraordinary dividend&#8221; on our Common Shares that is treated as &#8220;qualified dividend income,&#8221; then any loss derived by a U.S.&#160;Non-Corporate Holder from the sale or exchange of such Common Shares will be treated as long-term capital loss to the extent of such dividend. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Sale, Exchange or other Disposition of Common Shares or Warrants </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Assuming we do not constitute a PFIC for any taxable year, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our Common Shares or Warrants in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S.&#160;Holder&#8217;s tax basis in such Common Shares or Warrants. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder&#8217;s holding period in the Common Shares or Warrants is greater than one year at the time of the sale, exchange or other disposition. A U.S. Holder&#8217;s ability to deduct capital losses is subject to certain limitations. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">U.S. Federal Income Tax Treatment of the Warrants </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Neither we nor a U.S. Holder of a Warrant will recognize gain or loss as a result of the U.S. Holder&#8217;s receipt of our Common Shares upon exercise of a Warrant. A U.S. Holder&#8217;s adjusted tax basis in the Common Shares </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">107<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">received will be an amount equal to the sum of (i) the U.S. Holder&#8217;s adjusted tax basis in the Warrant exercised and (ii) the amount of the exercise price for the Warrant. If the Warrants lapse without being exercised, the U.S. Holder will recognize capital loss in the amount equal to the U.S. Holder&#8217;s adjusted tax basis in the Warrants. A U.S. Holder&#8217;s holding period for Common Shares received upon exercise of a Warrant will commence on the date the Warrant is exercised. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The exercise price of a Warrant is subject to adjustment under certain circumstances. If an adjustment increases a proportionate interest of the holder of a Warrant in the fully diluted common shares without proportionate adjustments to the holders of our Common Shares, a U.S. Holder of the Warrants may be treated as having received a constructive distribution, which may be taxable to the U.S. Holder as a dividend. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">U.S. Holders of our Warrants should also carefully review &#8220;&#8212;Passive Foreign Investment Company Rules&#8221; below, as a U.S. Holder generally will not be able to make a &#8220;mark-to-market&#8221; or QEF election with respect to the Warrants if we are a PFIC. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Passive Foreign Investment Company Rules </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Special U.S. federal income tax rules apply to a U.S. Holder that holds stock or is treated as holding stock by application of certain attribution rules (for instance, treating warrants as stock) in a foreign corporation classified as a PFIC for U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our Common Shares or Warrants, either: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">at least 50% of the average value of the assets held by us during such taxable year produce, or is held for the production of, passive income. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary companies in which we own at least 25% of the value of the subsidiary&#8217;s stock or other ownership interest. Income earned, or deemed earned, by us in connection with the performance of services should not constitute passive income. By contrast, rental income, which includes bareboat hire, would generally constitute &#8220;passive income&#8221; unless we are treated under specific rules as deriving rental income in the active conduct of a trade or business. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Based on our current operations and future projections, we do not expect to be a PFIC with respect to our 2024 taxable year or any future taxable year. Although there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or are deemed to derive from the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, we believe that such income does not constitute passive income, and the assets that we or our wholly-owned subsidiaries own and operate in connection with the production of such income, in particular vessels, do not constitute passive assets for purposes of determining whether we are a PFIC. We believe there is substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. It should be noted that in the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with this position. In addition, although we intend to conduct our affairs in a manner so as to avoid being classified as a PFIC&#160;with respect to any taxable year, there can be no assurance that the nature of our operations will not change in the future. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different taxation rules depending on whether the U.S. Holder makes an election to treat us as a &#8220;Qualified Electing Fund,&#8221; which election is referred to as a &#8220;QEF election.&#8221; As an alternative to making a QEF&#160;election, a U.S. Holder should be able to make a &#8220;mark-to-market&#8221; election with respect to the Common Shares, as discussed below. In addition, if we were to be treated as a PFIC, a U.S. Holder would be required to file an IRS&#160;Form&#160;8621 with respect to such holder&#8217;s Common Shares or Warrants. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">108<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Taxation of U.S. Holders Making a Timely QEF Election </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">If a U.S. Holder of our Common Shares makes a timely QEF election, which U.S. Holder is referred to as an &#8220;Electing Holder,&#8221; the Electing Holder must report each year for U.S. federal income tax purposes its pro rata share of our ordinary earnings and its net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from us by the Electing Holder. The Electing Holder&#8217;s adjusted tax basis in the Common Shares will be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in the adjusted tax basis in the Common Shares and will not be taxed again once distributed. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of the Common Shares. A U.S. Holder would make a QEF election with respect to any year that we are a PFIC by filing IRS Form&#160;8621 with its U.S. federal income tax return. After the end of each taxable year, we will determine whether we were a PFIC for such taxable year. If we determine or otherwise become aware that we are a PFIC for any taxable year, we will use commercially reasonable efforts to provide each U.S. Holder with all necessary information, including a PFIC Annual Information Statement, in order to enable such holder to make a QEF election for such taxable year. A U.S. Holder of Warrants will not be able to make a QEF election in respect of such Warrants. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Taxation of U.S. Holders Making a &#8220;Mark-to-Market&#8221; Election </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Alternatively, if we were to be treated as a PFIC for any taxable year and, as anticipated, our Common Shares are treated as &#8220;marketable stock,&#8221; a U.S. Holder of our Common Shares would be allowed to make a &#8220;mark-to-market&#8221; election with respect to our Common Shares. If that election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the Common Shares at the end of the taxable year over such U.S. Holder&#8217;s adjusted tax basis in the Common Shares. The U.S.&#160;Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder&#8217;s adjusted tax basis in the Common Shares over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder&#8217;s tax basis in its Common Shares would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of the Common Shares would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the Common Shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder. A U.S. Holder of Warrants will not be able to make a mark-to-market election in respect of such Warrants. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20pt; margin-left: 0pt; text-align: left;">Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Finally, if we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF&#160;election or a &#8220;mark-to-market&#8221; election for that year, whom we refer to as a &#8220;Non-Electing Holder,&#8221; would be subject to special rules with respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our Common Shares in a taxable year in excess of 125 percent of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder&#8217;s holding period for our Common Shares), and (2) any gain realized on the sale, exchange or other disposition of our Common Shares or Warrants. Under these special rules: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the excess distribution or gain would be allocated ratably over the Non-Electing Holder&#8217;s aggregate holding period for our Common Shares or Warrants; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the amount allocated to the current taxable year and any taxable year before we became a passive foreign investment company would be taxed as ordinary income; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">These penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of our Common Shares or Warrants. If a Non-Electing Holder who is an individual dies while owning our Common Shares or Warrants, such Non-Electing Holder&#8217;s successor generally would not receive a step-up in tax basis with respect to such Common Shares or Warrants. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">109<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Net Investment Income Tax </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser of (1) such U.S. Holder&#8217;s &#8220;net investment income&#8221; (or&#160;undistributed &#8220;net investment income&#8221; in the case of estates and trusts) for the relevant taxable year and (2) the excess of such U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000, depending on the individual&#8217;s circumstances). A U.S. Holder&#8217;s net investment income will generally include its gross dividend income and its net gains from the disposition of the Common Shares or Warrants, unless such dividends or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). Net investment income generally will not include a U.S. Holder&#8217;s pro rata share of the Company&#8217;s income and gain (if we are a PFIC and that U.S. Holder makes a QEF election, as described above in &#8220;&#8212;Taxation of U.S. Holders Making a Timely QEF Election&#8221;). However, a U.S. Holder may elect to treat inclusions of income and gain from a QEF election as net investment income. Failure to make this election could result in a mismatch between a U.S. Holder&#8217;s ordinary income and net investment income. If you are a U.S. Holder that is an individual, estate or trust, you are urged to consult your tax advisor regarding the applicability of the net investment income tax to your income and gains in respect of your investment in our Common Shares or Warrants. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">United States Federal Income Taxation of Non-U.S. Holders </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends paid to a Non-U.S. Holder with respect to our Common Shares generally should not be subject to U.S.&#160;federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains in the United States). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, a Non-U.S. Holder generally should not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of our Common Shares or Warrants unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of sale or other disposition and certain other conditions are met (in which case such gain from United States sources may be subject to tax at a 30% rate or a lower applicable tax treaty rate). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividends and gains that are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally should be subject to tax in the same manner as for a U.S. Holder and, if the Non-U.S. Holder is a corporation for U.S. federal income tax purposes, it also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A Non-U.S. Holder will generally not be subject to United States federal income tax upon the exercise or lapse of our Warrants. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Backup Withholding and Information Reporting </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In general, information reporting for U.S. federal income tax purposes should apply to distributions made on our Common Shares or Warrants within the United States to a non-corporate U.S. Holder and to the proceeds from sales and other dispositions of our Common Shares or Warrants to or through a U.S. office of a broker by a non-corporate U.S. Holder. Payments made (and sales and other dispositions effected at an office) outside the United States will be subject to information reporting in limited circumstances. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, backup withholding of U.S. federal income tax, currently at a rate of 24%, generally should apply to distributions paid on our Common Shares to a non-corporate U.S. Holder and the proceeds from sales and other dispositions of our Common Shares or Warrants by a non-corporate U.S. Holder, who: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">fails to provide an accurate taxpayer identification number; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">is notified by the IRS that backup withholding is required; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">fails in certain circumstances to comply with applicable certification requirements. </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">110<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_113-tax_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties of perjury, on a duly executed applicable IRS&#160;Form&#160;W-8 or by otherwise establishing an exemption. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Backup withholding is not an additional tax. Rather, the amount of any backup withholding generally should be allowed as a credit against a U.S. Holder&#8217;s or a Non-U.S. Holder&#8217;s U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required information is timely furnished to the IRS. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Individuals who are U.S. Holders (and to the extent specified in applicable Treasury regulations, certain individuals who are Non-U.S. Holders and certain U.S. entities) who hold &#8220;specified foreign financial assets&#8221; (as&#160;defined in Section&#160;6038D of the Code) are required to file IRS Form&#160;8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury regulations). Specified foreign financial assets would include, among other assets, our Common Shares and Warrants, unless the Common Shares or Warrants are held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form&#160;8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent specified in applicable Treasury regulations, an individual Non-U.S. Holder or a U.S. entity) that is required to file IRS Form&#160;8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed. U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this legislation. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Marshall Islands Tax Consequences </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following represents the opinion of our Marshall Islands counsel, Watson Farley &amp; Williams LLP, and is a summary of the material Marshall Islands tax consequences of the ownership and disposition of our Units. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are incorporated in the Republic of the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, no Marshall Islands withholding tax will be imposed upon payment of dividends by us to its shareholders, and holders of our Common Shares or Warrants that are not residents of or domiciled or carrying on any commercial activity in the Republic of the Marshall Islands will not be subject to Marshall Islands tax on the sale or other disposition of our Common Shares or Warrants. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">111<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_114-plan_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tPOD"><!--Anchor--></a>PLAN OF DISTRIBUTION </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to a placement agency agreement, dated as of &#8195;&#8195;&#8195;, 2025, we have engaged Maxim Group LLC to act as our exclusive placement agent to solicit offers to purchase the securities offered by this prospectus. The Placement Agent is not purchasing or selling any securities, nor is it required to arrange for the purchase and sale of any specific number or dollar amount of securities, other than to use its &#8220;best efforts&#8221; to arrange for the sale of the securities by us. Therefore, we may not sell the entire amount of securities being offered. Investors purchasing securities offered hereby will have the option to execute a securities purchase agreement with us. In addition to the rights and remedies available to all investors in this offering under federal and state securities laws, the investors which enter into a securities purchase agreement will also be able to bring claims of breach of contract against us. Investors who do not enter into a securities purchase agreement shall rely solely on this prospectus in connection with the purchase of our securities in this offering. The placement agent may engage one or more subagents or selected dealers in connection with this offering. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The placement agency agreement provides that the placement agent&#8217;s obligations are subject to conditions contained in the placement agency agreement. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Units will be offered at a fixed price and are expected to be issued in a single closing. There is no minimum number of Units to be sold or minimum aggregate offering proceeds for this offering to close. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We will deliver the securities being issued to the investors upon receipt of investor funds for the purchase of the securities offered pursuant to this prospectus. We expect to deliver the securities being offered pursuant to this prospectus on or about &#8195;&#8195;&#8195;, 2025. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Placement Agent Fees, Commissions and Expenses </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Upon the closing of this offering, we will pay the Placement Agent a cash transaction fee equal to 7.0% of the aggregate gross cash proceeds to us from the sale of the securities in the offering. In addition, we will reimburse the Placement Agent for certain of its accountable and out-of-pocket expenses incurred in connection with this offering, including the Placement Agent&#8217;s legal fees, and actual travel and reasonable out-of-pocket expenses, in an amount not to exceed $75,000. If this offering is not completed, we have agreed to reimburse the Placement Agent for its actual expenses in an amount not to exceed $25,000. We have agreed to the payment of $25,000 to be applied against the Placement Agent&#8217;s anticipated out-of-pocket expenses (the &#8220;Advance&#8221;). Upon acceptance of the engagement by the Placement Agent, the Company delivered to Maxim the Advance. Such Advance will be applied against the Placement Agent&#8217;s expenses in connection with the offering, and to the extent not actually incurred, such Advance shall be reimbursed to us. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following table shows the public offering price, Placement Agent fees and proceeds, before expenses, to us, assuming the sale of all Units in this offering and the exercise of all issued Pre-funded Warrants. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 228pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 86.49pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 77.6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 35pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 228pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 86.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Per Unit Consisting of <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">One Common Share and <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">One Warrant </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 77.6pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Per Unit Consisting of <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">One Pre-funded <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Warrant and <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">One Warrant </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr><td style="width: 228pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Public offering price<font style="padding-left: 1.27pt;"></font></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 86.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.74pt; text-align: left;">$&#8195;&#8195;&#8195;&#8195;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 77.6pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.3pt; text-align: left;">$&#8195;&#8195;&#8195;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$&#8195;&#8195;&#8195; </div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Placement agent fees (7.0%)<font style="padding-left: 3.61pt;"></font></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 86.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.74pt; text-align: left;">$</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 77.6pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.3pt; text-align: left;">$</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 30pt;"> </font></div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proceeds, before expenses, to us<font style="padding-left: 2.79pt;"></font></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 86.49pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.74pt; text-align: left;">$</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 77.6pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.3pt; text-align: left;">$</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 228pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 86.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 77.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 35pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We estimate that the total expenses of the offering payable by us, including registration and filing fees, printing fees and legal and accounting expenses, but excluding the Placement Agent fees above, will be approximately $0.3&#160;million. This figure includes, among other things, the Placement Agent&#8217;s expenses (including the fees, costs and expenses for the Placement Agent&#8217;s legal counsel) that we have agreed to reimburse. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Placement Agent&#8217;s Warrants </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have agreed to issue to the Placement Agent (or its permitted assignees) warrants to purchase up to &#8195;&#8195;&#8195;&#8195; Common Shares. The Placement Agent&#8217;s Warrants will be non-exercisable for six (6) months from the commencement of sales of the offering and will expire three (3) years after such date (but no longer than five years from the commencement of sales of this Offering). The Placement Agent&#8217;s Warrants are exercisable at an exercise price of $&#8195;&#8195;&#8195; per share (being equal to 110% of the public offering price of each Unit in this offering), subject </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">112<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_114-plan_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">to certain anti-dilution adjustments. Such warrant will be subject to FINRA Rule&#160;5110(e)(1) in that, except as otherwise permitted by FINRA rules, for a period of 180 days from the commencement of sales of this offering, the warrant shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person except as permitted by FINRA Rule&#160;5110(e)(2). See the form of Placement Agent&#8217;s Warrant filed as an exhibit hereto for a complete description of the terms of the Placement Agent&#8217;s Warrants. The Placement Agent&#8217;s Warrants and the Common Shares underlying the Placement Agent&#8217;s Warrants are being registered on the registration statement of which this prospectus is a part. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Lock-Up Agreements </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company has agreed that for a period of ninety (90) days from the closing of this offering, that neither the Company nor any subsidiary may, without the prior written consent of the Placement Agent (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Shares or Common Share equivalents or (ii) file any registration statement or prospectus, or any amendment or supplement thereto, subject to certain conditions and exceptions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company&#8217;s directors and officers shall enter into customary &#8220;lock-up&#8221; agreements in favor of the Placement Agent pursuant to which such persons and entities shall agree, for a period of ninety (90) days after the closing of this offering, that they shall neither offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any securities of the Company without the Placement Agent&#8217;s prior written consent, subject to certain conditions and exceptions. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Indemnification </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have agreed to indemnify the Placement Agent against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the Placement Agent may be required to make for these liabilities. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Regulation M </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Placement Agent may be deemed to be an underwriter within the meaning of Section&#160;2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As an underwriter, the Placement Agent would be required to comply with the requirements of the Securities Act and the Exchange Act, including, without limitation, Rule&#160;10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of our securities by the Placement Agent acting as principal. Under these rules and regulations, the Placement Agent (i) may not engage in any stabilization activity in connection with our securities and (ii) may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Determination of Offering Price </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The actual public offering price of the securities we are offering will be negotiated between us, the Placement Agent and the investors in the offering based on the trading of our Common Shares prior to the offering, among other things. Other factors considered in determining the public offering price of the securities we are offering include our history and prospects, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, the general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Electronic Distribution </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A prospectus in electronic format may be made available on a website maintained by the Placement Agent. In connection with the offering, the Placement Agent or selected dealers may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that are printable as Adobe&#174; PDF will be used in connection with this offering. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Other than the prospectus in electronic format, the information on the Placement Agent&#8217;s website and any information contained in any other website maintained by the Placement Agent is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Placement Agent in its capacity as placement agent and should not be relied upon by investors. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">113<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_114-plan_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Certain Relationships </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Placement Agent and its affiliates have and may in the future provide, from time to time, investment banking and financial advisory services to us in the ordinary course of business, for which they may receive customary fees and commissions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Placement Agent acted as representative to the underwriters in connection with our initial public offering which consummated in July&#160;2024 for which it received cash and warrant compensation. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Transfer Agent and Registrar </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The transfer agent and registrar for our Common Shares is Computershare Trust Company, N.A. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Listing </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Common Shares are listed on The Nasdaq Capital Market under the symbol &#8220;ICON.&#8221; </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Selling Restrictions </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Other than in the United States, no action has been taken by us or the Placement Agent that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published, in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Australia<font style="font-style: normal; font-weight: normal;">. No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (ASIC), in relation to the offering. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the Corporations Act) and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Any offer in Australia of the securities may only be made to persons (the Exempt Investors) who are &#8220;sophisticated investors&#8221; (within the meaning of section 708(8) of the Corporations Act), &#8220;professional investors&#8221; (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the securities without disclosure to investors under Chapter 6D of the Corporations Act. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The securities applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Brazil<font style="font-style: normal; font-weight: normal;">. The offer of securities described in this prospectus will not be carried out by means that would constitute a public offering in Brazil under Law No. 6,385, of December&#160;7, 1976, as amended, under the CVM Rule&#160;(Instru&#231;&#227;o) No. 400, of December&#160;29, 2003. The offer and sale of the securities have not been and will not be registered with the Comiss&#227;o de Valores M&#243;bilearios in Brazil. The securities have not been offered or sold, and will not be offered or sold in Brazil, except in circumstances that do not constitute a public offering or distribution under Brazilian laws and regulations. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Canada<font style="font-style: normal; font-weight: normal;">. The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 </font><font style="font-weight: normal;">Prospectus Exemptions</font><font style="font-style: normal; font-weight: normal;"> or </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">114<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_114-plan_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31&#160;103&#160;<font style="font-style: italic;">Registration Requirements, Exemptions and Ongoing Registrant Obligations</font>. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars of these rights or consult with a legal advisor. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to section 3A.3 of National Instrument 33 105 Underwriting Conflicts (NI 33 105), the placement agent is not required to comply with the disclosure requirements of NI 33-105 regarding conflicts of interest in connection with this offering. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cayman Islands<font style="font-style: normal; font-weight: normal;">. No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for our securities. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">European Economic Area<font style="font-style: normal; font-weight: normal;">. In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a &#8220;Relevant Member State&#8221;) an offer to the public of any securities may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of any securities may be made at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant Member State: </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representatives for any such offer; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">in any other circumstances falling within Article&#160;3(2) of the Prospectus Directive, provided that no such offer of securities shall result in a requirement for the publication by us or any placement agent of a prospectus pursuant to Article&#160;3 of the Prospectus Directive. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For the purposes of this provision, the expression an &#8220;offer to the public&#8221; in relation to any securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase any securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression &#8220;Prospectus Directive&#8221; means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State, and the expression &#8220;2010 PD Amending Directive&#8221; means Directive 2010/73/EU. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Hong Kong<font style="font-style: normal; font-weight: normal;">. The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. Please note that (i) our shares may not be offered or sold in Hong Kong, by means of this prospectus or any document other than to &#8220;professional investors&#8221; within the meaning of Part&#160;I of Schedule 1 of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or in other circumstances which do not result in the document being a &#8220;prospectus&#8221; within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) (CO) or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or document relating to our shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere) which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares which are or are intended to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; within the meaning of the SFO and any rules made thereunder. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Israel<font style="font-style: normal; font-weight: normal;">. This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities Authority. In the State of Israel, this document is being distributed only to, and is directed only at, and any offer of the shares is directed only at, investors </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">115<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_114-plan_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50&#160;million and &#8220;qualified individuals&#8221;, each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors will be required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The People<font style="font-style: normal; font-weight: normal;">&#8217;</font>s Republic of China<font style="font-style: normal; font-weight: normal;">. This prospectus may not be circulated or distributed in the PRC and the shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Switzerland<font style="font-style: normal; font-weight: normal;">. The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the SIX) or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Neither this document nor any other offering or marketing material relating to the offering, or the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (CISA). Accordingly, no public distribution, offering or advertising, as defined in CISA, its implementing ordinances and notices, and no distribution to any non-qualified investor, as defined in CISA, its implementing ordinances and notices, shall be undertaken in or from Switzerland, and the investor protection afforded to acquirers of interests in collective investment schemes under CISA does not extend to acquirers of securities. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Taiwan<font style="font-style: normal; font-weight: normal;">. The securities have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the securities in Taiwan. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">United Kingdom<font style="font-style: normal; font-weight: normal;">. This prospectus has only been communicated or caused to have been communicated and will only be communicated or caused to be communicated as an invitation or inducement to engage in investment activity (within the meaning of Section&#160;21 of the Financial Services and Markets Act of 2000, or the FSMA) as received in connection with the issue or sale of our Common Stock in circumstances in which Section&#160;21(1) of the FSMA does not apply to us. All applicable provisions of the FSMA will be complied with in respect to anything done in relation to our Common Stock in, from or otherwise involving the United Kingdom. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">116<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_114-plan_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSPEC"><!--Anchor--></a>SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are a Marshall Islands corporation and our principal executive office is located outside of the United States in Athens, Greece. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Most of our directors and officers and those of our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries&#8217; assets and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may be difficult or impossible for United States investors to effect service of process within the United States upon us, our directors or officers, our subsidiaries or to realize against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. The Trust Company of the Marshall Islands, Inc., Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands MH96960, as our registered agent, can accept service of process on our behalf in any such action. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, there is uncertainty as to whether the courts of the Marshall Islands would (1) recognize or enforce against us, or our directors, or officers, judgments of courts of the United States based on civil liability provisions of applicable U.S. federal and state securities laws; or (2) impose liabilities against us or our directors and officers in original actions brought in the Marshall Islands, based on these laws. </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tERT"><!--Anchor--></a>EXPENSES RELATING TO THIS OFFERING </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Set forth below is an itemization of the total expenses, excluding Placement Agent fees, expected to be incurred in connection with the offer and sale of our Common Shares. Except for the SEC registration fee, all amounts are estimates. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 37.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 420pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">SEC registration fee<font style="padding-left: 4.76pt;"></font></div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 10pt;">&#8203;4,678</font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">FINRA filing fee<font style="padding-left: 2.52pt;"></font></div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 15pt;">4,250</font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounting fees and expenses<font style="padding-left: 4.22pt;"></font></div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">50,000</font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Legal fees and expenses<font style="padding-left: 3.11pt;"></font></div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">150,000</font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Printing expenses<font style="padding-left: 0.86pt;"></font></div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">17,500</font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Placement Agent&#8217;s accountable expenses<font style="padding-left: 1.45pt;"></font></div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">210,000</font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Miscellaneous<font style="padding-left: 4.74pt;"></font></div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">8,572</font></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="font-weight: normal; padding-left: 1.9pt;"></font></div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 37.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$445,000</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.25pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 37.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Including approximately $135,000 of non-cash charges. Such non-cash charges, are not deducted from the estimated net proceeds from this offering.</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">117<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_114-plan_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tLM"><!--Anchor--></a>LEGAL MATTERS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Certain legal matters with respect to United States Federal and New York law and Marshall Islands law in connection with this offering will be passed upon for us by Watson Farley &amp; Williams LLP, New York, New York. The Placement Agent is being represented by Ellenoff Grossman &amp; Schole LLP, New York, New York. </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tEX"><!--Anchor--></a>EXPERTS </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The consolidated financial statements of Icon Energy Corp. as of December&#160;31, 2023 and 2022 and for the years then ended, appearing in this prospectus and Registration Statement have been audited by Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A., independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The address of Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A. is 8B Chimarras Street, 15125 Maroussi, Greece and is registered as a corporate body with the public register for company auditors-accountants kept with the Body of Certified Auditors Accountants, or SOEL, Greece with registration number 107. </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tWCAI"><!--Anchor--></a>WHERE YOU CAN FIND ADDITIONAL INFORMATION </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have filed with the SEC a registration statement on Form&#160;F-1 under the Securities Act, including relevant exhibits and schedules, under the Securities Act with respect to the securities offered by this prospectus. For the purposes of this section, the term registration statement on Form&#160;F-1 means the original registration statement on Form&#160;F-1 and any and all amendments including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. Each statement made in this prospectus concerning a document filed as an exhibit to the registration statement on Form&#160;F-1 is qualified by reference to that exhibit for a complete statement of its provisions. You should read the registration statement on Form&#160;F-1 and its exhibits and schedules for further information with respect to us and the securities offered hereby. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We are required to file reports, including annual reports on Form&#160;20-F, and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the website is www.sec.gov. Additionally, we will make these filings available, free of charge, on our website at www.icon-nrg.com as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information on our website, other than these filings, is not, and should not be, considered part of this prospectus and is not incorporated by reference into this document. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">As a foreign private issuer, we will be exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&#160;16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">118<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_200-fintoc01_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tICFS"><!--Anchor--></a>INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS OF </div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; text-align: center;">ICON ENERGY CORP. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 432pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 13.89pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 432pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unaudited Interim Condensed Consolidated Financial Statements</div></td><td style="width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.89pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td></tr><tr><td style="width: 432pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tCBS">Interim Consolidated Balance Sheets as of September&#160;30, 2024 (unaudited) and December&#160;31, 2023 (audited)<font style="padding-left: 3.4pt;"></font></a></div></td><td style="width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.89pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCBS">F-2 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tCSI">Interim Consolidated Statements of Income (unaudited) for the nine-month periods ended September&#160;30, 2024 and 2023<font style="padding-left: 3.4pt;"></font></a></div></td><td style="width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCSI">F-3 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tCSS">Interim Consolidated Statements of Changes in Shareholders&#8217; Equity (unaudited) for the nine-month periods ended September&#160;30, 2024 and 2023<font style="padding-left: 1.5pt;"></font></a></div></td><td style="width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCSS">F-4 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tCSC">Interim Consolidated Statements of Cash Flows (unaudited) for the nine-month periods ended September&#160;30, 2024 and 2023<font style="padding-left: 1.48pt;"></font></a></div></td><td style="width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.06pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCSC">F-5 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tNCF">Notes to the Unaudited Interim Condensed Consolidated Financial Statements<font style="padding-left: 0.16pt;"></font></a></div></td><td style="width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 13.89pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tNCF">F-6</a></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 432pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.06pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 13.89pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 432pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 18.89pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 432pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Audited Consolidated Financial Statements</div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 18.89pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td></tr><tr><td style="width: 432pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRIR">Report of Independent Registered Public Accounting Firm (PCAOB ID 1457)<font style="padding-left: 0.16pt;"></font></a></div></td><td style="width: 8.56pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 8.56pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 18.89pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tRIR">F-15 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCBSD">Consolidated Balance Sheets as of December&#160;31, 2023 and 2022<font style="padding-left: 3.77pt;"></font></a></div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 18.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCBSD">F-16 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCSID">Consolidated Statements of Income for the years ended December&#160;31, 2023 and 2022<font style="padding-left: 2.7pt;"></font></a></div></td><td style="width: 8.56pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 8.56pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 18.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCSID">F-17 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;"><a href="#tCSSE">Consolidated Statements of Changes in Shareholders&#8217; Equity for the years ended December&#160;31, 2023 and 2022<font style="padding-left: 1.73pt;"></font></a></div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 18.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCSSE">F-18 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCSCF">Consolidated Statements of Cash Flows for the years ended December&#160;31, 2023 and 2022<font style="padding-left: 4.92pt;"></font></a></div></td><td style="width: 8.56pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 8.56pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 18.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tCSCF">F-19 </a></div></td></tr><tr><td style="width: 432pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tNCFS">Notes to the Consolidated Financial Statements<font style="padding-left: 0.67pt;"></font></a></div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 18.89pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#tNCFS">F-20</a></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 432pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 8.56pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 18.89pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-1<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_201-fintab01_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCBS"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">INTERIM CONSOLIDATED BALANCE SHEETS </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 19.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 68.05pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars except for share data)</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes</div></td><td style="width: 4.51pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September 30, 2024 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(unaudited)</div></td><td style="width: 4.51pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2023 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(audited) </div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets<br></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current assets<br></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents<font style="padding-left: 2.77pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;">$<font style="padding-left: 5pt;">1,323</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;">$<font style="padding-left: 5pt;">2,702 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Trade receivables<font style="padding-left: 4.22pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 17.5pt;">962</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Due from manager<font style="padding-left: 3.32pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">207 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Inventories<font style="padding-left: 0.52pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 17.5pt;">145</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">57 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Prepayments and advances<font style="padding-left: 1.1pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.5pt;">46</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">43 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other current assets<font style="padding-left: 4.44pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">49</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">13 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total current assets<font style="font-weight: normal; padding-left: 0.53pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,525</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,022 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-current assets<br></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessels, net<font style="padding-left: 3.02pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">4</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 5pt;">26,662</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt;">9,181 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restricted cash<font style="padding-left: 3.86pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 17.5pt;">500</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Advances for vessel improvements<font style="padding-left: 2.78pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">22 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred drydocking costs, net<font style="padding-left: 4.72pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">5</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 17.5pt;">864</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">340 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred issuance costs<font style="padding-left: 4.45pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">317 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total non-current assets<font style="font-weight: normal; padding-left: 1.09pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$28,026</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">9,860 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total assets<font style="font-weight: normal; padding-left: 0.88pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$30,551</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,882 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities and shareholders&#8217; equity<br></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current liabilities<br></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current portion of long term debt, net of deferred financing costs<font style="padding-left: 2pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 10pt;">2,309</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Due to manager<font style="padding-left: 4.97pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.87pt;">11</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 27.5pt;">9 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounts payable<font style="padding-left: 3.31pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;">12</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 10pt;">1,330</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">85 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred revenue<font style="padding-left: 4.99pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 17.5pt;">140</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">247 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued liabilities<font style="padding-left: 1.09pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 17.5pt;">223</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">372 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distributions payable<font style="padding-left: 3.86pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,000 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total current liabilities<font style="font-weight: normal; padding-left: 1.07pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,013</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,713 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-current liabilities<br></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Non-current portion of long term debt, net of deferred financing costs<font style="padding-left: 0.51pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">13,897</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total non-current liabilities<font style="font-weight: normal; padding-left: 1.63pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$13,897</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total liabilities<font style="font-weight: normal; padding-left: 1.43pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$17,910</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,713 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Commitments and contingencies<font style="padding-left: 2.75pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">6</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholders&#8217; equity<br></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common shares: authorized 750,000,000 shares with a $0.001 par value, 1,450,000 shares issued and outstanding as of September&#160;30, 2024 and 200,000 shares issued and outstanding as of December&#160;31, 2023<font style="padding-left: 0.25pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 27.5pt;">1</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Preferred Shares: authorized 250,000,000 shares with a $0.001 par value, 15,000 Series&#160;A Preferred Shares, 1,500,000 Series&#160;B Preferred Shares, and nil Series&#160;C Preferred Shares issued and outstanding as of September&#160;30, 2024 and December&#160;31, 2023<font style="padding-left: 3.92pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 27.5pt;">2</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 27.5pt;">2 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Additional paid-in capital<font style="padding-left: 1.09pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 5.37pt;">11,615</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 0.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt;">8,590 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Retained earnings<font style="padding-left: 2.75pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,023</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 0.01pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">577 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total shareholders&#8217; equity<font style="font-weight: normal; padding-left: 2.93pt;"></font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$12,641</font></div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">9,169 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total shareholders&#8217; equity and liabilities<font style="font-weight: normal; padding-left: 1.27pt;"></font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$30,551</font></div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,882</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 68.05pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.51pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.<br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-2<br></div></div></div>
<!--End Page 123-->
<div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div class="BRPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_201-fintab01_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCSI"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">INTERIM CONSOLIDATED STATEMENTS OF INCOME </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 300pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 19.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 104.88pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 300pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 104.88pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nine-month period ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 300pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars except for share and per share data)</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes</div></td><td style="width: 11.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(unaudited)</div></td><td style="width: 11.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(unaudited) </div></td></tr><tr><td style="width: 300pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Revenue, net<font style="padding-left: 4.46pt;"></font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.05pt; text-align: left;">2</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;">$<font style="padding-left: 10pt;">3,582</font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;">$<font style="padding-left: 10pt;">3,248 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses, net<font style="padding-left: 0.22pt;"></font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.17pt;">(257)</font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.54pt;">(119) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel operating expenses<font style="padding-left: 1.44pt;"></font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 11.67pt;">(1,427)</font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 11.67pt;">(1,402) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management fees<font style="padding-left: 0.87pt;"></font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.05pt; text-align: left;">3</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.17pt;">(293)</font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.17pt;">(205) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative expenses<font style="padding-left: 3.12pt;"></font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.05pt; text-align: left;">2</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.91pt;">(111)</font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 24.17pt;">(37) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation expense<font style="padding-left: 0.32pt;"></font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.05pt; text-align: left;">4</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.17pt;">(547)</font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.17pt;">(508) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of deferred drydocking costs<font style="padding-left: 3.68pt;"></font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.05pt; text-align: left;">5</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(380</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(267</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating Profit<font style="font-weight: normal; padding-left: 0.48pt;"></font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.96pt; text-align: left;">$<font style="padding-left: 17.5pt;">567</font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.96pt; text-align: left;">$<font style="padding-left: 17.5pt;">710 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest and finance costs<font style="padding-left: 3.67pt;"></font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.05pt; text-align: left;">7</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 24.17pt;">(61)</font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 29.17pt;">(2) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income<font style="padding-left: 4.75pt;"></font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 27.5pt;">58</font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 27.5pt;">45 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other costs, net<font style="padding-left: 3.36pt;"></font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 29.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 29.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net Income<font style="font-weight: normal; padding-left: 2.53pt;"></font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; 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text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Earnings per common share, basic and diluted<font style="font-weight: normal; 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padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;">$<font style="padding-left: 15pt;">3.76 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted average number of common shares, basic and diluted<font style="font-weight: normal; padding-left: 1pt;"></font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.05pt; text-align: left;">9</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 5pt;">555,839</font></div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.96pt; text-align: left;"><font style="padding-left: 5pt;">200,000</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 300pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 11.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.<br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-3<br></div></div></div>
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<div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div class="BRPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_201-fintab01_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCSS"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 192pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 67.46pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 67.46pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 36.45pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 31.12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 192pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 67.46pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Preferred Shares</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 67.46pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Shares</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td></tr><tr class="BRDSX_header"><td style="width: 192pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars except for share data)</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">No. of <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Par <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Value</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">No. of <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Par <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Value</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Additional <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Paid in <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Capital</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Retained <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Earnings</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr><td style="width: 192pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance January&#160;1, 2023<font style="font-weight: normal; padding-left: 2.57pt;"></font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,515,000</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">200,000</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$11,590</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,729</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$14,321 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Cash contributions from shareholders (Note&#160;8)<font style="padding-left: 0.07pt;"></font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 16.95pt;">700</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">700 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return of additional paid-in capital (Note&#160;8)<font style="padding-left: 2.9pt;"></font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 13.62pt;">(700)</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 14.17pt;">(700) </font></div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividends Paid (Note&#160;8)<font style="padding-left: 4.54pt;"></font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 21.95pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 5pt;">(3,307)</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 6.67pt;">(3,307) </font></div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income for the period<font style="padding-left: 2.88pt;"></font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 21.95pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 15.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">752</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">752 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance September&#160;30, 2023<font style="font-weight: normal; padding-left: 2.22pt;"></font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,515,000</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">200,000</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$11,590</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">174</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 0.55pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">11,766 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance January&#160;1, 2024<font style="font-weight: normal; padding-left: 2.57pt;"></font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,515,000</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">200,000</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 4.45pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">8,590</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">577</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,169 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Issuance of common shares, net of deferred issuance costs (Note&#160;8)<font style="padding-left: 4.55pt;"></font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1,250,000</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt;">1</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 9.45pt;">3,003</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">3,004 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Issuance of First Representative&#8217;s Warrant (Note&#160;8)<font style="padding-left: 0.07pt;"></font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 21.95pt;">22</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">22 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividends paid (Note&#160;8)<font style="padding-left: 0.09pt;"></font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 21.95pt;">&#8212;</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 12.87pt;">(116)</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 14.54pt;">(116) </font></div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income for the period<font style="padding-left: 2.88pt;"></font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="padding-left: 21.95pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="padding-left: 15.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">562</font></div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">562 </font></div></td></tr><tr><td style="width: 192pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance September&#160;30, 2024<font style="font-weight: normal; padding-left: 2.22pt;"></font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,515,000</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,450,000</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.24pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$11,615</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.14pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,023</font></div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,641</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 192pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 40pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.26pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 40pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.26pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 36.45pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 31.12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.<br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-4<br></div></div></div>
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<div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div class="BRPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_201-fintab01_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCSC"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 312pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 19.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 100.88pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 100.88pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nine-month period ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands of U.S. dollars&#8212;except for share data)</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes</div></td><td style="width: 9.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(unaudited)</div></td><td style="width: 9.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(unaudited) </div></td></tr><tr><td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from operating activities<br></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net Income<font style="padding-left: 1.74pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;">$<font style="padding-left: 15.83pt;">562</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;">$<font style="padding-left: 10.83pt;">752 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Adjustments to reconcile net income to net cash provided by operating activities<br></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation expense<font style="padding-left: 2.32pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">4</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 20.83pt;">547</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 15.83pt;">508 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Amortization of financing costs<font style="padding-left: 0.1pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 30.83pt;">3</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212;</font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Amortization of deferred drydocking costs<font style="padding-left: 0.68pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">5</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 20.83pt;">380</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 15.83pt;">267 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(Increase)/decrease in:<br></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Trade receivables<font style="padding-left: 3.22pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 17.5pt;">(962)</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">51 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Due from manager<font style="padding-left: 2.32pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 20.83pt;">207</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 17.5pt;">(61) </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Inventories<font style="padding-left: 4.52pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 22.5pt;">(88)</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">49 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Prepayments and advances<font style="padding-left: 0.1pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 27.5pt;">(3)</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 25.83pt;">7 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other current assets<font style="padding-left: 3.44pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 22.5pt;">(36)</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">22 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Increase/(decrease) in:<br></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Due to manager<font style="padding-left: 3.97pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 30.83pt;">2</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Accounts payable<font style="padding-left: 2.31pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;">12</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 20.83pt;">202</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 17.5pt;">(76) </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Deferred revenue<font style="padding-left: 3.99pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 17.5pt;">(107)</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Accrued liabilities<font style="padding-left: 0.09pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 20.83pt;">161</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">14 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Payments for drydocking<font style="padding-left: 1.75pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">5</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(280</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash provided by operating activities<font style="font-weight: normal; padding-left: 1.41pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 15.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">588</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,533 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from investing activities<br></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel acquisitions and improvements<font style="padding-left: 4.55pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">4</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(18,006</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash used in investing activities<font style="font-weight: normal; padding-left: 0.12pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$(18,006</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 15.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from financing activities<br></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash contributions from shareholders<font style="padding-left: 1.78pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 25.83pt;">&#8212;</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 15.83pt;">700 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proceeds from issuance of common shares, net of issuance costs paid<font style="padding-left: 4.36pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 13.33pt;">3,452</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return of additional paid-in capital<font style="padding-left: 0.66pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 10pt;">(3,000)</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 12.5pt;">(700) </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividends paid<font style="padding-left: 2.85pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 17.87pt;">(116)</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 5pt;">(3,307) </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proceeds from long term debt<font style="padding-left: 2.33pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 8.33pt;">16,500</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Finance costs paid<font style="padding-left: 3.97pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(297</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash provided by / (used in) financing activities<font style="font-weight: normal; padding-left: 0.31pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">16,539</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$(3,307</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net decrease in cash and restricted cash<font style="font-weight: normal; padding-left: 4.95pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.8pt; text-align: left;">$<font style="padding-left: 12.5pt;">(879)</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 5.29pt; text-align: left;">$(1,774) </div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and restricted cash at the beginning of the period<font style="padding-left: 4.6pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,702</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,551 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and restricted cash at the end of the period<font style="font-weight: normal; padding-left: 0.33pt;"></font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.8pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,823</font></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 5.29pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,777 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Supplemental cash flow information<br></div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash paid for interest<font style="padding-left: 1.21pt;"></font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.8pt; text-align: left;">$<font style="padding-left: 20.83pt;">46</font></div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.29pt; text-align: left;">$<font style="padding-left: 15.83pt;">&#8212;</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.5pt; margin-left: 0pt; text-align: left;"> </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.<br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-5<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tNCF"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Expressed in thousands of U.S. dollars&#8212;except for share and per share data) </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Basis of Presentation and General Information: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Icon Energy Corp. (&#8220;Icon&#8221; and together with its subsidiaries, the &#8220;Company&#8221;) was incorporated on August 30, 2023, under the laws of the Republic of the Marshall Islands and provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon generates revenues by chartering its vessels to regional and international dry bulk operators, commodity traders and end users. As of September&#160;30, 2024, Icon owned two vessels, both time-chartered by an international commodity trading conglomerate and earning floating daily hire rates linked to the Baltic Panamax Index: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 60pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 60pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 60pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 120pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 120pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 60pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel name</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 60pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Type</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 60pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Built</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 120pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employment</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 120pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Earliest charter expiration </div></td></tr><tr><td style="width: 60pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Alfa</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 60pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Panamax</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 60pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Japan, 2006</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 120pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Index-linked time charter</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 120pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">October&#160;2025 </div></td></tr><tr><td style="width: 60pt; padding-top: 1.01pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Bravo</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 60pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kamsarmax</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 60pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Japan, 2007</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 120pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Index-linked time charter</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 120pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">August&#160;2025</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 60pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 60pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 60pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 120pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 120pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On July&#160;15, 2024, Icon successfully completed the initial public offering of 1,250,000 of its common shares, at an offering price of $4.00 per share, for gross proceeds of approximately $5,000, before deducting underwriting discounts and offering expenses. Icon&#8217;s common shares began trading on the Nasdaq Capital Market on July&#160;12, 2024, under the symbol &#8220;ICON.&#8221;. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On June&#160;11, 2024, Icon acquired all of the outstanding shares of the investment holding company Maui Shipping Co. (&#8220;Maui&#8221;) in exchange for 15,000 Series A Cumulative Convertible Perpetual Preferred Shares (the &#8220;Series A Preferred Shares&#8221;), 1,500,000 Series B Perpetual Preferred Shares (the &#8220;Series B Preferred Shares&#8221;), and 200,000&#160;common shares of Icon. Maui was incorporated on October 27, 2022, under the laws of the Republic of Marshall Islands and, on May 3, 2023, entered into a deed of transfer of shares with the shareholders of the shipowning company Positano Marine Inc. (&#8220;Positano&#8221;), whereby all outstanding shares of Positano were transferred to Maui. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The transactions described above were treated as reorganizations of companies under common control and have been accounted for in a manner similar to the pooling of interests method, as each entity was controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. Accordingly, the Company&#8217;s unaudited interim consolidated financial statements have been presented by giving retroactive effect to the transactions described above, using historical carrying values of the assets and liabilities of Maui and Positano. The Company&#8217;s unaudited interim consolidated statements of income present the results of operations for the period in which the transfers occurred as though the transfers of shares and exchange of equity interests had occurred on the date Positano was incorporated and as if Positano and Maui were from their date of incorporation consolidated subsidiaries of the Company. Results of operations and cash flows during the nine-month periods ended September&#160;30, 2024 and 2023, comprise those of the previously separate entities consolidated. The equity accounts of the entities are combined and the difference between the consideration paid and the net assets acquired is reflected as an equity transaction and has been given retroactive effect as of the earliest period presented. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The accompanying unaudited interim consolidated financial statements include the accounts of Icon and its subsidiaries: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 96pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 96pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 96pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 144pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Company</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Activity</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Incorporation country</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 144pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel name </div></td></tr><tr><td style="width: 96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Icon Energy Corp.</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Marshall Islands</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 144pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8212; </div></td></tr><tr><td style="width: 96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Maui Shipping Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Intermediate holding</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Marshall Islands</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 144pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8212; </div></td></tr><tr><td style="width: 96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Positano Marine Inc.<sup style="vertical-align: text-top; 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padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">M/V <font style="font-style: italic;">Alfa</font> </div></td></tr><tr><td style="width: 96pt; padding-top: 1.01pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Reef Shiptrade Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shipowning</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 96pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Marshall Islands</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 144pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">M/V <font style="font-style: italic;">Bravo</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 96pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 96pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 96pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 144pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 8.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Wholly owned subsidiaries</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Significant Accounting Policies and Recent Accounting Pronouncements: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">A discussion of the Company&#8217;s significant accounting policies and recent accounting pronouncements can be found in Note 2 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2023, included in the registration statement filed with the SEC on form F-1 on July&#160;10, 2024. There have been no material changes </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-6<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">to these policies in the nine-month period ended September&#160;30, 2024. Updates to those accounting policies to reflect the passage of time and align with the financial data as of September&#160;30, 2024, and for the nine-month period then ended, as well as accounting policies that became significant to the Company during the nine-month period ended September&#160;30, 2024, are discussed below: </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Revenues, voyage expenses and deferred revenue<font style="font-style: normal; font-weight: normal;">. For the nine-month periods ended September&#160;30, 2024 and 2023, all of the Company&#8217;s revenue derived from lease contracts where the Company is the lessor. During the same periods, the Company&#8217;s major charterers that individually accounted for more than 10% of the Company&#8217;s revenue, were as follows: </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 152pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 310pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 152pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 310pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">% of Company&#8217;s revenue during the <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">nine-month period ended September&#160;30, </div></td></tr><tr class="BRDSX_header"><td style="width: 152pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Charterer</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023 </div></td></tr><tr><td style="width: 152pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">A</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">100%</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">100%</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 152pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 152pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 152pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Impairment of long-lived assets<font style="font-style: normal; font-weight: normal;">. As of September&#160;30, 2024, the Company&#8217;s management assessed that the prevailing dry bulk market conditions indicated that the carrying amount of one of the Company&#8217;s vessels may potentially not be fully recoverable and, therefore, performed further analysis by comparing such vessel&#8217;s carrying amount to its undiscounted operating cash flows projected to be generated throughout its estimated remaining useful life. The Company estimates future undiscounted operating cash flows based on assumptions regarding vessel utilization, time charter rates, operating expenses, capital expenditure, residual value, and useful life. The exercise resulted that the vessel&#8217;s carrying amount is recoverable and no impairment charge should be recognized. For the same period, the Company&#8217;s management concluded that no impairment indicators were present for the Company&#8217;s other vessel and, therefore, no further analysis should be performed. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Interest Income<font style="font-style: normal; font-weight: normal;">. Interest earned on cash, cash equivalents and restricted cash is recognized as earned and presented in &#8220;interest income&#8221; in the accompanying unaudited interim consolidated statements of income. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Finance costs<font style="font-style: normal; font-weight: normal;">. Costs incurred in connection with entering into new, or amending existing, loan agreements or other financing arrangements, including arrangement, advisory, legal, and other fees and expenses, are deferred and amortized over the life of the related loan or financing arrangement using the effective interest method. Unamortized deferred finance costs relating to loans or other financing arrangements repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period of such repayment or refinancing. Deferred finance costs are presented net of accumulated amortization as a deduction from the corresponding liability in the accompanying unaudited interim consolidated balance sheets. Amortization of deferred finance costs is included in &#8220;interest and finance costs&#8221; in the accompanying unaudited interim consolidated statements of income. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Restricted cash<font style="font-style: normal; font-weight: normal;">. Cash deposits that are held for a specific purpose and cannot be used freely for general business operations are presented as &#8220;restricted cash&#8221; in the accompanying unaudited interest consolidated balance sheets. As of September&#160;30, 2024, restricted cash consists of cash deposits required to be maintained throughout the term of the Company&#8217;s long-term debt and can only be applied towards repayment of the final principal instalment of such debt. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Distinguishing liabilities from equity<font style="font-style: normal; font-weight: normal;">. The Company follows the provisions of ASC 480 &#8220;Distinguishing Liabilities from Equity&#8221; to determine the classification of certain freestanding financial instruments as either equity or liability. In its assessment, the Company also identifies any embedded features and examines whether those features, other than those with de minimis value, fall under the definition of a derivative according to the provisions of ASC 815 &#8220;Derivatives and Hedging,&#8221; or whether those features affect classification or require bifurcation. Please see note 8 &#8220;Capital Structure&#8221; for further information. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Going concern<font style="font-style: normal; font-weight: normal;">. By applying the provisions of ASC 205-40 &#8220;Presentation of Financial Statements&#8211;Going Concern,&#8221; the Company&#8217;s management evaluates whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. As of the date the accompanying unaudited interim condensed consolidated financial statements were issued, the Company&#8217;s management did not identify any such conditions or events and, therefore, the Company continues to prepare its financial statements by using the going concern basis of accounting. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">General and administrative expenses<font style="font-style: normal; font-weight: normal;">. General and administrative expenses are recognized as incurred and include expenses associated with being a public company, such as stock exchange fees, regulatory and compliance costs, investor relations, and incremental director and officer liability insurance premiums. General and </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-7<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">administrative expenses also include general corporate expenses, audit, legal, advisory and other professional fees, directors&#8217; remuneration, and compensation for our executives and corporate secretary. Please see note 3 &#8220;Transactions with Related Parties&#8221; for further information regarding the compensation for our executives and corporate secretary. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Transactions with Related Parties: </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Pavimar S.A. &#8211; Ship management agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company&#8217;s board of directors had organized the provision of management services through Pavimar S.A., a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Greek Law 27 of 1975. Pavimar S.A. is controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. Pursuant to the management agreement dated February 1, 2021, as amended on December 29, 2021, Pavimar S.A. provided the Company with vessel commercial and technical management services including, but not limited to, post-fixture support, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Total management fees charged by Pavimar S.A. for the nine-month periods ended September&#160;30, 2024 and 2023, amounted to $13 and $205, respectively. The management agreement with Pavimar S.A. was terminated on January&#160;18, 2024, and in accordance with its terms, the Company paid $68 to Pavimar S.A. as the management fee continued to be payable for a further period of three calendar months as from the termination date, to enable Pavimar S.A. to finalize all outstanding matters. These amounts are included in &#8220;Management fees&#8221; in the accompanying unaudited interim consolidated statements of income. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Further, to enable Pavimar S.A. to make payments relating to vessel operating expenses on behalf of the Company, the Company made monthly working capital advances to Pavimar S.A. Occasional and extraordinary funding needs, including those in relation to drydockings, were covered upon request or reimbursed at cost. The outstanding balance due from Pavimar S.A. was $nil as of September 30, 2024, and $207 as of December&#160;31, 2023, reflected in &#8220;Due from manager&#8221; in the accompanying unaudited interim consolidated balance sheets. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Pavimar S.A. &#8211; Services agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the services agreement dated October&#160;1, 2023, Pavimar S.A. provided the Company with the services of its Chief Executive Officer and Chief Financial Officer, for a fee of $12 per annum. The services agreement was novated to Pavimar on January&#160;18, 2024, on the same terms. The related fees for the nine-month periods ended September&#160;30, 2024 and 2023, amounted to $1 and $9 respectively, and are included in &#8220;General and administrative expenses&#8221; in the accompanying unaudited interim consolidated statements of income. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Pavimar Shipping Co. &#8211; Ship management agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On November 1, 2023, the Company entered into a management agreement with Pavimar Shipping Co. (&#8220;Pavimar&#8221;), a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Greek Law 27 of 1975. Pavimar is controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. The management agreement with Pavimar became effective on January&#160;18, 2024, and under its terms, Pavimar provides the Company with vessel commercial and technical management services including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For the nine-month period ended September&#160;30, 2024, technical management fees charged by Pavimar amounted to $212, commercial management commissions amounted to $46, and vessel sale and purchase commissions amounted to $178. These amounts are included in &#8220;management fees,&#8221; &#8220;voyage expenses&#8221; and &#8220;vessel, net,&#8221; respectively, in the accompanying unaudited interim consolidated balance sheets and statements of income. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Further, to enable Pavimar to make payments relating to vessel operating expenses on behalf of the Company, the Company makes monthly working capital advances to Pavimar. Occasional and extraordinary funding needs, including those in relation to drydockings, are covered upon request or reimbursed at cost. The outstanding balance due to Pavimar as of September&#160;30, 2024, was $11. This amount is reflected in &#8220;Due to manager&#8221; in the accompanying unaudited interim consolidated balance sheets. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-8<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the event of termination of the management agreement for any reason other than Pavimar&#8217;s default, or if the vessel is lost, sold or otherwise disposed of, the management fee payable to Pavimar continues to be payable for a further period of three calendar months as from the termination date or, if greater than three months, for as long as the Company requires the services of Pavimar to finalize all outstanding matters. In addition, in the event of termination of the management agreement due to the Company&#8217;s default, change of control, or due to the Company tendering a termination notice for any reason other than Pavimar&#8217;s default, a termination fee of $584 per vessel shall become due and payable to Pavimar. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pavimar shall be under no liability whatsoever to the Company for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the management services unless same is proved to have resulted from the gross negligence or willful default of Pavimar, Pavimar&#8217;s employees, agents or subcontractors, in which case Pavimar&#8217;s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of $1,000 per vessel. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Pavimar Shipping Co. &#8211; Services agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the services agreement dated October&#160;1, 2023, as novated from Pavimar S.A. to Pavimar on January&#160;18, 2024, on the same terms, Pavimar provides the Company with the services of its Chief Executive Officer and Chief Financial Officer. The services agreement was amended and restated on April&#160;1, 2024, to include the provision of the services of the Company&#8217;s corporate secretary, for an addition fee of $2 per annum, commencing on July&#160;11, 2024, the date the Company&#8217;s registration statement on form F-1 in connection with its initial public offering was declared effective by the SEC. The related fees for the nine-month period ended September&#160;30, 2024, amounted to $9 and are included in &#8220;General and administrative expenses&#8221; in the accompanying unaudited interim consolidated statements of income. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Alexandria Enterprises S.A. &#8211; Shipbroking services </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">From time to time, the Company uses the commercial services of Alexandria Enterprises S.A., (&#8220;Alexandria&#8221;) an entity incorporated in the Republic of the Marshall Islands, specializing in shipbroking. Alexandria is controlled by family members of the Company&#8217;s Chairwoman and Chief Executive Officer. Alexandria charges the Company a commission on gross revenue generated from contracts brokered by Alexandria. Total commissions charged by Alexandria during the nine-month periods ended September&#160;30, 2024 and 2023, were $nil and $84, respectively. These amounts are included in &#8220;voyage expenses&#8221; in the accompanying unaudited interim consolidated statements of income. The balance due to Alexandria as of September&#160;30, 2024 and December&#160;31, 2023, was $nil. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Vessels, net: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The movement in &#8220;Vessels, net&#8221;, between the periods presented in the accompanying unaudited interim consolidated balance sheets is analyzed as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 276pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 39.68pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 90.49pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 39.02pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.68pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Vessels cost</div></td><td style="width: 3.8pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Accumulated depreciation</div></td><td style="width: 3.8pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.02pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Vessels, net </div></td></tr><tr><td style="width: 276pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2023<font style="font-weight: normal; padding-left: 1.5pt;"></font></div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.68pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 3.6pt; text-align: left;">$<font style="padding-left: 0.55pt;">11,066</font></div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 29.83pt; text-align: left;">$(1,885)</div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.02pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 3.26pt; text-align: left;">$<font style="padding-left: 5pt;">9,181 </font></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel additions<font style="padding-left: 2.97pt;"></font></div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.68pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.6pt; text-align: left;"><font style="padding-left: 5pt;">18,028</font></div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 29.83pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212;</font></div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.02pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.26pt; text-align: left;"><font style="padding-left: 5pt;">18,028 </font></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation<font style="padding-left: 1.86pt;"></font></div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.68pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.6pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 29.83pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(547</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.02pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.26pt; text-align: left;"><font style="padding-left: 14.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(547</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 276pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, September&#160;30, 2024<font style="font-weight: normal; padding-left: 3.72pt;"></font></div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.68pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 3.6pt; text-align: left;">$29,094</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 29.83pt; text-align: left;">$(2,432)</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 39.02pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 3.26pt; text-align: left;">$26,662</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 276pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 39.68pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 90.49pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.8pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 39.02pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On August&#160;2, 2024, Icon entered into an agreement with an unaffiliated third-party to acquire the M/V <font style="font-style: italic;">Bravo</font>, a Kamsarmax dry bulk carrier with a carrying capacity of approximately 81.448 dwt, built in Japan in 2007, for a purchase price of $17,573. The M/V <font style="font-style: italic;">Bravo</font> was delivered to the Company on September&#160;23, 2024. The vessel additions presented above relate to the purchase of M/V <font style="font-style: italic;">Bravo</font> and related costs, and to the installation of efficiency improvement equipment on the M/V <font style="font-style: italic;">Alfa</font> during her scheduled drydocking. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-9<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Deferred Drydocking Costs, net: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The movement in &#8220;Deferred drydocking costs, net&#8221;, between the periods presented in the accompanying unaudited interim consolidated balance sheets is analyzed as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 384pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 72.27pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 384pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.87pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 72.27pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Deferred drydocking <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">costs, net </div></td></tr><tr><td style="width: 384pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2023<font style="font-weight: normal; padding-left: 4.5pt;"></font></div></td><td style="width: 5.87pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.87pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 72.27pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 24.47pt; text-align: left;">$<font style="padding-left: 3.33pt;">340 </font></div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Additions<font style="padding-left: 2.06pt;"></font></div></td><td style="width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 72.27pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 24.47pt; text-align: left;"><font style="padding-left: 8.33pt;">904 </font></div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization / write-off<font style="padding-left: 3.39pt;"></font></div></td><td style="width: 5.87pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.87pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 72.27pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 24.47pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(380</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, September&#160;30, 2024<font style="font-weight: normal; padding-left: 1.72pt;"></font></div></td><td style="width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 72.27pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 24.47pt; text-align: left;">$<font style="padding-left: 3.33pt;">864</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 384pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.87pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 72.27pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On September&#160;2, 2024, the M/V <font style="font-style: italic;">Alfa</font> completed her scheduled drydocking, undergoing routine repairs and maintenance to ensure continued operational efficiency, safety, and compliance with class requirements. The additions presented above relate to the respective drydocking and special survey costs qualifying for deferral. Upon arrival of the M/V <font style="font-style: italic;">Alfa</font> at the shipyard for her scheduled drydocking, the unamortized balance of previously deferred drydocking costs was written off. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Commitments and Contingencies: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#8217;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim consolidated financial statements. The Company is member of a protection and indemnity association, or P&amp;I Club that is a member of the International Group of P&amp;I Clubs, which covers its third-party liabilities in connection with its shipping activities. Members of P&amp;I Clubs are typically subject to possible supplemental amounts or calls, payable to the P&amp;I Club based on its claim records as well as the claim records of all other members of the individual associations, and members of the International Group of P&amp;I Clubs. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company also accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim consolidated financial statements. The Company&#8217;s protection and indemnity insurance coverage for pollution is $1,000,000 per vessel per incident. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Commitments under long-term lease contracts </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The minimum contracted revenue expected to be recognized on the non-cancellable time charters of the vessels as of September 30, 2024, is estimated as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 10.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 10.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 27.99pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 420pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Year</div></td><td style="width: 10.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.01pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 27.99pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount </div></td></tr><tr><td style="width: 420pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2024<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 10.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 27.99pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.25pt; text-align: left;">$2,248 </div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2025<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 10.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.01pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 27.99pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.25pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,523 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td style="width: 10.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 10.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 27.99pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0.25pt; text-align: left;">$8,771</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 10.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 10.01pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 27.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The amount of minimum contracted revenue is estimated by reference to the contracted period and hire rate, net of charterers&#8217; commissions but before reduction for brokerage commissions and assuming no unforeseen off-hire days. For index-linked contracts, minimum contracted revenue is estimated by reference to the average of the relevant index during the 15 days preceding the calculation date. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-10<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Long-Term Debt: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The amount of long-term debt shown in the accompanying consolidated balance sheets of September&#160;30, 2024, is analyzed as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 384pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 68.05pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 384pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September&#160;30, 2024 </div></td></tr><tr><td style="width: 384pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total long-term debt<font style="font-weight: normal; padding-left: 1.89pt;"></font></div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;">$16,500 </div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less<font style="font-style: normal;">: Deferred financing costs</font><font style="font-style: normal; padding-left: 2.68pt;"></font></div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 14.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(294</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total long-term debt, net of deferred financing<font style="font-weight: normal;"> costs</font><font style="font-weight: normal; padding-left: 4.64pt;"></font></div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$16,206 </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current portion of long-term debt<font style="font-weight: normal; padding-left: 2.3pt;"></font></div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;">$<font style="padding-left: 5pt;">2,400 </font></div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less<font style="font-style: normal;">: Current portion of deferred financing costs</font><font style="font-style: normal; padding-left: 2.14pt;"></font></div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(91</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current portion of long-term debt, net of deferred financing costs<font style="font-weight: normal; padding-left: 4.49pt;"></font></div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,309 </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-current portion of long-term debt<font style="font-weight: normal; padding-left: 3.97pt;"></font></div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;">$14,100 </div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less<font style="font-style: normal;">: Non-current portion of deferred financing costs</font><font style="font-style: normal; padding-left: 3.82pt;"></font></div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="padding-left: 14.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(203</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-current portion of long-term debt, net of deferred financing costs<font style="font-weight: normal; padding-left: 1.16pt;"></font></div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.77pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$13,897</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 384pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 7.97pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 68.05pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On September&#160;16, 2024, Positano and Reef, as joint and several borrowers, and Maui, as guarantor, entered into a new term loan facility with a leading international financial institution for up to $91,500, consisting of a committed portion of up to $16,500 and an uncommitted upsize option of up to another $75,000. On September&#160;19, 2024, the entities borrowed the $16,500 committed portion in full, to finance part of the purchase price of the M/V <font style="font-style: italic;">Bravo</font> and to leverage the M/V <font style="font-style: italic;">Alfa</font>. The borrowed portion of the term loan facility is secured by, among other things, a first priority mortgage on the M/V <font style="font-style: italic;">Alpha</font> and the M/V <font style="font-style: italic;">Bravo</font>, an assignment of their earnings and insurances, a pledge of their earnings accounts, and a pledge of the equity interests of each of the subsidiaries owning the mortgaged vessels. The term loan facility contains restrictive covenants that may limit or restrict the Company&#8217;s ability to incur additional indebtedness, to make any substantial change to the nature of the Company&#8217;s business, to pay dividends, to sell the mortgaged vessels or change their management, and to effect a change of control, enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction or joint venture arrangement. It also contains certain financial covenants, requiring the Company to maintain minimum restricted cash deposits of $250,000 per&#160;mortgaged vessel, and a minimum &#8216;loan to mortgaged vessels value&#8217; ratio of 65%. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">During the nine-month period ended September&#160;30, 2024, the weighted average interest rate on the borrowed portion of the term loan facility was 9.2%, and the amount outstanding as of September&#160;30, 2024, is repayable as follows: </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 420pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Year</div></td><td style="width: 7.75pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount </div></td></tr><tr><td style="width: 420pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2024<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 12.5pt;">300 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2025<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,300 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">1,170 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,280 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">10,450 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$16,500</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The uncommitted upsize option of up to another $75,000 may be made available to the Company under the same term loan facility, in whole or in parts, to finance future vessel acquisitions. This portion of the term loan facility remains free of interest or other fees, and the Company is not obliged to borrow it, or any part thereof. The terms of borrowing this portion, or any part thereof, will be determined at the time it is requested. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Capital Structure: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Initial public offering<font style="font-style: normal; font-weight: normal;">. On July&#160;15, 2024, Icon successfully completed the initial public offering of 1,250,000&#160;of its common shares, at an offering price of $4.00 per share, for gross proceeds of approximately $5,000, before deducting underwriting discounts and offering expenses. Icon&#8217;s common shares began trading on the Nasdaq Capital Market on July&#160;12, 2024, under the symbol &#8220;ICON.&#8221; </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-11<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Transfer of shares to Maui<font style="font-style: normal; font-weight: normal;">. Maui was incorporated on October 27, 2022, under the laws of the Republic of Marshall Islands. On May 3, 2023, Maui entered a deed of transfer of shares with the shareholders of Positano by which all outstanding shares of Positano were transferred to Maui. The transaction was accounted for as described in note 1 &#8220;Basis of Presentation and General Information&#8221;. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exchange agreement with Icon<font style="font-style: normal; font-weight: normal;">. Icon was incorporated on August 30, 2023, under the laws of the Republic of the Marshall Islands. On June&#160;11, 2024, Icon acquired all of the outstanding shares of Maui in exchange for 15,000&#160;Series A Preferred Shares, 1,500,000 Series B Preferred Shares of Icon, and 200,000 common shares of Icon. The transaction was accounted for as described in note 1 &#8220;Basis of Presentation and General Information&#8221;. The main characteristics of the Series&#160;A Preferred Shares and the Series&#160;B Preferred Shares are as follows: </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Series&#160;A Preferred Shares are perpetual, non-redeemable, have no maturity date and rank senior to the Company&#8217;s common shares and Series&#160;B Preferred Shares, or upon sale of all or substantially all of the assets, property or business of the Company, or upon a change of control of the Company. Series&#160;A Preferred Shares have a stated amount of $1,000 each, and may, at the option of the holders but not in parts, be converted into common shares at any time commencing on July&#160;16, 2025 and until July&#160;15, 2032. The conversion price is equal to the lower of (i) $6.00 per common share, subject to certain anti-dilution adjustments and (ii) the volume weighted average price of the Company&#8217;s common shares over the five consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion. The holders of Series&#160;A Preferred Shares have no voting rights, subject to limited exceptions, and are entitled to receive biannual dividends, payable in cash or in kind or in a combination thereof, in the Company&#8217;s option, accruing at a dividend rate of 9.00% per annum, subject to adjustments in the events of non-payment or payment in kind. The holders of Series&#160;A Preferred Shares also have the right to participate, on an as-converted basis, in certain non-recurring dividends and distributions declared or made on common shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Series&#160;B Preferred Shares are perpetual, non-redeemable, not convertible into common shares, have no maturity date and rank <font style="font-style: italic;">pari-passu</font> with the Company&#8217;s common shares. Each Series&#160;B Preferred Share has the voting power of 1,000 common shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to adjustments to maintain a substantially identical voting interest in the Company following certain events. The holders of Series&#160;B Preferred Shares have no dividend or distribution rights, other than upon the Company&#8217;s liquidation, dissolution or winding up, in which event the holders of Series&#160;B Preferred Shares shall be entitled to receive a payment up to an amount equal to the par value per Series&#160;B Preferred Share. Also, if the Company declares or makes any dividend or other distribution of voting securities of a subsidiary to the holders of the Company&#8217;s common shares by way of a spin off or other similar transaction, then, in each such case, each holder of Series&#160;B Preferred Shares shall be entitled to receive preferred shares of the subsidiary whose voting securities are so distributed with at least substantially similar rights, preferences, privileges and voting powers, and limitations and restrictions as those of the Series&#160;B Preferred Shares. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">First Representative&#8217;s Warrant<font style="font-style: normal; font-weight: normal;">. On July&#160;15, 2024, in connection to the Company&#8217;s initial public offering, Icon issued to Maxim Group LLC, for acting as sole book-running manager, a warrant to purchase up to 80,000 common shares, in whole or in parts, at an exercise price of $4.40 per common share, subject to certain anti-dilution adjustments (the &#8220;First Representative&#8217;s Warrant&#8221;). If at the time of exercise of the First Representative&#8217;s Warrant there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of, the common shares issuable upon such exercise, then the First Representative&#8217;s Warrant may only be exercised, in whole or in part, by means of a cashless exercise in which case, the holder shall be entitled to receive a number of common shares equal to the difference between the applicable spot price per common share of the Company (as determined in the First Representative&#8217;s Warrant) and the exercise price then in effect, multiplied by the number of common shares that would be issuable upon a cash exercise, divided by the applicable spot price per&#160;common share of the Company (as determined in the First Representative&#8217;s Warrant). The First Representative&#8217;s Warrant is exercisable on or after January&#160;11, 2025, and expires on July&#160;11, 2027, and does not entitle its holder to any voting rights, dividends or other rights as a shareholder of the Company prior to its exercise. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company recorded the First Representative&#8217;s Warrant at fair value of $22, which was determined by using the binomial option pricing model. The accounting of the First Representative&#8217;s Warrant was assessed in accordance with its policy for distinguishing liabilities from equity (see note 2 &#8220;significant accounting policies and recent accounting pronouncements&#8221;) and determined that classification as equity is appropriate and that no features required </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-12<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">bifurcation. In addition, since the First Representative&#8217;s Warrant was issued to Maxim Group LLC for its services in connection with the Company&#8217;s initial public offering, the Company also considered the provisions of ASC 718 &#8220;Compensation-Stock Compensation&#8221; and the cost of the First Representative&#8217;s Warrant was classified within shareholders&#8217; equity, against the respective offering proceeds. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Distributions<font style="font-style: normal; font-weight: normal;">. Dividends distributed to the Company&#8217;s common shareholders during the nine-month periods ended September&#160;30, 2024 and 2023, amounted to $116 and $3,307, respectively. In addition, on April&#160;1, 2024, the Company approved the return of an amount of $3,000 of additional paid-in capital, which was paid on May&#160;13, 2024. As this return of additional paid-in capital was made after December&#160;31, 2023, but prior to the Company&#8217;s initial public offering, it has been given retroactive effect in the accompanying consolidated balance sheet as of December&#160;31, 2023. </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Earnings per common share: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">All common shares issued have equal rights and participate in dividends. Profit or loss attributable to common equity holders is adjusted by the contractual amount of dividends on Series&#160;A Preferred Shares. Diluted earnings per&#160;common share, if applicable, reflect the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional shares that would then share in the Company&#8217;s net income. As of September&#160;30, 2024, and during the nine-month period then ended, the effect of the outstanding First Representative&#8217;s Warrant and Series&#160;A Preferred Shares (see note 8 &#8220;capital structure&#8221;), would be antidilutive, hence they were excluded from the computation of diluted earnings per common share: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 101.44pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 101.44pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nine-month period ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September&#160;30,</div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024</div></td><td style="width: 9.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023 </div></td></tr><tr><td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income<font style="padding-left: 3.3pt;"></font></div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.97pt; text-align: left;">$<font style="padding-left: 17.5pt;">562</font></div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.97pt; text-align: left;">$<font style="padding-left: 17.5pt;">752 </font></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued dividends on Series&#160;A Preferred Shares<font style="padding-left: 3.37pt;"></font></div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.97pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(526</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.97pt; text-align: left;"><font style="padding-left: 27.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 348pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income attributable to common shareholders<font style="font-weight: normal; padding-left: 2.43pt;"></font></div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.97pt; text-align: left;">$<font style="padding-left: 22.5pt;">36</font></div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.97pt; text-align: left;">$<font style="padding-left: 17.5pt;">752 </font></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted average number of common shares, basic and diluted<font style="padding-left: 0.57pt;"></font></div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.97pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">555,839</font></div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.97pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">200,000 </font></div></td></tr><tr><td style="width: 348pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Earnings per common share, basic and diluted<font style="font-weight: normal; padding-left: 2.3pt;"></font></div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.97pt; text-align: left;">$<font style="padding-left: 15pt;">0.06</font></div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 41.43pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.97pt; text-align: left;">$<font style="padding-left: 15pt;">3.76</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 9.29pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 41.43pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">10.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Financial Instruments and Fair Value Disclosures: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Credit risk. <font style="font-style: normal; font-weight: normal;">Financial instruments which potentially subject the Company to significant concentrations of credit risk, consist principally of trade receivables, amounts due from the manager, and cash and cash equivalents. The Company limits its credit risk by performing ongoing credit evaluations of its counterparties&#8217; financial condition and by collecting its trade receivables mainly in advance. The Company generally does not require collateral for its trade receivables, but when considered necessary it may pursue additional securities and guarantees from its customers. Also, the Company places its cash and cash equivalents with established financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fair value. <font style="font-style: normal; font-weight: normal;">The carrying values of the Company&#8217;s trade receivables, amounts due from/to the manager, accounts payable, and accrued liabilities, approximate their respective fair values due to the short-term nature of these financial instruments. Cash, cash equivalents and restricted cash are considered as Level&#160;1 items in accordance with the fair value hierarchy. The recorded value of the Company&#8217;s long-term debt is a reasonable estimate of its fair value as it bears interest at a variable rate based on SOFR, which is observable at commonly quoted intervals for the full term of the long-term debt. Therefore, long-term debt is considered as a Level&#160;2 item in accordance with the fair value hierarchy. </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">11.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Taxes: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Marshall Islands tax considerations. <font style="font-style: normal; font-weight: normal;">Icon, Maui, Reef and Positano are incorporated under the laws of the Republic of Marshall Islands and are not subject to income taxes in the Republic of Marshall Islands. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Taxation on United States Source Income. <font style="font-style: normal; font-weight: normal;">Pursuant to &#167; 883 of the Internal Revenue Code of the United States (the &#8220;Code&#8221;), U.S. source income from the international operation of ships is generally exempt from U.S. Federal income tax on such income if the company meets the following requirements: (a) the company is organized in a foreign country that grants an equivalent exception to corporations organized in the U. S. and (b) either (i) more than </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-13<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_202-finnotes01_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">50 percent of the value of the company&#8217;s stock is owned, directly or indirectly, by individuals who are &#8220;residents&#8221; of the company&#8217;s country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized in the U.S. (the &#8220;50% Ownership Test&#8221;) or (ii) the company&#8217;s stock is &#8220;primarily and regularly traded on an established securities market&#8221; in its country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to U.S. corporations, or in the U.S. (the &#8220;Publicly-Traded Test&#8221;). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The jurisdictions where the Company and its subsidiaries are incorporated grant an equivalent exemption to United States corporations. The Company believes that it will satisfy the 50% Ownership Test for the 2024 taxable year and expects to satisfy the substantiation and reporting requirements to claim the respective benefits. Therefore, the Company intends to take the position that it is exempt from U.S. federal income tax under Section&#160;883 of the Code during the 2024 taxable year. However, there can be no assurance that the Company will continue to satisfy the requirements of the 50% Ownership Test in future taxable years. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">12.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Accounts Payable: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Accounts payable consist of amounts owed to vendors for goods and services procured in the ordinary course of business, including voyage expenses, vessel operating expenses, drydocking and other operational costs or capital expenditures. The accounts payable presented in the accompanying unaudited interim consolidated balance sheets are analyzed as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 312pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 68.05pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">September&#160;30, 2024</div></td><td style="width: 5.53pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2023 </div></td></tr><tr><td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Insurances<font style="padding-left: 1.75pt;"></font></div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.28pt; text-align: left;">$<font style="padding-left: 7.5pt;">198</font></div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 25.41pt; text-align: left;">$&#8212; </div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Issuance costs<font style="padding-left: 1.76pt;"></font></div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.28pt; text-align: left;"><font style="padding-left: 12.5pt;">419</font></div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 25.41pt; text-align: left;"><font style="padding-left: 5pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Repairs<font style="padding-left: 3.96pt;"></font></div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.28pt; text-align: left;"><font style="padding-left: 12.5pt;">299</font></div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 25.41pt; text-align: left;"><font style="padding-left: 5pt;">&#8212; </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other supplies<font style="padding-left: 0.63pt;"></font></div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.28pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">414</font></div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 25.41pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">85 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 2.64pt;"></font></div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 68.05pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 20.28pt; text-align: left;">$1,330</div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 25.41pt; text-align: left;">$85</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 68.05pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 5.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">13.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Subsequent Events: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Dividend<font style="font-style: normal; font-weight: normal;">. On November&#160;11, 2024, Icon declared a cash dividend of $0.085 per common share for the third&#160;quarter of the year, which was paid on December&#160;27, 2024. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-14<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_203-fintab02_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tRIR"><!--Anchor--></a>Report of Independent Registered Public Accounting Firm </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To the Shareholders and the Board of Directors of Icon Energy Corp. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Opinion on the Financial Statements </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We have audited the accompanying consolidated balance sheets of Icon Energy Corp. (the &#8220;Company&#8221;) as of December&#160;31, 2023 and 2022, the related consolidated statements of income, changes in shareholders' equity and cash flows for the years then ended, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December&#160;31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles. </div><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Basis for Opinion </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8195;<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">We have served as the Company&#8217;s auditor since 2023. <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8195;<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Athens, Greece <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">May&#160;14, 2024 <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">(except as to Notes 1, 2, 7, 9 and 12 as to which the date is June&#160;12, 2024) </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-15<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_203-fintab02_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCBSD"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2023 AND 2022 <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Expressed in thousands of U.S. dollars&#8212;except for share data) </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 19.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2023</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2022 </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets<br></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current assets<br></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents<font style="padding-left: 2.77pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;">$<font style="padding-left: 5pt;">2,702</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;">$<font style="padding-left: 5pt;">3,551 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Trade receivables<font style="padding-left: 4.22pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.87pt;">117 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Due from manager<font style="padding-left: 3.32pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">207</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">168 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Inventories<font style="padding-left: 0.52pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">57</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">134 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Prepayments and advances<font style="padding-left: 1.1pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">43 </font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">44 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other current assets<font style="padding-left: 4.44pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">13</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">25</font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total current assets<font style="font-weight: normal; padding-left: 0.53pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,022</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,039 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-current assets<br></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel, net<font style="padding-left: 1.91pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">4</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt;">9,181</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt;">9,861 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Advances for vessel improvements <font style="padding-left: 4.45pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">4</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">22</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred drydocking costs, net<font style="padding-left: 4.72pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">5</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">340 </font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">697 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred issuance costs<font style="padding-left: 4.45pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">317</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total non-current assets<font style="font-weight: normal; padding-left: 1.09pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">9,860</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$10,558 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total assets<font style="font-weight: normal; padding-left: 0.88pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,882</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$14,597 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities and shareholders&#8217; equity<br></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Current liabilities<br></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Due to manager<font style="padding-left: 4.97pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 27.5pt;">9</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounts payable<font style="padding-left: 3.31pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">85 </font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">179 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred revenue<font style="padding-left: 4.99pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">247 </font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued liabilities<font style="padding-left: 1.09pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt;">372</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">97</font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Distributions payable<font style="padding-left: 3.86pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;">12</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,000</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total current liabilities<font style="font-weight: normal; padding-left: 1.07pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,713</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">276</font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-current liabilities<font style="padding-left: 1.09pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total liabilities<font style="font-weight: normal; padding-left: 1.43pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,713 </font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">276 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Commitments and contingencies<font style="padding-left: 2.75pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">6</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholders&#8217; equity<br></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common shares: authorized 750,000,000 shares with $0.001 par value, 200,000 shares issued and outstanding as of December&#160;31, 2023 and 2022<font style="padding-left: 4.4pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Preferred shares: authorized 250,000,000 shares with $0.001 par value, 15,000 Series&#160;A Preferred Shares and 1,500,000 Series&#160;B Preferred Shares issued and outstanding as of December&#160;31, 2023 and 2022<font style="padding-left: 2.73pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 27.5pt;">2</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 27.5pt;">2 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Additional paid-in capital<font style="padding-left: 1.09pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.54pt; text-align: left;"><font style="padding-left: 5pt;">7</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt;">8,590</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 5.37pt;">11,590 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Retained earnings<font style="padding-left: 2.75pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">577</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,729 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total shareholders&#8217; equity<font style="font-weight: normal; padding-left: 2.93pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">9,169</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$14,321 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total shareholders&#8217; equity and liabilities<font style="font-weight: normal; padding-left: 1.27pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,882</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 16.66pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$14,597</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these consolidated financial statements. <br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-16<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_203-fintab02_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCSID"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">2023 AND 2022 <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Expressed in thousands of U.S. dollars&#8212;except for share data) </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468.73pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 300pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 19.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 300pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2023</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2022 </div></td></tr><tr><td style="width: 300pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Revenue, net<font style="padding-left: 4.46pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$<font style="padding-left: 17.5pt;">4,476</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;">$<font style="padding-left: 10pt;">7,241 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Voyage expenses, net<font style="padding-left: 0.22pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 26.67pt;">(162)</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 19.17pt;">(270) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel operating expenses<font style="padding-left: 1.44pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 19.17pt;">(1,880)</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 11.67pt;">(1,786) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Management fees<font style="padding-left: 0.87pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 26.67pt;">(274)</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 19.17pt;">(274) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative expenses<font style="padding-left: 3.12pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">8</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 31.67pt;">(18)</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 24.17pt;">(12) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other operating income<font style="padding-left: 0.87pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">2</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 35pt;">&#8212;</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 22.5pt;">359 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation expense<font style="padding-left: 0.32pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">4</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 26.67pt;">(680)</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 19.17pt;">(680) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of deferred drydocking costs<font style="padding-left: 3.68pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">5</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 26.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(357</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(360</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating Profit<font style="font-weight: normal; padding-left: 0.48pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$<font style="padding-left: 17.5pt;">1,105</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 14.16pt; text-align: left;">$<font style="padding-left: 10pt;">4,218 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Finance costs<font style="padding-left: 2.52pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 36.67pt;">(3)</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 29.17pt;">(3) </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income<font style="padding-left: 4.75pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 35pt;">56</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 27.5pt;">13 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other (costs)/income, net<font style="padding-left: 4.49pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 36.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 27.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">14 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net Income<font style="font-weight: normal; padding-left: 2.53pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,155</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 10pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,242</font></div></td></tr><tr><td style="width: 300pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Earnings per common share, basic and diluted<font style="font-weight: normal; padding-left: 4.3pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;"><font style="padding-left: 5pt;">9</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$<font style="padding-left: 22.5pt;">5.78</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;">$<font style="padding-left: 10pt;">21.21 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted average number of shares, basic and diluted<font style="font-weight: normal; padding-left: 0.98pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; 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background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 5pt;">200,000 </font></div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Pro forma earnings per common share, basic and diluted<font style="font-weight: normal; padding-left: 3.4pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;">12</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;">$<font style="padding-left: 22.5pt;">0.94</font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 300pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Pro forma weighted average number of shares, basic and diluted<font style="font-weight: normal; padding-left: 0.09pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.55pt; text-align: left;">12</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.41pt; text-align: left;"><font style="padding-left: 5pt;">1,230,400</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 300pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these consolidated financial statements. <br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-17<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_203-fintab02_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCSSE"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Expressed in thousands of U.S. dollars&#8212;except for share data) </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 204pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 66.82pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 59.32pt;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 36.45pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 31.12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 204pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 66.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Preferred Shares</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 59.32pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Shares</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td></tr><tr class="BRDSX_header"><td style="width: 204pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">No. of<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Par<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Value</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">No. of<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Par<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Value</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Additional<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Paid in<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Capital</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Retained<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Earnings</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr><td style="width: 204pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of January&#160;1, 2022<font style="font-weight: normal; padding-left: 0.7pt;"></font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,515,000</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">200,000</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">11,590</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,125</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,717 </font></div></td></tr><tr><td style="width: 204pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income for the period<font style="padding-left: 4.88pt;"></font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 16.95pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 3.33pt;">4,242</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">4,242 </font></div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividends paid (Note&#160;7)<font style="padding-left: 2.09pt;"></font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 16.95pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,638</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,638</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 204pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of December&#160;31, 2022<font style="font-weight: normal; padding-left: 3.13pt;"></font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,515,000</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">200,000</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">11,590</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,729</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$14,321 </font></div></td></tr><tr><td style="width: 204pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash contributions from shareholders (Note&#160;7)<font style="padding-left: 1.02pt;"></font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 11.95pt;">700</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 15.83pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">700 </font></div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income for the period<font style="padding-left: 4.88pt;"></font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 16.95pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 3.33pt;">1,155</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">1,155 </font></div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return of additional paid-in capital (Note&#160;7)<font style="padding-left: 4.9pt;"></font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 8.62pt;">(700)</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 15.83pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 14.17pt;">(700) </font></div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividends paid (Note&#160;7) <font style="padding-left: 3.76pt;"></font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;">&#8212;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 16.95pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.64pt; text-align: left;">(3,307)</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 6.67pt;">(3,307) </font></div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return of additional paid-in capital (Note&#160;12)<font style="padding-left: 4.9pt;"></font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 1.12pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,000</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 15.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,000</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 204pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of December&#160;31, 2023<font style="font-weight: normal; padding-left: 3.13pt;"></font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 40pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">1,515,000</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">200,000</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.63pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">&#8212;</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 4.75pt; text-align: left;"><font style="padding-left: 4.45pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">8,590</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 31.12pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.64pt; text-align: left;"><font style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">577</font></div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</font><font style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,169</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 204pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 40pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.26pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.26pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 36.45pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 31.12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3.78pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these consolidated financial statements. <br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-18<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_203-fintab02_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCSCF"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Expressed in thousands of U.S. dollars&#8212;except for share data) </font></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 19.1pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Notes</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2023</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2022 </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from operating activities<br></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net Income<font style="padding-left: 2.74pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;">$<font style="padding-left: 3.33pt;">1,155</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;">$<font style="padding-left: 3.33pt;">4,242 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Adjustments to reconcile net income to net cash provided by operating activities<br></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation expense<font style="padding-left: 3.32pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">4</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 15.83pt;">680</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 15.83pt;">680 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Amortization of deferred drydocking costs<font style="padding-left: 1.68pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">5</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 15.83pt;">357</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 15.83pt;">360</font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(Increase)/decrease in:<br></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Trade receivables<font style="padding-left: 4.22pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 16.2pt;">117</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 17.5pt;">(74) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Due from manager<font style="padding-left: 3.32pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">3</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 17.5pt;">(39)</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 15.83pt;">182 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Inventories<font style="padding-left: 0.52pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 20.83pt;">77</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 17.5pt;">(79) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Prepayments and advances<font style="padding-left: 1.1pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 25.83pt;">1</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 20.83pt;">13 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other current assets<font style="padding-left: 4.44pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 20.83pt;">12</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 20.83pt;">17 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Increase/(decrease) in:<br></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Due to manager<font style="padding-left: 4.97pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 25.83pt;">9</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Accounts payable<font style="padding-left: 3.31pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 17.5pt;">(94)</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 12.5pt;">(608) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Deferred revenue<font style="padding-left: 4.99pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 15.83pt;">247</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 12.5pt;">(209) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Accrued liabilities<font style="padding-left: 1.09pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 17.5pt;">(17)</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 17.5pt;">(79) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Payments for drydocking<font style="padding-left: 2.75pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">5</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(456</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash provided by operating activities<font style="font-weight: normal; padding-left: 2.41pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,505</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,989 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from investing activities<br></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vessel acquisitions and improvements<font style="padding-left: 0.55pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">4</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(22</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(225</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash used in investing activities<font style="font-weight: normal; padding-left: 1.12pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(22</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(225</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash flows from financing activities<br></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash contributions from shareholders<font style="padding-left: 2.78pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.04pt; text-align: left;">7</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 15.83pt;">700</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Return of additional paid-in capital<font style="padding-left: 1.66pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; 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padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 20.83pt;">&#8212; </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividends paid<font style="padding-left: 3.85pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; 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padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 5pt;">(2,638) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred issuance costs<font style="padding-left: 4.45pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(25</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net cash used in financing activities<font style="font-weight: normal; padding-left: 4.45pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$(3,332</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$(2,638</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net (decrease) / increase in cash and cash equivalents<font style="font-weight: normal; padding-left: 2.63pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.49pt; text-align: left;">$<font style="padding-left: 7.5pt;">(849)</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.5pt; text-align: left;">$<font style="padding-left: 3.33pt;">1,126 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents at the beginning of the period<font style="padding-left: 2.26pt;"></font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,551</font></div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,425 </font></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents at the end of the period<font style="font-weight: normal; padding-left: 3.91pt;"></font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 19.1pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.49pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,702</font></div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 17.5pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 3.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,551</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 19.1pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.88pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 65.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0.5pt; margin-left: 0pt; text-align: left;"> </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">The accompanying notes are an integral part of these consolidated financial statements. <br></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-19<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tNCFS"><!--Anchor--></a>ICON ENERGY CORP. <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Expressed in thousands of U.S. dollars&#8212;except for share data) </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Basis of Presentation and General Information: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The accompanying consolidated financial statements include the accounts of Icon Energy Corp. (&#8220;Icon&#8221;), Maui Shipping Co. (&#8220;Maui&#8221;) and Positano Marine Inc. (&#8220;Positano&#8221;) (collectively the &#8220;Company&#8221;). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of the M/V <font style="font-style: italic;">Alfa</font>, a 77,326 DWT, 2006 built, Panamax, drybulk vessel (the &#8220;Vessel&#8221;). Overall responsibility for the business of the Company rests with the board of directors, who has organized the provision of management services through Pavimar Shipping Co. (&#8220;Pavimar&#8221;), a ship management company controlled by the Company&#8217;s Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, under the terms of a management agreement between the Company and Pavimar which became effective on January&#160;18, 2024. Until that management agreement became effective, management services were provided by Pavimar S.A., a ship management company also controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. Please refer to Note&#160;3 &#8220;Transactions with Related Parties&#8221;. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Icon was incorporated on August&#160;30, 2023, under the laws of the Republic of the Marshall Islands and is controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. On June&#160;11, 2024, Icon acquired all of the outstanding shares of Maui in exchange for 15,000 Series&#160;A Cumulative Convertible Perpetual Preferred Shares (the &#8220;Series&#160;A Preferred Shares&#8221;), 1,500,000 Series&#160;B Perpetual Preferred Shares (the &#8220;Series&#160;B Preferred Shares&#8221;), and 200,000 common shares of Icon, pursuant to an exchange agreement dated June&#160;11, 2024 (the &#8220;Exchange Agreement&#8221;). Maui was incorporated on October&#160;27, 2022, under the laws of the Republic of Marshall Islands. On May&#160;3, 2023, Maui entered a deed of transfer of shares with the shareholders of Positano by which all outstanding shares of Positano were transferred to Maui. Positano was incorporated on February&#160;1, 2021, under the laws of the Republic of Marshall Islands. Positano is the owning company of the Vessel, which was acquired on March&#160;5, 2021. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The transactions described above were treated as reorganizations of companies under common control and have been accounted for in a manner similar to the pooling of interests method, as each entity was controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. Accordingly, the Company&#8217;s consolidated financial statements have been presented, giving retroactive effect to the transactions described above, using historical carrying values of the assets and liabilities of Maui and Positano. The Company&#8217;s consolidated statements of income present the results of operations for the period in which the transfers occurred as though the transfers of shares and exchange of equity interests had occurred on the date Positano was incorporated and as if Positano and Maui were from their date of incorporation consolidated subsidiaries of the Company. Results of operations and cash flows during the years ended December&#160;31, 2023 and 2022, comprise those of the previously separate entities consolidated. The equity accounts of the entities are combined and the difference between the consideration paid and the net assets acquired is reflected as an equity transaction and has been given retroactive effect as of the earliest period presented. Please refer to Note&#160;12 &#8220;Subsequent Events&#8221;. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the fourth quarter of 2023, the Company commenced preparations for the initial public offering of 1,250,000 of its common shares in the United States, under the United States Securities Act of 1933, as amended. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Significant Accounting Policies and Recent Accounting Pronouncements: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Principles of consolidation<font style="font-style: normal; font-weight: normal;">. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the U.S.&#160;Securities and Exchange Commission (the &#8220;SEC&#8221;). The consolidated financial statements include the accounts of Icon, Maui and Positano and have been prepared on the basis described in Note&#160;1 &#8220;Basis of presentation and general information&#8221; above. All intercompany balances and transactions have been eliminated upon consolidation. Icon, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standard Codification (&#8220;ASC&#8221;) 810 &#8220;Consolidation&#8221;, a voting interest entity is an entity in which the total equity investment at risk is deemed sufficient to absorb the expected losses of the entity, the equity holders have all the characteristics of a controlling financial interest and the legal entity is structured with substantive voting rights. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities (&#8220;VIE&#8221;) are </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-20<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">entities, as defined under ASC 810, that in general either have equity investors with non-substantive voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The holding company has a controlling financial interest in a VIE and is, therefore, the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the VIE&#8217;s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. A VIE should have only one primary beneficiary which is required to consolidate the VIE. A VIE may not have a primary beneficiary if no party meets the criteria described above. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it is the primary beneficiary, and would therefore be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Use of estimates<font style="font-style: normal; font-weight: normal;">. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives and residual values for tangible assets, expected future cash flows from long-lived assets, and changes in environmental and other regulations, to support impairment tests, provisions necessary for accounts receivable, provisions for legal&#160;disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Other comprehensive income<font style="font-style: normal; font-weight: normal;">. The Company follows the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders&#8217; equity. The Company has no other comprehensive income/(loss) items and, accordingly, comprehensive income equals net income for the periods presented. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Foreign currency translation<font style="font-style: normal; font-weight: normal;">. The Company&#8217;s reporting and functional currency is the U.S. Dollar (&#8220;USD&#8221;). Transactions incurred in other currencies are translated into USD using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated into USD to reflect the end-of-period exchange rates. Any gains or losses from foreign currency translation into USD at the balance sheet date, as well as, differences in exchange rates between each foreign currency transaction date and its settlement date, are included in &#8220;other income, net&#8221; in the consolidated statements of income. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Cash and cash equivalents<font style="font-style: normal; font-weight: normal;">. The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash from time to time may consist of cash on hand and cash deposits held on call with banks. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Trade receivables<font style="font-style: normal; font-weight: normal;">. The amount shown as trade receivables, at each balance sheet date, includes receivables from charterers for hire and other potential sources of income (such as ballast bonus compensation and/or holds cleaning compensation, etc.) under the Company&#8217;s charter contracts, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. There were no doubtful accounts as of December&#160;31, 2023 and 2022. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Inventories<font style="font-style: normal; font-weight: normal;">. Inventories consist of bunkers (when applicable), lubricants and provisions on board each vessel. Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price less reasonably predictable costs of disposal and transportation. Cost is determined by the first in, first out method. Inventories include bunkers during periods when vessels are unemployed, undergoing drydocking or special survey or under voyage charters. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel, net<font style="font-style: normal; font-weight: normal;">. Vessel, net is stated at cost net of accumulated depreciation and impairment, if any. The cost of a vessel consists of the contract price plus any direct expenses incurred upon acquisition, including improvements, delivery expenses and other expenditures to prepare the vessel for its intended use which is to provide worldwide transportation services for dry bulk commodities. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of a vessel; otherwise these amounts are expensed as incurred. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Vessel&#8217;s depreciation<font style="font-style: normal; font-weight: normal;">. Depreciation is computed using the straight-line method over the estimated useful life of a vessel, after considering the estimated salvage value. Each vessel&#8217;s salvage value is equal to the product of its </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-21<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">lightweight tonnage and estimated scrap rate. Salvage values are periodically reviewed and revised, if needed, to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage value affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods. Management estimates the useful life of the Company&#8217;s vessel to be 25 years from the date of her initial delivery from the shipyard. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Impairment of long-lived assets<font style="font-style: normal; font-weight: normal;">. The Company reviews its vessel for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When the estimate of future undiscounted cash flows expected to be generated by the use of a vessel is less than its carrying amount, the Company evaluates the vessel for an impairment loss. Measurement of the impairment loss is based on the fair value of the vessel in comparison to her carrying value, including unamortized deferred drydocking costs and any related intangible assets. In this respect, management regularly reviews the carrying amount of its vessels in connection with their estimated recoverable amount. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For the years ended December&#160;31, 2023 and 2022, the management of the Company after considering various indicators, including but not limited to the market price of its long-lived assets, its contracted revenues, expected cash flows and the economic outlook, concluded that no impairment indicators were present and therefore no further analysis should be performed on the long-lived assets of the Company. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Although management believes the underlying indicators supporting this conclusion are reasonable, if the circumstances associated with the long-lived assets change or significant events occur that would affect the recoverability of the carrying amount of our long-lived assets, management may be required to perform impairment analysis that could expose the Company to material charges in the future. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Drydocking and special survey costs<font style="font-style: normal; font-weight: normal;">. The Company&#8217;s vessel is subject to regularly scheduled drydocking and special surveys which are carried out every 30 or 60 months to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. Drydocking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works as well as lodging and subsistence of personnel sent to the yard site to supervise. If a drydock and/or a special survey is performed prior to its scheduled date, any remaining unamortized balance from previous events is immediately expensed. Unamortized balances of vessels that are sold are also written-off and included in the calculation of the resulting gain or loss in the period of a vessel&#8217;s sale. The amortization charge related to drydocking and special survey costs is presented in &#8220;amortization of deferred drydocking costs&#8221; in the accompanying consolidated statements of income. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Issuance costs<font style="font-style: normal; font-weight: normal;">. Incremental costs directly attributable to a proposed or actual offering of securities are deferred and charged against the gross proceeds of that offering. Such costs include underwriting, legal, accounting and advisory fees, printing, marketing and distribution costs, listing fees, transfer agent fees, regulatory compliance costs, insurance, and other incremental costs incurred in conjunction with a particular offering. Deferred issuance costs relating to aborted offerings are immediately expensed. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Repairs and maintenance<font style="font-style: normal; font-weight: normal;">. All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in &#8220;Vessel operating expenses&#8221; in the accompanying consolidated statements of income. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Revenues, voyage expenses and deferred revenue<font style="font-style: normal; font-weight: normal;">. Revenues are primarily generated from time charter agreements. Time charter agreements contain a lease when they meet the criteria of a lease under ASC 842 and are accounted for as operating leases. All time charter agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time-charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for cargo hold cleanings, extra insurance premiums for navigating in high-risk areas and any damages caused by such charterer. Additionally, the charterer pays directly, or reimburses the Company, for substantially all port and canal dues, as well as for bunkers consumed during the term of the time charter. If not paid directly, or reimbursed, by the Charterers, such costs are included in &#8220;voyage expenses, net&#8221;. Additionally, the owner pays commissions on the daily hire, to both the charterer and the brokers. Brokers&#8217; commissions are direct costs and are recorded in &#8220;voyage expenses, net&#8221;, whereas commissions to charterers are deducted from revenue. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-22<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Under a time-charter agreement, the owner provides services related to the operation and the maintenance of the vessel, including crew, spares and repairs, which are recognized in &#8220;vessel operating expenses&#8221;. Time charter revenues are recognized over the term of the charter as service is performed, when they become fixed and determinable. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company, as lessor, has elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel), as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the lease of the vessel rather than to the services provided under the time charter contracts. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, including any deferred revenue resulting from charter agreements providing for varying annual rates, which are accounted for on a straight-line basis. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">For the years ended December&#160;31, 2023 and 2022, all of the Company&#8217;s revenue derived from lease contracts where the Company is a lessor. During the same periods, the Company&#8217;s major charterers that individually accounted for more than 10% of the Company&#8217;s revenue, were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 152pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 152pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 152pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 152pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Charterer</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2023<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">% of Company&#8217;s revenue</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2022<br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">% of Company&#8217;s revenue </div></td></tr><tr><td style="width: 152pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">A</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 68.5pt; text-align: left;"><font style="padding-left: 5pt;">&#8212;</font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 71pt; text-align: left;">30% </div></td></tr><tr><td style="width: 152pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">B</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 68.5pt; text-align: left;">100%</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 152pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 71pt; text-align: left;">70%</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 152pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 152pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 152pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Voyage expenses primarily consist of bunker fuel consumption, port dues, canal tolls, brokerage commissions, and other expenses directly associated to the performance of a particular charter. Voyage expenses mainly arise from voyage charters, or when a vessel is repositioning or unemployed. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Furthermore, in time charters, bunker fuel on commencement of the charter is sold to charterers and then repurchased on completion. This may result in gains or losses equal to the difference between the book value of bunker fuel and the value for which such bunker fuel is sold to charterers. These gains or losses, if any, are reported within &#8220;other operating income&#8221;. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company made an accounting policy election not to recognize as &#8220;contract fulfillment costs&#8221; the costs incurred between the charter party date (or, if later, the date the vessel was redelivered from her preceding charter) and the delivery date to the charterer. Such costs mainly relate to bunker fuel consumption and occasionally port dues and canal tolls, and are recognized as incurred in &#8220;voyage expenses&#8221;. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Accounting for financial instruments<font style="font-style: normal; font-weight: normal;">. The principal financial assets of the Company consist of cash and cash equivalents, amounts due from related parties and trade receivables. The principal financial liabilities of the Company consist of accounts payable and accrued liabilities. The particular recognition methods applicable to each class of financial instrument are disclosed in the relevant significant policy description of each item, or clarified below as applicable. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Earnings per common share<font style="font-style: normal; font-weight: normal;">. Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per common share are computed using the &#8216;if converted&#8217; method to reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Preferred Shares<font style="font-style: normal; font-weight: normal;">. The Company follows the provisions of ASC 480 &#8220;Distinguishing Liabilities from Equity&#8221; to determine the classification of certain freestanding financial instruments as equity or liabilities. In its assessment, the Company identifies certain embedded features, such as conversion, voting and dividend rights, and examines whether these fall under the definition of a derivative pursuant to ASC 815 &#8220;Derivatives and Hedging&#8221; and whether those features require bifurcation or affect classification. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In case the preferred shares become mandatorily redeemable, or must be redeemed upon or after an event that becomes certain to occur, the Company reclassifies from equity to liability at fair value and the difference between that fair value and the carrying value of the shares being reclassified is treated as a deemed dividend and charged to net income available to common shareholders. In such an event, the Company also follows the guidance in </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-23<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">ASC&#160;260-10-S99-2 which requires entities to adjust the numerator in the calculation of earnings per common share for the difference between the fair value of the consideration transferred to the holders of the preferred shares and the carrying amount of the preferred shares redeemed or otherwise considered extinguished. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fair value measurements<font style="font-style: normal; font-weight: normal;">. The Company follows the provisions of ASC 820, &#8220;Fair Value Measurements and Disclosures&#8221; which defines, and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level&#160;1) to quoted prices in active markets and the lowest priority (Level&#160;3) to unobservable data, for example, the reporting entity&#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Commitments and contingencies<font style="font-style: normal; font-weight: normal;">. Commitments are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Emerging growth company<font style="font-style: normal; font-weight: normal;">. The Company is an &#8220;emerging growth company,&#8221; as defined in the Jumpstart Our Business Startups Act of 2012, or JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley Act of 2002, and reduced disclosure obligations. Further, the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with such new or revised financial accounting standards. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected to opt out of such extended transition period and will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Recent Accounting Pronouncements<font style="font-style: normal; font-weight: normal;">. There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company&#8217;s consolidated financial statements in the current or any future periods. </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Transactions with Related Parties: </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Pavimar S.A. &#8211; Ship management agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company&#8217;s board of directors has organized the provision of management services through Pavimar S.A., a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Greek Law 27 of 1975. Pavimar S.A. is controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. Pursuant to the management agreement dated February&#160;1, 2021, as amended on December&#160;29, 2021, between the Company and Pavimar S.A., Pavimar S.A. provided the Company with vessel commercial and technical management services including, but not limited to, post-fixture support, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. In exchange for these services, Pavimar S.A. is entitled to a daily management fee of $0.75 per vessel. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Total management fees charged by Pavimar S.A. for the years ended December&#160;31, 2023 and 2022, amounted to $274 and $274, respectively. These amounts are included in &#8220;Management fees&#8221; in the accompanying consolidated statements of income. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Further, to enable Pavimar S.A. to make payments relating to vessel operating expenses on behalf of the Company, the Company made monthly working capital advances to Pavimar S.A. Occasional and extraordinary </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-24<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">funding needs, including those in relation to drydockings, were covered upon request or reimbursed at cost. The outstanding balance due from Pavimar S.A. was $207 and $168 as of December&#160;31, 2023, and December&#160;31, 2022, respectively. These amounts are reflected in &#8220;Due from manager&#8221; in the accompanying consolidated balance sheets. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the event of termination of the management agreement for any reason other than Pavimar S.A.&#8217;s default, or if the Vessel is lost, sold or otherwise disposed of, the management fee payable to Pavimar S.A. shall continue to be payable for a further period of three calendar months as from the termination date. Pavimar S.A. shall be under no liability whatsoever to the Company for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the management services unless same is proved to have resulted from the gross negligence or willful default of Pavimar S.A., Pavimar S.A.&#8217;s employees, agents or subcontractors, in which case Pavimar S.A.&#8217;s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the daily technical management fee multiplied by 365 days. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The management agreement with Pavimar S.A. was terminated on January&#160;18, 2024, and in accordance with its terms, the Company paid $68 to Pavimar S.A. as the management fee continues to be payable for a further period of three calendar months as from the termination date, to enable Pavimar S.A. to finalize all outstanding matters. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Pavimar S.A. &#8211; Services agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the services agreement dated October&#160;1, 2023, Pavimar S.A. provided the Company with the services of its Chief Executive Officer and Chief Financial Officer, for a fee of $12 per annum. The related fees for the year ended December&#160;31, 2023, amounted to $3. This amount is included in &#8220;General and administrative expenses&#8221; in the accompanying consolidated statements of income. The services agreement was novated to Pavimar on January&#160;18, 2024, on the same terms. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Pavimar Shipping Co. &#8211; Ship management agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On November&#160;1, 2023, the Company entered into a management agreement with Pavimar, a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Greek Law 27 of 1975. Pavimar is controlled by the Company&#8217;s Chairwoman and Chief Executive Officer. The management agreement with Pavimar became effective on January&#160;18, 2024 and under its terms, Pavimar provides the Company with vessel commercial and technical management services including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. In exchange for these services, Pavimar charges a daily technical management fee of $0.8 per vessel, a commercial management commission of 1.25% on gross revenue, and a commission of 1% on the contract price per each consummated sale or purchase of a vessel. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Further, to enable Pavimar to make payments relating to vessel operating expenses on behalf of the Company, the Company makes monthly working capital advances to Pavimar. Occasional and extraordinary funding needs, including those in relation to drydockings, are covered upon request or reimbursed at cost. The outstanding balance due to Pavimar at December&#160;31, 2023 was $9 and related to expenses made in preparation of Pavimar taking over the management of the Vessel. This amount is reflected in &#8220;Due to manager&#8221; in the accompanying consolidated balance sheets. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In the event of termination of the management agreement for any reason other than Pavimar&#8217;s default, or if the Vessel is lost, sold or otherwise disposed of, the management fee payable to Pavimar continues to be payable for a further period of three calendar months as from the termination date or, if greater than three months, for as long as the Company requires the services of Pavimar to finalize all outstanding matters. In addition, in the event of termination of the management agreement due to the Company&#8217;s default, change of control, or due to the Company tendering a termination notice for any reason other than Pavimar&#8217;s default, a termination fee of $584 shall become due and payable to Pavimar. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pavimar shall be under no liability whatsoever to the Company for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the management services unless same is proved to have resulted from the gross negligence or willful default of Pavimar, Pavimar&#8217;s employees, agents or subcontractors, in which case Pavimar&#8217;s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of $1,000. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-25<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Pavimar Shipping Co. &#8211; Services agreement </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the services agreement dated October&#160;1, 2023, as novated from Pavimar S.A. to Pavimar on January&#160;18, 2024 on the same terms, Pavimar provides the Company with the services of its Chief Executive Officer and Chief Financial Officer. The services agreement was amended and restated on April&#160;1, 2024 to include the provision of the services of the Company&#8217;s corporate secretary for an additional fee of $2,000 per annum, commencing upon the effectiveness of the Company&#8217;s registration statement on Form&#160;F-1, in connection with the Company&#8217;s anticipated initial public offering. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Alexandria Enterprises S.A. &#8211; Shipbroking services </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">From time to time, the Company uses the commercial services of Alexandria Enterprises S.A., (&#8220;Alexandria&#8221;) an entity incorporated in the Republic of the Marshall Islands, specializing in shipbroking. Alexandria is controlled by family members of the Company&#8217;s Chairwoman and Chief Executive Officer. Alexandria charges the Company a commission on gross revenue generated from contracts brokered by Alexandria. Total commissions charged by Alexandria during the years ended December&#160;31, 2023 and 2022, were $113 and $188, respectively. These amounts are included in &#8220;voyage expenses&#8221; in the accompanying consolidated statements of income. The balance due to Alexandria at December&#160;31, 2023 and 2022, was $nil. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Vessel, net: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The movement in &#8220;Vessel, net&#8221;, between the periods presented in the accompanying consolidated balance sheets is analyzed as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 36.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 90.49pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 35.91pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.57pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Vessel cost</div></td><td style="width: 6.84pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Accumulated depreciation</div></td><td style="width: 6.84pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35.91pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Vessel, net </div></td></tr><tr><td style="width: 264pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, January&#160;1, 2022<font style="font-weight: normal; padding-left: 2.07pt;"></font></div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.57pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.31pt; text-align: left;">$11,066</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 29.83pt; text-align: left;">$<font style="padding-left: 7.5pt;">(525)</font></div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35.91pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.7pt; text-align: left;">$10,541 </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation<font style="padding-left: 4.86pt;"></font></div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.57pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.31pt; text-align: left;"><font style="padding-left: 21.95pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">&#8212;</font></div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 29.83pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(680</font><font style="padding-bottom: 1.5pt;">)</font></div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35.91pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.7pt; text-align: left;"><font style="padding-left: 14.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(680</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 264pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2022<font style="font-weight: normal; padding-left: 4.5pt;"></font></div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.57pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.31pt; text-align: left;">$11,066</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 29.83pt; text-align: left;">$(1,205)</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35.91pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.7pt; text-align: left;">$<font style="padding-left: 5pt;">9,861 </font></div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation<font style="padding-left: 4.86pt;"></font></div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.31pt; text-align: left;"><font style="padding-left: 21.95pt;">&#8212;</font></div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 29.83pt; text-align: left;"><font style="padding-left: 12.5pt;">(680)</font></div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35.91pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.7pt; text-align: left;"><font style="padding-left: 14.17pt;">(680) </font></div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2023<font style="font-weight: normal; padding-left: 4.5pt;"></font></div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 36.57pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 2.31pt; text-align: left;">$11,066</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 90.49pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 29.83pt; text-align: left;">$(1,885)</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 35.91pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 1.7pt; text-align: left;">$<font style="padding-left: 5pt;">9,181</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 264pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 36.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 90.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 35.91pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">During 2023, the Company advanced $22 towards vessel efficiency improvement equipment that is scheduled to be installed on the Vessel in 2024. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Deferred Drydocking Costs, net: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The movement in &#8220;Deferred drydocking costs, net&#8221;, between the periods presented in the accompanying consolidated balance sheets is analyzed as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 384pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 4.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 74.86pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 384pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 4.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.57pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 74.86pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Drydocking costs, net </div></td></tr><tr><td style="width: 384pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, January&#160;1, 2022<font style="font-weight: normal; padding-left: 2.07pt;"></font></div></td><td style="width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 74.86pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 23.68pt; text-align: left;">$1,057 </div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization<font style="padding-left: 3.18pt;"></font></div></td><td style="width: 4.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 74.86pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 23.68pt; text-align: left;"><font style="padding-left: 9.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(360</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2022<font style="font-weight: normal; padding-left: 4.5pt;"></font></div></td><td style="width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 74.86pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 23.68pt; text-align: left;">$<font style="padding-left: 7.5pt;">697 </font></div></td></tr><tr><td style="width: 384pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization<font style="padding-left: 3.18pt;"></font></div></td><td style="width: 4.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.57pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 74.86pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 23.68pt; text-align: left;"><font style="padding-left: 9.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(357</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 384pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance, December&#160;31, 2023<font style="font-weight: normal; padding-left: 4.5pt;"></font></div></td><td style="width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 74.86pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 23.68pt; text-align: left;">$<font style="padding-left: 7.5pt;">340</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 384pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 4.57pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 74.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Commitments and Contingencies: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#8217;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is member of a protection and indemnity association, or P&amp;I Club that is a member of the International Group of P&amp;I Clubs, which covers its third-party liabilities in connection with its shipping activities. Members of P&amp;I Clubs are typically subject to possible supplemental amounts or calls, payable to the P&amp;I Club based on its claim records as well as the claim records of all other members of the individual associations, and members of the International Group of P&amp;I Clubs. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-26<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The Company also accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company&#8217;s protection and indemnity insurance coverage for pollution is $1&#160;billion per vessel per incident. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Commitments under long-term lease contracts </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The minimum future revenue expected to be recognized on non-cancellable time charter of the Vessel as of December&#160;31, 2023, is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 2pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 0pt; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 420pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Year</div></td><td style="width: 7.75pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount </div></td></tr><tr><td style="width: 420pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2024<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5pt;">5,643 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2025<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,532 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 7.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$10,175</div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The amount of minimum future revenue is estimated by reference to the contracted period and hire rate, net of charterers&#8217; commissions but before reduction for brokerage commissions and assuming no off-hire days. For index-linked contracts, minimum future revenue is estimated by reference to the average of the relevant index during the last 15 days of the year. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Capital Structure: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Capital contributions<font style="font-style: normal; font-weight: normal;">. During the year ended December&#160;31, 2023, the Company&#8217;s shareholders contributed $700&#160;for working capital purposes. There were no capital contributions during the year ended December&#160;31, 2022. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Transfer of shares to Maui<font style="font-style: normal; font-weight: normal;">. Maui was incorporated on October&#160;27, 2022, under the laws of the Republic of Marshall Islands. On May&#160;3, 2023, Maui entered a deed of transfer of shares with the shareholders of Positano by which all outstanding shares of Positano were transferred to Maui. The transaction was accounted for as described in note 1 &#8220;Basis of Presentation and General Information&#8221;. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exchange agreement with Icon<font style="font-style: normal; font-weight: normal;">. Icon was incorporated on August&#160;30, 2023, under the laws of the Republic of the Marshall Islands. On June&#160;11, 2024, Icon acquired all of the outstanding shares of Maui in exchange for 15,000&#160;Series&#160;A Preferred Shares, 1,500,000 Series&#160;B Preferred Shares, and 200,000 common shares of Icon, pursuant to the Exchange Agreement. The transaction was accounted for as described in note 1 &#8220;Basis of Presentation and General Information&#8221;. The main characteristics of the Series&#160;A Preferred Shares and the Series&#160;B Preferred Shares are as follows: </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Series&#160;A Preferred Shares are perpetual, non-redeemable, have no maturity date and rank senior to the Company&#8217;s common shares and Series&#160;B Preferred Shares, with respect to dividend distributions and distributions upon liquidation, dissolution or winding up of the affairs of the Company, or upon sale of all or substantially all of the assets, property or business of the Company, or upon a change of control of the Company. Each Series A Preferred Share has a stated amount of $1,000 and may be converted into common shares at any time and from time to time between the one-year and eight-year anniversary of the Company&#8217;s anticipated initial public offering. The conversion price is equal to the lower of (i) 150% of the Company&#8217;s initial public offering price per common share, subject to anti-dilution adjustments and (ii) the volume weighted average price of the Company&#8217;s common shares over the five&#160;consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion. The holders of Series A Preferred Shares have no voting rights, subject to limited exceptions, and are entitled to receive biannual dividends, payable in cash or in kind or in a combination thereof, in the Company&#8217;s option, accruing at a dividend rate of 9.00% per annum, subject to adjustments in the events of non-payment or payment in kind. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Series&#160;B Preferred Shares are perpetual, non-redeemable, not convertible into common shares, have no maturity date and rank <font style="font-style: italic;">pari-passu</font> with the Company&#8217;s common shares. Each Series&#160;B Preferred Share has the voting power of 1,000 common shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to adjustment to maintain a substantially identical voting interest in the Company following certain events. The holders of Series B Preferred Shares have no dividend or distribution rights, other than upon the Company&#8217;s liquidation, dissolution or winding up, in which event the holders of Series&#160;B Preferred Shares shall be entitled to receive a payment up to an amount equal to the par value per Series B Preferred Share. Also, if the Company declares or makes any dividend or other distribution of voting securities of a subsidiary to the holders of the Company&#8217;s </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-27<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">common shares by way of a spin off or other similar transaction, then, in each such case, each holder of Series&#160;B Preferred Shares shall be entitled to receive preferred shares of the subsidiary whose voting securities are so distributed with at least substantially similar rights, preferences, privileges and voting powers, and limitations and restrictions as those of the Series&#160;B Preferred Shares. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Distributions<font style="font-style: normal; font-weight: normal;">. Dividends distributed to the Company&#8217;s shareholders during the years ended December&#160;31, 2023 and 2022, amounted to $3,307 and $2,638, respectively. In addition, during the year ended December&#160;31, 2023, the Company returned additional paid-in capital in the amount of $700. </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">General and administrative expenses: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The amounts in the accompanying consolidated statement of income include general corporate expenses and the compensation payable for the Company&#8217;s Chief Executive Officer and Chief Financial Officer. Commencing October&#160;1, 2023, the services of the Company&#8217;s Chief Executive Officer and Chief Financial Officer were provided by Pavimar S.A. pursuant to a services agreement, which was novated to Pavimar on January&#160;18, 2024, on the same terms, and amended and restated on April&#160;1, 2024, to include the provision of the services of the Company&#8217;s corporate secretary (see note 3 &#8220;transactions with related parties&#8221;). </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Earnings per common share: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The following computation of earnings per common share for the years ended December&#160;31, 2023 and 2022, gives retroactive effect to the Exchange Agreement (see note 1 &#8220;Basis of Presentation and General Information&#8221;). During the years ended December&#160;31, 2023 and 2022, there was no potential dilution since the Company&#8217;s potentially dilutive instruments&#8217; exercise conditions were not satisfied. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 2pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 0pt; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 312pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 65.82pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2023</div></td><td style="width: 6.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December&#160;31, 2022 </div></td></tr><tr><td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,155</font></div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,242 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted average number of shares, basic and diluted<font style="padding-left: 2.9pt;"></font></div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 5pt;">200,000</font></div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;"><font style="padding-left: 5pt;">200,000 </font></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Earnings per common share, basic and diluted<font style="padding-left: 4.85pt;"></font></div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;">$<font style="padding-left: 15pt;">5.78</font></div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6.09pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 65.82pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.16pt; text-align: left;">$<font style="padding-left: 10pt;">21.21</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">10.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Financial Instruments and Fair Value Disclosures: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable and amounts due from the Manager. The principal financial liabilities of the Company consist of accounts payable, deferred revenue and accrued liabilities. </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Credit risk<font style="font-style: normal; font-weight: normal;">. Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade receivables, amounts due from the Manager, and cash and cash equivalents. The Company limits its credit risk by performing ongoing credit evaluations of its counterparties&#8217; financial condition. The Company generally does not require collateral for its trade receivables, but when considered necessary it may pursue additional securities and guarantees from its customers. The Company places its cash and cash equivalents with high credit quality financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Currency risk<font style="font-style: normal; font-weight: normal;">. The Company&#8217;s transactions are denominated primarily in U.S. Dollars; therefore, overall currency exchange risk is limited. Balances in foreign currency other than U.S. Dollars are not considered significant. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Fair value<font style="font-style: normal; font-weight: normal;">. The carrying values of trade receivables, amounts due from the Manager, cash and cash equivalents, accounts payable and accrued liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents are considered Level&#160;1 items in accordance with fair value hierarchy as they represent liquid assets with short-term maturities. </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">11.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Taxes: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Marshall Islands tax considerations<font style="font-style: normal; font-weight: normal;">. Icon, Maui and Positano are incorporated under the laws of the Republic of Marshall Islands and are not subject to income taxes in the Republic of Marshall Islands. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Taxation on United States Source Income<font style="font-style: normal; font-weight: normal;">. Pursuant to &#167; 883 of the Internal Revenue Code of the United States (the &#8220;Code&#8221;), U.S. source income from the international operation of ships is generally exempt from U.S. Federal </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-28<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">income tax on such income if the company meets the following requirements: (a) the company is organized in a foreign country that grants an equivalent exception to corporations organized in the U. S. and (b) either (i) more than 50 percent of the value of the company&#8217;s stock is owned, directly or indirectly, by individuals who are &#8220;residents&#8221; of the company&#8217;s country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized in the U.S. (the &#8220;50%&#160;Ownership Test&#8221;) or (ii) the company&#8217;s stock is &#8220;primarily and regularly traded on an established securities market&#8221; in its country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to U.S. corporations, or in the U.S. (the &#8220;Publicly-Traded Test&#8221;). </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">The jurisdictions where the Company and its subsidiaries are incorporated grant an equivalent exemption to United States corporations. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">12.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Subsequent Events: </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Management Agreement<font style="font-style: normal; font-weight: normal;">. On January&#160;18, 2024, the management agreement with Pavimar dated November&#160;1, 2023, became effective. On the same day, the Company terminated the management agreement with Pavimar S.A. and, in accordance with its terms, the Company paid $68 to Pavimar S.A. as the management fee continues to be payable for a further period of three calendar months as from the termination date, to enable Pavimar S.A. to finalize all outstanding matters (see note 3 &#8220;transactions with related parties&#8221;). </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Services Agreement<font style="font-style: normal; font-weight: normal;">. On January&#160;18, 2024, the services agreement dated October&#160;1, 2023, pursuant to which Pavimar S.A. provided the Company with the services of its Chief Executive Officer and Chief Financial Officer, was novated to Pavimar on the same terms. On April&#160;1, 2024, the services agreement was amended and restated to include the provision of the services of the Company&#8217;s corporate secretary (see note 3 &#8220;transactions with related parties&#8221;). </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Exchange Agreement<font style="font-style: normal; font-weight: normal;">. On June&#160;11, 2024, Icon acquired all of the outstanding shares of Maui in exchange for 15,000 Series&#160;A Preferred Shares, 1,500,000 Series&#160;B Preferred Shares, and 200,000 common shares of Icon, pursuant to the Exchange Agreement. The Series&#160;A Preferred Shares were recorded at fair value of $11,590 which was determined by using the income approach based on the discounted present values of future dividend payments. The Series&#160;B Preferred Shares have no economic interest and were recorded at par of $2. The transaction was accounted for as described in note 1 &#8220;Basis of Presentation and General Information&#8221;. </font></div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Subsequent return of additional paid-in capital<font style="font-style: normal; font-weight: normal;">. On April&#160;1, 2024, the Company approved the return to its shareholder of an amount of $3,000 of additional paid-in capital, which was paid thereafter out of the Company&#8217;s cash on hand, including cash generated from operations subsequent to December&#160;31, 2023. As this return of additional paid-in capital was made after the date of the latest balance sheet presented but prior to the Company&#8217;s anticipated initial public offering, it has been given retroactive effect in the accompanying consolidated balance sheet as of December&#160;31, 2023. </font></div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-29<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_204-finnotes02_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">In addition, because that subsequent return of additional paid-in capital, together with the dividends paid during the year ended December&#160;31, 2023, exceed the amount of net income for that year, the accompanying consolidated statement of income for the year ended December&#160;31, 2023, includes the following computation of pro forma earnings per common share which gives retroactive effect to the increase in the number of common shares which, when multiplied by the Company&#8217;s anticipated initial public offering price, would be sufficient to replenish that excess. For the purposes of this calculation, the Company has used the mid-point of the expected price range per&#160;common share to be issued on closing of the Company&#8217;s anticipated initial public offering, being $5.00 per share. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 471pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 45pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 420pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net income during the year ended December&#160;31, 2023<font style="padding-left: 3.98pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 17.5pt;">1,155 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less<font style="font-style: normal;">: Dividends paid during the year ended December&#160;31, 2023</font><font style="font-style: normal; padding-left: 0.66pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 19.17pt;">(3,307) </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less<font style="font-style: normal;">: Additional paid-in capital returned after December&#160;31, 2023</font><font style="font-style: normal; padding-left: 2.88pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,000</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Excess of distributions over net income<font style="font-weight: normal; padding-left: 2.19pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</font><font style="padding-left: 14.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(5,152</font><font style="padding-bottom: 1.5pt;">) </font></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Weighted average number of common shares, basic and diluted for the year ended December&#160;31, 2023<font style="padding-left: 2.5pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">200,000 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Plus<font style="font-style: normal;">: Number of common shares required to be issued at $5.00 per share to replenish the excess of distributions over net income</font><font style="font-style: normal; padding-left: 3.09pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,030,400 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Pro forma weighted average number of common shares, basic and diluted for the year ended December&#160;31, 2023<font style="font-weight: normal; padding-left: 0.21pt;"></font></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">1,230,400 </font></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Pro forma earnings per common share, basic and diluted, for the year ended December&#160;31, 2023<font style="font-weight: normal; padding-left: 2.5pt;"></font></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 45pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 22.5pt;">0.94</font></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 45pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">F-30<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 528pt;"><a name="ny20040020x3_f1_300-bcv_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_block-frill" style="width: 528pt; margin-left: 0pt;"><div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 528pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 114.75pt; text-align: center;">Up to 4,739,336 Units, Each Unit Consisting of One Common Share or One Pre-funded Warrant to<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195; <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Purchase One Common Share <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">and One Class A Warrant to Purchase One Common Share <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195; <br></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">(and Common Shares Underlying the Pre-funded Warrants and Class&#160;A Warrants) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 13.75pt; text-align: center;"><img style="height: 72px; width: 204px;" src="logo_iconenergyx1.jpg"><br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201; <br></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; text-align: center;">Icon Energy Corp.<font style="font-weight: normal;"> </font></div><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 32.75pt;"> </div></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 30.5pt; text-align: center;">PRELIMINARY PROSPECTUS </div><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 31.75pt;"> </div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 38pt; text-align: center;">&#8195;&#8195;, 2025<font style="font-weight: normal;"> </font></div><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 42.5pt; text-align: center;">Maxim Group LLC</div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 193pt; margin-left: 0pt; text-align: left;">&#8195;</div></div></div><div class="BRDSX_block-frill" style="width: 528pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="BRDSX_rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_301-part2_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">PART II </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 40pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Indemnification of Directors and Officers. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">I.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Section&#160;6.2 of Article&#160;VI of the amended and restated articles of incorporation of Icon Energy Corp. (the &#8220;<font style="font-style: italic;">Corporation</font>&#8221;) provides as follows: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the Marshall Islands Business Corporations Act (the &#8220;BCA&#8221;). If the BCA is amended hereafter to authorize the further elimination or limitation of the liability of directors or officers, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent authorized by the BCA, as so amended. The Corporation shall pay in advance expenses a director or officer incurred while defending a civil or criminal proceeding, provided that the director or officer will repay the amount if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that he or she is not entitled to indemnification under Section&#160;6.2 of the amended and restated articles of incorporation. Any repeal or modification of Article&#160;VI of the amended and restated articles of incorporation shall not adversely affect any rights to indemnification and to the advancement of expenses of a director or officer of the Corporation thereunder existing immediately prior the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director or officer against any liability asserted against such person and incurred by such person in such capacity whether or not the Corporation would have the power to indemnify such person against such liability by law or under the provisions of the amended and restated articles of incorporation. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">II.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Section&#160;60 of the Business Corporations Act of the Republic of the Marshall Islands provides as follows: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Actions not by or in right of the corporation. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the bests interests of the corporation, and, with respect to any criminal action or proceedings, had reasonable cause to believe that his or her conduct was unlawful. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Actions by or in right of the corporation. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the corporation unless and only to </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-1<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_301-part2_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 60pt; text-align: justify;">the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">When director or officer successful. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection therewith. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Payment of expenses in advance. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized by the Board in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this section. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Indemnification pursuant to other rights. The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Continuation of indemnification. The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Insurance. A corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">III.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Indemnification Agreements: </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 40pt; text-align: justify;">The Corporation has entered, and expects to continue to enter, into agreements to indemnify its directors, executive officers and other employees as determined by the Corporation&#8217;s board of directors. With specified exceptions, these agreements provide for indemnification for related expenses including, among other things, attorneys&#8217; fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. The Corporation believes that the provisions in its amended and restated articles of incorporation and indemnification agreements described above are necessary to attract and retain talented and experienced officers and directors. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 40pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Recent Sales of Unregistered Securities. </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">On June&#160;11, 2024, the Corporation has issued to our Chairwoman and Chief Executive Officer, Mrs.&#160;Ismini Panagiotidi, 15,000 Series&#160;A Preferred Shares, 1,500,000 Series&#160;B Preferred Shares, and 200,000 Common Shares, in exchange for all of the outstanding share capital of Maui Shipping Co., the entity that owns a 100% interest in the entity that owns M/V<font style="font-style: italic;"> Alfa</font>, in an offering exempt from registration under the Securities Act. </div></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-2<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_302-exindex_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 40pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Exhibits and Financial Statement Schedules. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><font style="font-weight: normal;">The following exhibits are included in this registration statement on Form&#160;F-1: </font></div></td></tr></table><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; text-align: center;">Exhibit&#160;Index </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 48pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 414pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr class="BRDSX_header"><td style="width: 48pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exhibit&#160;No.</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Description </div></td></tr><tr><td style="width: 48pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex1-1.htm">1.1</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Placement Agency Agreement </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1995574/000114036124030934/ny20016798x14_ex3-1.htm">3.1</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended and Restated Articles of Incorporation<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1995574/000114036124030934/ny20016798x14_ex3-2.htm">3.2</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended and Restated Bylaws<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1995574/000114036124032813/ny20016798x19_ex3-3.htm">3.3</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Second Amended and Restated Statement of Designations of the Rights, Preferences and Privileges of the 9.00% Series&#160;A Cumulative Convertible Perpetual Preferred Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1995574/000114036124030934/ny20016798x14_ex3-4.htm">3.4</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Statement of Designations of the Rights, Preferences and Privileges of the Series&#160;B Perpetual Preferred Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex3-5.htm">3.5</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Statement of Designations of the Rights, Preferences and Privileges of the Series&#160;C Participating Preferred Shares </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1995574/000114036124032010/ny20016798x15_ex4-1.htm">4.1</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Common Share Certificate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex4-2.htm">4.2</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Pre-funded Warrant </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex4-3.htm">4.3</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Class A Common Share Purchase Warrant </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex4-4.htm">4.4</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Placement Agent&#8217;s Warrant </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex4-5.htm">4.5</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">First Representative&#8217;s Warrant </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex5-1.htm">5.1</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Opinion of Watson Farley &amp; Williams LLP, as to the legality of the securities being registered </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex8-1.htm">8.1</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Opinion of Watson Farley &amp; Williams LLP, as to certain tax matters </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex10-1.htm">10.1</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholders&#8217; Rights Agreement </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex10-2.htm">10.2</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Management Agreement between Pavimar Shipping Co. and each of the Company&#8217;s shipowning subsidiaries </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1995574/000114036124025864/ny20016798x10_ex10-4.htm">10.3</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended and Restated Executive Services Agreement between Icon Energy Corp. and Pavimar Shipping Co., dated April&#160;1, 2024<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex10-4.htm">10.4</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Term Loan Facility Agreement, dated September&#160;16, 2024 </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex10-5.htm">10.5</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form of Securities Purchase Agreement </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1995574/000114036124025864/ny20016798x10_ex14-1.htm">14.1</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Code of Ethics<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex21-1.htm">21.1</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">List of Subsidiaries </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex23-1.htm">23.1</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Consent of Independent Registered Public Accounting Firm </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">23.2</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Consent of Watson Farley &amp; Williams LLP (included in Exhibits <a href="ny20040020x3_ex5-1.htm">5.1</a> and <a href="ny20040020x3_ex8-1.htm">8.1</a> hereto) </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSIG">24.1</a></div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: top; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Powers of Attorney (included in the signature page hereto) </div></td></tr><tr><td style="width: 48pt; padding-top: 0.51pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20040020x3_ex107.htm">107</a></div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 414pt; padding-top: 0.51pt; text-align: center; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Filing Fee Table</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 48pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 414pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 4.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Incorporated by reference to the Company&#8217;s Registration Statement on Form&#160;F-1 (Registration No. 333-279394). </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 40pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item 9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Undertakings </div></td></tr></table><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The undersigned registrant hereby undertakes: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To include any prospectus required by section 10(a)(3) of the Securities Act of 1933; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-3<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_302-exindex_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">That, for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">To file a post-effective amendment to the registration statement to include any financial statements required by Item&#160;8.A. of Form&#160;20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&#160;10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&#160;424; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iv)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">That, for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&#160;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&#160;424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(7)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-4<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_303-signature_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSIG"><!--Anchor--></a>SIGNATURES </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&#160;F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Athens, Greece on the 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day of January, 2025. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 204pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 252pt;" colspan="7"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 204pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="7" style="width: 252pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">ICON ENERGY CORP.<font style="font-weight: normal;"> </font></div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; 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padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Title:</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Chief Executive Officer </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 192pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">(Principal Executive Officer)</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; 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text-align: center;">POWER OF ATTORNEY </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Filana R. Silberberg, with full power to act alone, his or her true lawful attorney-in-fact and agent, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this registration statement, whether pre-effective or post-effective, including any subsequent registration statement for the same offering which may be filed under Rule&#160;462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing necessary to be done, as fully for all intents and purposes as he or she might or could do in person hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof. </div><div class="BRDSX_para" style="color: #000000; 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vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 156pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 144pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 144pt; height: 18.38pt; padding-top: 1.01pt; padding-bottom: 2.13pt; 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width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 144pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-5<br></div></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 468pt;"><a name="ny20040020x3_f1_303-signature_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">AUTHORIZED REPRESENTATIVE </div><div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of the Registrant in the United States, has signed this registration statement in the City of Newark, State of Delaware, on January&#160;21, 2025. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="BRDSX_txttab" style="width: 468pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 204pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 252pt;" colspan="7"><div style="font-size: 1pt;">&#8194;</div></td></tr><tr><td style="width: 204pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="7" style="width: 252pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">PUGLISI &amp; ASSOCIATES </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 1.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">By:</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td colspan="4" style="width: 228pt; padding-top: 1.01pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">/s/ Donald J. Puglisi</div></td></tr><tr><td style="width: 204pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name:</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 192pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Donald J. Puglisi</div></td></tr><tr><td style="width: 204pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 12pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 24pt; padding-top: 1.76pt; text-align: left; vertical-align: top;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Title:</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 192pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Authorized Representative in the United States</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 204pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 12pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 24pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 6pt; border-bottom: none;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 2.75pt; width: 192pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="BRDSX_block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-6<br></div></div></div>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ny20040020x3_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 1.1</font><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">FORM OF PLACEMENT AGENCY AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">[______], 2025</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Maxim Group LLC</div>
      <div style="text-align: justify; color: #000000;">300 Park Avenue, 16<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
      <div style="text-align: justify; color: #000000;">New York, NY 10022</div>
      <div><br>
      </div>
      <div>Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Introduction</font>.&#160; Subject to the terms and conditions herein (this &#8220;<u>Agreement</u>&#8221;), Icon Energy Corp., a company incorporated under the laws of the Republic
        of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), hereby agrees to sell up to an aggregate of $[____] of registered securities of the Company, including, but not limited to, Units comprising an aggregate of [____] shares (the &#8220;<u>Shares</u>&#8221;) of the
        Company&#8217;s common shares, $0.001 par value per share (the "<u>Common Shares</u>&#8221;), pre-funded Common Share purchase warrants to purchase up to an aggregate of [____] Common Shares (the &#8220;<u>Prefunded Warrants</u>&#8221;) and Common Share purchase warrants
        to purchase up to an aggregate of [___] Common Shares (the &#8220;<u>Warrants</u>&#8221; and the Common Shares underlying the Prefunded Warrants and the Warrants, the &#8220;<u>Warrant Shares</u>&#8221;, and the Shares, the Prefunded Warrants, the Warrants, the Warrant
        Shares and the Units, the &#8220;<u>Securities</u>&#8221;) directly to various investors (each, an &#8220;<u>Investor</u>&#8221; and, collectively, the &#8220;<u>Investors</u>&#8221;) through Maxim Group LLC (the &#8220;<u>Placement Agent</u>&#8221;) as placement agent.&#160; The documents executed
        and delivered by the Company and the Investors in connection with the Offering (as defined below), including, without limitation, a securities purchase agreement (the &#8220;<u>Purchase Agreement</u>&#8221;), shall be collectively referred to herein as the &#8220;<u>Transaction






          Documents</u>.&#8221; The purchase price to the Investors for each Share is $[&#8226;], the purchase price to the Investors for each Prefunded Warrant is $[&#8226;], the exercise price to the Investors for each Common Share issuable upon exercise of the Prefunded
        Warrants is $0.001, and the initial exercise price to the Investors for each Common Share issuable upon exercise of the Warrants is $[&#8226;]. The Placement Agent may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf
        in connection with the Offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Company hereby confirms its agreement with the Placement Agent as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 1.</font>
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 72pt;"><font style="font-weight: bold;">Agreement to Act as Placement Agent</font>.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)
        <div style="margin: -16px 0px 0px; text-indent: 72pt;">On the basis of the representations, warranties and agreements of the Company herein contained, and subject to all the terms and conditions of this Agreement, the Placement Agent shall be the
          exclusive placement agent in connection with the offering and sale by the Company of the Securities pursuant to the Company's registration statement on Form F-1 (File No. 333-[___]), as amended, (the &#8220;<u>Registration Statement</u>&#8221;), with the
          terms of such offering (the &#8220;<u>Offering</u>&#8221;) to be subject to market conditions and negotiations between the Company, the Placement Agent and the prospective Investors.&#160; The Placement Agent will act on a reasonable best efforts basis and the
          Company agrees and acknowledges that there is no guarantee of the successful placement of the Securities, or any portion thereof, in the prospective Offering.&#160; Under no circumstances will the Placement Agent or any of its &#8220;Affiliates&#8221; (as defined
          below) be obligated to underwrite or purchase any of the Securities for its own account or otherwise provide any financing.&#160; The Placement Agent shall act solely as the Company&#8217;s agent and not as principal.&#160; The Placement Agent shall have no
          authority to bind the Company with respect to any prospective offer to purchase Securities and the Company shall have the sole right to accept offers to purchase Securities and may reject any such offer, in whole or in part.&#160; Subject to the terms
          and conditions hereof, payment of the purchase price for, and delivery of, the Securities shall be made at one or more closings (each a &#8220;<u>Closing</u>&#8221; and the date on which each Closing occurs, a &#8220;<u>Closing Date</u>&#8221;).&#160; The Closing of the
          issuance of the Securities shall occur via &#8220;Delivery Versus Payment&#8221;, i.e., on the Closing Date: (i) the Company shall issue the Shares directly to the account designated by the Placement Agent and, upon receipt of such Shares, the Placement
          Agent shall electronically deliver such Shares to the applicable Investor and payment shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company and (ii) the Warrants shall be delivered to the Investors in
          certificated form. As compensation for services rendered, on each Closing Date, the Company shall pay to the Placement Agent the fees and expenses set forth below:</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)
        <div style="margin: -16px 0px 0px; text-indent: 72pt;">A cash fee equal to 7.0% of the gross proceeds received by the Company from the sale of the Securities at the Closing of the Offering;</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 72pt; text-indent: 72pt; text-align: justify;">Such number of Common Share purchase warrants (the &#8220;<u>Placement Agent Warrants</u>&#8221;) to the Placement Agent or its designees at the Closing to
        purchase Common Shares equal to 5.0% of the aggregate number of Shares and Pre-Funded Warrants sold in the Offering.&#160; The Placement Agent Warrants exercise price shall be 110% of the public offering price per share, shall have an expiration date of
        3 years from the commencement of sales of the Offering and be in a form as agreed upon between the Company and the Placement Agent.&#160; The Placement Agent Warrants shall be subject to a lock-up period for 180 days from the commencement of sales of
        the Offering except as permitted by Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) Rule 5110(E)(1); and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 72pt; text-indent: 72pt; text-align: justify;">The Company also agrees to reimburse Placement Agent&#8217;s expenses up to a maximum of $75,000 (inclusive of any advance paid by the Company to the
        Placement Agent), unless otherwise agreed by the Company and the Placement Agent, payable immediately upon and only in the event of the Closing of the Offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;">The term of the Placement Agent's exclusive engagement shall be as set forth in the Engagement Letter (as defined herein). Notwithstanding anything
        to the contrary contained herein, the provisions concerning confidentiality, indemnification and contribution contained herein and the Company&#8217;s obligations contained in the indemnification provisions will survive any expiration or termination of
        this Agreement, and the Company&#8217;s obligation to pay fees actually earned and payable and to reimburse expenses actually incurred and reimbursable pursuant to Section 1 hereof and which are permitted to be reimbursed under FINRA Rule 5110(g)(4)(A),
        will survive any expiration or termination of this Agreement; provided, however, that if for any reason an Offering is not consummated, then the obligation of the Company to reimburse the Placement Agent for expenses shall not exceed $25,000 in the
        aggregate.&#160; Nothing in this Agreement shall be construed to limit the ability of the Placement Agent or its Affiliates to pursue, investigate, analyze, invest in, or engage in investment banking, financial advisory or any other business
        relationship with Persons (as defined below) other than the Company. As used herein (i) &#8220;Persons&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
        stock company, government (or an agency or subdivision thereof) or other entity of any kind and (ii) &#8220;Affiliate&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
        control with a Person as such terms are used in and construed under Rule 405 under the Securities Act of 1933, as amended (the &#8220;<u>Securities Act</u>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;">If the Closing of the Offering does not occur prior to the end of the Placement Agent&#8217;s Engagement Period (as defined in the Engagement Letter)
        (other than a termination for Cause (as defined in the Engagement Letter)), then if within nine (9) months following such time, the Company completes any financing of equity, equity-linked, convertible or debt or other capital-raising activity
        with, or receives any proceeds from, any investors the Placement Agent sent the Prospectus to or any investors the Placement Agent introduced to the Company, then the Company shall pay to the Placement Agent upon closing of such financing or
        receipt of such proceeds the cash and warrant compensation as described herein, in each case only with respect to the portion of such proceeds received from such investors. Upon written request of the Company, the Placement Agent shall provide a
        list of such investors to the Company within five (5) business days of such request.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
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      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 2.</font>
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><font style="font-weight: bold;">Representations, Warranties and Covenants of the Company</font>.&#160; The Company hereby represents, warrants and covenants to the
          Placement Agent as of the date hereof, and as of each Closing Date, as follows:</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><u>Securities Law Filings</u>.&#160; The Company has filed with the Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;) the Registration Statement under the
          Securities Act, which was initially confidentially submitted on December 30, 2024, publicly filed on January [&#8226;], 2025, and declared effective on [____], 2025 for the registration of the Securities under the Securities Act.&#160; Following the
          determination of pricing among the Company and the prospective Investors introduced to the Company by Placement Agent, the Company will file with the Commission pursuant to Rules 430A and 424(b) under the Securities Act, and the rules and
          regulations (the &#8220;<u>Rules and Regulations</u>&#8221;) of the Commission promulgated thereunder, a final prospectus relating to the placement of the Securities, their respective pricings and the plan of distribution thereof and will advise the
          Placement Agent of all further information (financial and other) with respect to the Company required to be set forth therein. Such registration statement, at any given time, including the exhibits thereto filed at such time, as amended at such
          time, is hereinafter called the &#8220;<u>Registration Statement</u>&#8221;; such prospectus in the form in which it appears in the Registration Statement at the time of effectiveness is hereinafter called the &#8220;<u>Preliminary Prospectus</u>&#8221;; and the final
          prospectus, in the form in which it will be filed with the Commission pursuant to Rules 430A and/or 424(b) (including the Preliminary Prospectus as it may be amended or supplemented) is hereinafter called the &#8220;<u>Final Prospectus</u>.&#8221;&#160; The
          Registration Statement at the time it originally became effective is hereinafter called the &#8220;<u>Original Registration Statement</u>.&#8221; Any reference in this Agreement to the Registration Statement, the Original Registration Statement, the
          Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the documents incorporated by reference therein (the &#8220;<u>Incorporated Documents</u>&#8221;), if any, which were or are filed under the Securities Exchange Act of
          1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), at any given time, as the case may be; and any reference in this Agreement to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement, the Original Registration
          Statement, the Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement, or the issue date of the Preliminary Prospectus or the Final
          Prospectus, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement to financial statements and schedules and other information which is &#8220;contained,&#8221; &#8220;included,&#8221; &#8220;described,&#8221; &#8220;referenced,&#8221; &#8220;set forth&#8221;
          or &#8220;stated&#8221; in the Registration Statement, the Preliminary Prospectus or the Final Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is
          or is deemed to be incorporated by reference in the Registration Statement, the Preliminary Prospectus or the Final Prospectus, as the case may be. As used in this paragraph and elsewhere in this Agreement, &#8220;<u>Time of Sale Disclosure Package</u>&#8221;
          means the Preliminary Prospectus, any subscription agreement between the Company and the Investors, the final terms of the Offering provided to the Investors (orally or in writing) and any issuer free writing prospectus as defined in Rule 433 of
          the Act (each, an &#8220;<u>Issuer Free Writing Prospectus</u>&#8221;), if any, that the parties hereto shall hereafter expressly agree in writing to treat as part of the Time of Sale Disclosure Package. The term &#8220;<u>any Prospectus</u>&#8221; shall mean, as the
          context requires, the Preliminary Prospectus, the Final Prospectus, and any supplement to either thereof. The Company has not received any notice that the Commission has issued or intends to issue a stop order suspending the effectiveness of the
          Registration Statement or the use of the Preliminary Prospectus or any prospectus supplement or intends to commence a proceeding for any such purpose.</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Assurances</u>.&#160; The Original Registration Statement, as amended, (and any further documents to be filed with the Commission) contains all
        exhibits and schedules as required by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the applicable
        Rules and Regulations and did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Final Prospectus, as of its date,
        complied or will comply in all material respects with the Securities Act and the applicable Rules and Regulations.&#160; The Final Prospectus, as amended or supplemented, did not and will not contain as of the date thereof any untrue statement of a
        material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission,
        conformed in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations promulgated thereunder, and none of such documents, when they were filed with the Commission, contained any untrue statement of a
        material fact or omitted to state a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference in the Final Prospectus, if any), in light of the circumstances under which they were made
        not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is
        required to be filed with the Commission.&#160; Except for this Agreement and the Transaction Documents, there are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed
        as required pursuant to the Securities Act or (y) will not be filed within the requisite time period. Except for this Agreement and the Transaction Documents, there are no contracts or other documents required to be described in the Final
        Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required. The representations set forth in this Section 2(b) do not apply to statements or omissions in the Registration
        Statement or the Prospectus based upon information furnished to the Company in writing by the Placement Agent expressly for use therein, it being understood and agreed that the only such information furnished by the Placement Agent consists of the
        disclosure under the [last sentence] of &#8220;Lock-Up Agreements&#8221; and &#8220;Regulation M&#8221; in the &#8220;Plan of Distribution&#8221; sections of the Final Prospectus (the &#8220;<u>Underwriter Information</u>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Offering Materials</u>.&#160; Neither the Company nor any of its directors and officers has distributed and none of them will distribute, prior to
        each Closing Date, any offering material in connection with the offering and sale of the Securities other than the Time of Sale Disclosure Package.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><u>Authorization; Enforcement</u>.&#160; The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this
          Agreement and the Time of Sale Disclosure Package and otherwise to carry out its obligations hereunder and thereunder.&#160; The execution and delivery of each of this Agreement by the Company and the consummation by it of the transactions
          contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Company&#8217;s Board of Directors (the &#8220;<u>Board of Directors</u>&#8221;) or the Company&#8217;s
          shareholders in connection therewith other than in connection with the Required Approvals (as defined in the Purchase Agreement).&#160; This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will
          constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and
          other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as
          indemnification and contribution provisions may be limited by applicable law.</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>No Conflicts</u>.&#160; The execution, delivery and performance by the Company of this Agreement and the transactions contemplated pursuant to the
        Time of Sale Disclosure Package, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby to which it is a party do not and will not (i) conflict with or violate any provision of the
        Company&#8217;s or any Subsidiary&#8217;s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a
        default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
        both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or
        any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
        which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii),
        such as could not reasonably be expected to result in a Material Adverse Effect (as defined in the Purchase Agreement).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><u>Certificates</u>.&#160; Any certificate signed by an officer of the Company and delivered to the Placement Agent or to counsel for the Placement Agent shall be deemed to
          be a representation and warranty by the Company to the Placement Agent as to the matters set forth therein.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><u>Reliance</u>.&#160; The Company acknowledges that the Placement Agent will rely upon the accuracy and truthfulness of the foregoing representations and warranties and
          hereby consents to such reliance.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Forward-Looking Statements</u>.&#160;&#160; No forward-looking statements (within the meaning of Section 27A of the Securities Act and Section 21E of the
        Exchange Act) contained in the Time of Sale Disclosure Package has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><u>Statistical or Market-Related Data</u>.&#160; Any statistical, industry-related and market-related data included or incorporated by reference in the Time of Sale
          Disclosure Package, are based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agree with the sources from which they are derived.</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Certain Fees; FINRA Affiliations</u>.&#160; Except as set forth in the Registration Statement and Final Prospectus, no brokerage or finder&#8217;s fees or
        commissions are or will be payable by the Company, any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions
        contemplated by the Transaction Documents.&#160; There are no other arrangements, agreements or understandings of the Company or, to the Company&#8217;s knowledge, any of its shareholders that may affect the Placement Agent&#8217;s compensation, as determined by
        FINRA.&#160; Other than payments to the Placement Agent for this Offering, the Company has not made and has no agreements, arrangements or understanding to make any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a
        finder&#8217;s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii)&#160; any FINRA member participating in the offering as
        defined in FINRA Rule 5110 (a &#8220;<u>Participating Member</u>&#8221;); or (iii) any person or entity that has any direct or indirect affiliation or association with any Participating Member, within the 180-day period preceding the initial filing of the
        Registration Statement through the 60-day period after the Effective Date. None of the net proceeds of the Offering will be paid by the Company to any Participating Member or its affiliates, except as specifically authorized herein. To the
        Company&#8217;s knowledge, no officer, director or any beneficial owner of 10% or more of the Company&#8217;s Common Shares or Common Share Equivalents has any direct or indirect affiliation or association with any Participating Member in the Offering. Except
        for securities purchased on the open market, no Company Affiliate is an owner of stock or other securities of any Participating Member.&#160; No Company Affiliate has made a subordinated loan to any Participating Member.&#160; No proceeds from the sale of
        the Securities (excluding placement agent compensation as disclosed in the Registration Statement and the Final Prospectus) will be paid to any Participating Member, any persons associated with a Participating Member or an affiliate of a
        Participating Member. Except as disclosed in the Final Prospectus, the Company has not issued any warrants or other securities or granted any options, directly or indirectly, to the Placement Agent within the 180-day period prior to the initial
        filing date of the Prospectus.&#160; Except for securities issued to the Placement Agent as disclosed in the Registration Statement and the Final Prospectus, no person to whom securities of the Company have been privately issued within the 180-day
        period prior to the initial filing date of the Registration Statement is a Participating Member, is a person associated with a Participating Member or is an affiliate of a Participating Member.&#160; To the Company&#8217;s knowledge, no Participating Member
        in the Offering has a conflict of interest with the Company. For this purpose, a &#8220;conflict of interest&#8221; exists when a Participating Member, the parent or affiliate of a Participating Member or any person associated with a Participating Member in
        the aggregate beneficially own 5% or more of the Company&#8217;s outstanding subordinated debt or common equity, or 5% or more of the Company&#8217;s preferred equity. &#8220;FINRA member participating in the Offering&#8221; includes any associated person of a
        Participating Member in the Offering, any member of such associated person&#8217;s immediate family and any affiliate of a Participating Member in the Offering.&#160; When used in this Section 3.1(j) the term &#8220;affiliate of a FINRA member&#8221; or &#8220;affiliated with
        a FINRA member&#8221; means an entity that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Placement Agent and EGS if it learns that any officer, director or owner of 10% or more of the Company&#8217;s
        outstanding Common Shares or Common Share Equivalents is or becomes an affiliate or associated person of a Participating Member.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><u>Board of Directors</u>.&#160; The Board of Directors is comprised of the persons set forth in the Registration Statement and Final Prospectus. The qualifications of the
          persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market (as defined in
          the Purchase Agreement).&#160; In addition, at least a majority of the persons serving on the Board of Directors qualify as &#8220;independent&#8221; as defined under the rules of the Trading Market.</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(l)
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><u>D&amp;O Questionnaires</u>.&#160; To the Company&#8217;s knowledge, all information contained in the questionnaires most recently completed by each of the Company&#8217;s directors
          and officers is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become inaccurate and incorrect.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(m)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Representations, Warranties and Covenants Incorporated by Reference</u>. Each of the representations, warranties and covenants (together with
        any related disclosure schedules thereto) made to the Investors in the Purchase Agreement is hereby incorporated herein by reference (as though fully restated herein) and is hereby made to, and in favor of, the Placement Agent.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 3.</font>
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><font style="font-weight: bold;">Delivery and Payment</font>.&#160; Each Closing shall occur at the offices of Ellenoff Grossman &amp; Schole LLP, 1345 Avenue of the Americas, New
          York, New York 10105 (&#8220;<u>Placement Agent Counsel</u>&#8221;) (or at such other place as shall be agreed upon by the Placement Agent and the Company).&#160; Subject to the terms and conditions hereof, at each Closing payment of the purchase price for the
          Securities sold on such Closing Date shall be made by Federal Funds wire transfer, against delivery of such Securities, and such Securities shall be registered in such name or names and shall be in such denominations, as the Placement Agent may
          request at least one business day before the time of purchase.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Deliveries of the documents with respect to the purchase of the Securities, if any, shall be made at the offices of Placement Agent Counsel.&#160;&#160; All actions taken at a Closing shall be deemed to have
        occurred simultaneously.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 4.</font>
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><font style="font-weight: bold;">Covenants and Agreements of the Company</font>.&#160; The Company further covenants and agrees with the Placement Agent as follows:</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Registration Statement Matters</u>.&#160; The Company will advise the Placement Agent promptly after it receives notice thereof of the time when any amendment to the Registration
          Statement has been filed or becomes effective or any supplement to the Final Prospectus has been filed and will furnish the Placement Agent with copies thereof.&#160; The Company will file promptly all reports and any definitive proxy or information
          statements required to be filed by the Company with the Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange Act subsequent to the date of any Prospectus and for so long as the delivery of a prospectus is required in connection with
          the Offering.&#160; The Company will advise the Placement Agent, promptly after it receives notice thereof (i) of any request by the Commission to amend the Registration Statement or to amend or supplement any Prospectus or for additional information,
          (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any order directed at any Incorporated Document, if any, or any amendment or supplement
          thereto or any order preventing or suspending the use of the Preliminary Prospectus or the Final Prospectus or any prospectus supplement or any amendment or supplement thereto or any post-effective amendment to the Registration Statement, of the
          suspension of the qualification of the Securities for offering or sale in any jurisdiction, of the institution or threatened institution of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing
          of the Registration Statement or a Prospectus or for additional information, (iii) <font style="color: rgb(0, 0, 0);">of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Securities
            for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or
            Final Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event during the period described in this Section 4(a) that, in the judgment of the Company,
            makes any statement of a material fact made in the Registration Statement or the Final Prospectus untrue or that requires the making of any changes in the Registration Statement or the Final Prospectus in order to make the statements therein,
            in light of the circumstances under which they were made, not misleading</font>. The Company shall use its best efforts to prevent the issuance of any such stop order or prevention or suspension of such use.&#160; If the Commission shall enter any
          such stop order or order or notice of prevention or suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible moment, or will file a new registration statement and use its best
          efforts to have such new registration statement declared effective as soon as practicable.&#160; Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A, 430B and 430C, as applicable, under the Securities Act,
          including with respect to the timely filing of documents thereunder, and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) are received in a timely manner by the Commission.</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Blue Sky Compliance</u>.&#160; The Company will cooperate with the Placement Agent and the Investors in endeavoring to qualify the Securities for
        sale under the securities laws of such jurisdictions (United States and foreign) as the Placement Agent and the Investors may reasonably request and will make such applications, file such documents, and furnish such information as may be reasonably
        required for that purpose, provided the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction where it is not now so qualified or required to file such a consent,
        and provided further that the Company shall not be required to produce any new disclosure document.&#160; The Company will, from time to time, prepare and file such statements, reports and other documents as are or may be required to continue such
        qualifications in effect for so long a period as the Placement Agent may reasonably request for distribution of the Securities.&#160; The Company will advise the Placement Agent promptly of the suspension of the qualification or registration of (or any
        such exemption relating to) the Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification,
        registration or exemption, the Company shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Amendments and Supplements to a Prospectus and Other Matters</u>.&#160; The Company will comply with the Securities Act and the Exchange Act, and the
        rules and regulations of the Commission thereunder, so as to permit the completion of the distribution of the Securities as contemplated in this Agreement, the Incorporated Documents and any Prospectus.&#160; If during the period in which a prospectus
        is required by law to be delivered in connection with the distribution of Securities contemplated by the Incorporated Documents or any Prospectus (the &#8220;<u>Prospectus Delivery Period</u>&#8221;), any event shall occur as a result of which, in the judgment
        of the Company or in the opinion of the Placement Agent or counsel for the Placement Agent, it becomes necessary to amend or supplement the Incorporated Documents or any Prospectus in order to make the statements therein, in the light of the
        circumstances under which they were made, as the case may be, not misleading, or if it is necessary at any time to amend or supplement the Incorporated Documents or any Prospectus or to file under the Exchange Act any Incorporated Document to
        comply with any law, the Company will promptly prepare and file with the Commission, and furnish at its own expense to the Placement Agent and to dealers, an appropriate amendment to the Registration Statement or supplement to the Registration
        Statement, the Incorporated Documents or any Prospectus that is necessary in order to make the statements in the Incorporated Documents and any Prospectus as so amended or supplemented, in the light of the circumstances under which they were made,
        as the case may be, not misleading, or so that the Registration Statement, the Incorporated Documents or any Prospectus, as so amended or supplemented, will comply with law. Before amending the Registration Statement or supplementing the
        Incorporated Documents or any Prospectus in connection with the Offering, the Company will furnish the Placement Agent with a copy of such proposed amendment or supplement and will not file any such amendment or supplement to which the Placement
        Agent reasonably objects.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Copies of any Amendments and Supplements to a Prospectus</u>.&#160; The Company will furnish the Placement Agent, without charge, during the period beginning on the date hereof and
          ending on the later of the last Closing Date of the Offering, as many copies of any Prospectus or prospectus supplement and any amendments and supplements thereto, as the Placement Agent may reasonably request.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Free Writing Prospectus</u>.&#160; The Company covenants that it will not, unless it obtains the prior written consent of the Placement Agent, make
        any offer relating to the Securities that would constitute a Company Free Writing Prospectus or that would otherwise constitute a &#8220;<u>free writing prospectus</u>&#8221; (as defined in Rule 405 of the Securities Act) required to be filed by the Company
        with the Commission or retained by the Company under Rule 433 of the Securities Act.&#160; In the event that the Placement Agent expressly consents in writing to any such free writing prospectus (a &#8220;<u>Permitted Free Writing Prospectus</u>&#8221;), the
        Company covenants that it shall (i) treat each Permitted Free Writing Prospectus as a Company Free Writing Prospectus, and (ii) comply with the requirements of Rule 164 and 433 of the Securities Act applicable to such Permitted Free Writing
        Prospectus, including in respect of timely filing with the Commission, legending and record keeping.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Transfer Agent</u>.&#160; The Company will maintain, at its expense, a registrar and transfer agent for the Common Shares.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Earnings Statement</u>.&#160; As soon as practicable and in accordance with applicable requirements under the Securities Act, but in any event not later than 18 months after the
          last Closing Date, the Company will make generally available to its security holders and to the Placement Agent an earnings statement, covering a period of at least 12 consecutive months beginning after the last Closing Date, that satisfies the
          provisions of Section 11(a) and Rule 158 under the Securities Act.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Periodic Reporting Obligations</u>.&#160; During the Prospectus Delivery Period, the Company will duly file, on a timely basis, with the Commission and the Trading Market all
          reports and documents required to be filed under the Exchange Act within the time periods and in the manner required by the Exchange Act.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Additional Documents</u><font style="font-style: italic;">.</font>&#160; The Company will enter into any subscription, purchase or other customary agreements as the Placement Agent
          or the Investors deem necessary or appropriate to consummate the Offering, all of which will be in form and substance reasonably acceptable to the Placement Agent and the Investors.&#160; The Company agrees that the Placement Agent may rely upon, and
          each is a third party beneficiary of, the representations and warranties, and applicable covenants, set forth in any such purchase, subscription or other agreement with Investors in the Offering.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>No Manipulation of Price</u><font style="font-style: italic;">.&#160; </font>Neither the Company, nor, to its knowledge, any of its employees,
        directors or shareholders, has taken or will take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under the Exchange Act, or otherwise, stabilization or
        manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Acknowledgment</u>.&#160; The Company acknowledges that any advice given by the Placement Agent to the Company is solely for the benefit and use of
        the Board of Directors of the Company and may not be used, reproduced, disseminated, quoted or referred to, without the Placement Agent's prior written consent.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(l)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Announcement of Offering</u>.&#160; The Company acknowledges and agrees that the Placement Agent may, subsequent to the Closing, make public its involvement with the Offering.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(m)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Reliance on Others</u>.&#160; The Company confirms that it will rely on its own counsel and accountants for legal and accounting advice.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(n)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Research Matters</u><font style="font-variant: small-caps;">.</font>&#160; By entering into this Agreement, the Placement Agent does not provide any promise, either explicitly or
          implicitly, of favorable or continued research coverage of the Company and the Company hereby acknowledges and agrees that the Placement Agent&#8217;s selection as a placement agent for the Offering was in no way conditioned, explicitly or implicitly,
          on the Placement Agent providing favorable or any research coverage of the Company.&#160; In accordance with FINRA Rule 2241(b)(2)(K), the parties acknowledge and agree that the Placement Agent has not <font style="color: rgb(0, 0, 0);">directly or
            indirectly offered favorable research, a specific rating or a specific price target, or threatened to change research, a rating or a price target, to the Company or inducement for the receipt of business or compensation</font>. <font style="color: rgb(0, 0, 0);">The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Placement Agent with respect to any conflict of interest that may arise from the fact
            that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by the Placement Agent&#8217;s investment banking divisions.&#160; The
            Company acknowledges that the Placement Agent is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or
            short position in debt or equity securities of the Company.</font></div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(o)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt;"><u>Subsequent Equity Sales</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;">From the date hereof until ninety (90) days after the Closing Date, unless waived by the Placement Agent, neither the Company nor any Subsidiary shall (i) issue, enter into any
          agreement to issue or announce the issuance or proposed issuance of any Common Shares or Common Share Equivalents or (ii) file any registration statement or amendment or supplement thereto, other than the Final Prospectus or filing a registration
          statement on Form S-8 in connection with any employee benefit plan, in each case without prior written consent of the Placement Agent.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 72pt; text-indent: 72pt; text-align: justify;">From the date hereof until one hundred eighty (180) days after the Closing Date, unless waived by the Placement Agent, the Company shall be
        prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Shares or Common Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction.&#160; &#8220;<u>Variable




          Rate Transaction</u>&#8221; means a transaction (for the avoidance of doubt, such transaction will not include the accrual of additional shares of the Company&#8217;s 9.00% Series A Cumulative Convertible Perpetual Preferred Shares in accordance with their
        terms in lieu of cash dividends) in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Common Shares either (A) at a conversion
        price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after the initial issuance of such debt or equity securities, or (B) with a
        conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
        business of the Company or the market for the Common Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or an &#8220;at-the-market offering&#8221;, whereby the Company may issue
        securities at a future determined price that is based upon and/or varies with the trading prices of or quotations for the Common Shares, regardless of whether shares pursuant to such agreement have actually been issued and regardless of whether
        such agreement is subsequently canceled.&#160; The Placement Agent shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;">Notwithstanding the foregoing, this Section 4(o) shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance (as defined
          in the Purchase Agreement).</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(p)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>FINRA</u>. The Company shall advise the Placement Agent (who shall make an appropriate filing with FINRA) if it is aware that any officer,
        director, 10% or greater shareholder of the Company or Person that received the Company&#8217;s unregistered equity securities in the past 180 days is or becomes an affiliate or associated person of a FINRA member firm prior to the earlier of the
        termination of this Agreement or the 60-day period after the Effective Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 5.</font>
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><font style="font-weight: bold;">Conditions of the Obligations of the Placement Agent</font>.&#160; The obligations of the Placement Agent hereunder shall be subject to the accuracy of
          the representations and warranties on the part of the Company set forth in Section 2 hereof, in each case as of the date hereof and as of each Closing Date as though then made, to the timely performance by each of the Company of its covenants and
          other obligations hereunder on and as of such dates, and to each of the following additional conditions:</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Accountants&#8217; Comfort Letter</u>.&#160; On the date hereof, the Placement Agent shall have received, and the Company shall have caused to be delivered
        to the Placement Agent, a letter from Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A. (the independent registered public accounting firm of the Company), addressed to the Placement Agent, dated as of the date hereof, in form and
        substance satisfactory to the Placement Agent.&#160; The letter shall not disclose any change in the condition (financial or other), earnings, operations, business or prospects of the Company from that set forth in the Incorporated Documents or the
        applicable Prospectus or prospectus supplement, which, in the Placement Agent's sole judgment, is material and adverse and that makes it, in the Placement Agent's sole judgment, impracticable or inadvisable to proceed with the Offering of the
        Securities as contemplated by such Prospectus.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Compliance with Registration Requirements; No Stop Order; No Objection from the FINRA.</u>&#160; Each Prospectus (in accordance with Rule 424(b)) and &#8220;<u>free writing prospectus</u>&#8221;
          (as defined in Rule 405 of the Securities Act), if any, shall have been duly filed with the Commission, as appropriate; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no
          proceeding for that purpose shall have been initiated or threatened by the Commission; no order preventing or suspending the use of any Prospectus shall have been issued and no proceeding for that purpose shall have been initiated or threatened
          by the Commission; no order having the effect of ceasing or suspending the distribution of the Securities or any other securities of the Company shall have been issued by any securities commission, securities regulatory authority or stock
          exchange and no proceedings for that purpose shall have been instituted or shall be pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange; all requests for
          additional information on the part of the Commission shall have been complied with; and the FINRA shall have raised no objection to the fairness and reasonableness of the placement terms and arrangements.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Corporate Proceedings</u>.&#160; All corporate proceedings and other legal matters in connection with this Agreement, the Registration Statement and
        each Prospectus, and the registration, sale and delivery of the Securities, shall have been completed or resolved in a manner reasonably satisfactory to the Placement Agent's counsel, and such counsel shall have been furnished with such papers and
        information as it may reasonably have requested to enable such counsel to pass upon the matters referred to in this Section 5.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>No Material Adverse Change</u>.&#160; Subsequent to the execution and delivery of this Agreement and prior to each Closing Date, in the Placement
        Agent's sole judgment after consultation with the Company, there shall not have occurred any Material Adverse Effect or any material adverse change or development involving a prospective material adverse change in the condition or the business
        activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement and Final Prospectus (&#8220;<u>Material Adverse Change</u>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><u>Opinion of Counsel for the Company</u>.&#160; The Placement Agent shall have received on each Closing Date the favorable opinion of U.S. legal counsel to the Company, dated as of
          such Closing Date, including, without limitation, a negative assurance letter addressed to the Placement Agent and in form and substance satisfactory to the Placement Agent and the favorable opinions of foreign legal counsel to the Company,
          including, without limitation, a negative assurance letter, addressed to the Placement Agent and in form and substance satisfactory to the Placement Agent.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Officers&#8217; Certificate</u>.&#160; The Placement Agent shall have received on each Closing Date a certificate of the Company, dated as of such Closing
        Date, signed by the Chief Executive Officer and Chief Financial Officer of the Company, to the effect that, and the Placement Agent shall be satisfied that, the signers of such certificate have reviewed the Registration Statement, the Incorporated
        Documents, the Prospectus, and this Agreement and to the further effect that:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 72pt; text-indent: 72pt; text-align: justify;">The representations and warranties of the Company in the Purchase Agreement and this Agreement are true and correct, as if made on and as of such
        Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 72pt; text-indent: 72pt; text-align: justify;">No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that
        purpose have been instituted or are pending or, to the Company&#8217;s knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Securities or any other securities of the Company has been
        issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities
        commission, securities regulatory authority or stock exchange in the United States;</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 72pt; text-indent: 72pt; text-align: justify;">When the Registration Statement became effective, at the time of sale, and at all times subsequent thereto up to the delivery of such certificate,
        the Registration Statement and the Incorporated Documents, if any, when such documents became effective or were filed with the Commission, and any Prospectus, contained all material information required to be included therein by the Securities Act
        and the Exchange Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all material respects conformed to the requirements of the Securities Act and the Exchange Act and the applicable rules and
        regulations of the Commission thereunder, as the case may be, and the Registration Statement and the Incorporated Documents, if any, and any Prospectus, did not and do not include any untrue statement of a material fact or omit to state a material
        fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided, however, that the preceding representations and warranties contained in this
        paragraph (iii) shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by the Placement Agent expressly for use therein) and, since the effective date of the
        Registration Statement, there has occurred no event required by the Securities Act and the rules and regulations of the Commission thereunder to be set forth in the Incorporated Documents which has not been so set forth; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;">Subsequent to the respective dates as of which information is given in the Registration Statement, the Incorporated Documents and any Prospectus, there has not been:&#160; (a) any
          Material Adverse Change; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to
          the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the capital stock (except changes thereto resulting from the
          exercise of outstanding stock options or warrants) or outstanding indebtedness of the Company or any Subsidiary; (e) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company; or (f) any loss or damage
          (whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Bring-down Comfort Letter</u><font style="font-style: italic;">.&#160; </font>On each Closing Date, the Placement Agent shall have received from
        Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A., or such other independent registered public accounting firm of the Company, a letter dated as of such Closing Date, in form and substance satisfactory to the Placement Agent, to the
        effect that they reaffirm the statements made in the letter furnished pursuant to subsection (a) of this Section 5, except that the specified date referred to therein for the carrying out of procedures shall be no more than one (1) business day
        prior to such Closing Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Lock-Up Agreements</u>. On the date hereof, the Placement Agent shall have received the executed lock-up agreement, in the form attached as <u>Exhibit




          A</u> to the Purchase Agreement from each of the Lock-Up Parties (as defined in the Purchase Agreement).</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Stock Exchange Listing</u>.&#160; The Common Shares shall be registered under the Exchange Act and shall be listed on the Trading Market, and the
        Company shall not have taken any action designed to terminate, or likely to have the effect of terminating, the registration of the Common Shares under the Exchange Act or delisting or suspending from trading the Common Shares from the Trading
        Market, nor shall the Company have received any information suggesting that the Commission or the Trading Market is contemplating terminating such registration or listing.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;"><u>Additional Documents</u>.&#160; On or before each Closing Date, the Placement Agent and counsel for the Placement Agent shall have received such
        information and documents as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and
        warranties, or the satisfaction of any of the conditions or agreements, herein contained.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Placement Agent by notice to the Company at any time on
        or prior to a Closing Date, which termination shall be without liability on the part of any party to any other party, except that Section 6 (Payment of Expenses), Section 7 (Indemnification and Contribution) and Section 8 (Representations and
        Indemnities to Survive Delivery) shall at all times be effective and shall survive such termination.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 6.</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Payment of Expenses</font>.&#160; Subject to the limitations set forth in Section 1(a)(iii) and Section 1(b) above, the Company
        agrees to pay all costs, fees and expenses incurred by the Company in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including, without limitation:&#160; (i) all expenses
        incident to the issuance, delivery and qualification of the Securities (including all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer agent of the Common Shares; (iii) all necessary issue, transfer and other
        stamp taxes in connection with the issuance and sale of the Securities; (iv) all fees and expenses of the Company&#8217;s counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection
        with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Preliminary Prospectus, the Final Prospectus and each
        prospectus supplement, if any, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, reasonable attorneys&#8217; fees and expenses incurred by the Company or the Placement Agent in connection with qualifying or registering
        (or obtaining exemptions from the qualification or registration of) all or any part of the Securities for offer and sale under the state securities or blue sky laws or the securities laws of any other country, and, if requested by the Placement
        Agent, preparing and printing a &#8220;<u>Blue Sky Survey</u>,&#8221; an &#8220;<u>International Blue Sky Survey</u>&#8221; or other memorandum, and any supplements thereto, advising the Placement Agent of such qualifications, registrations and exemptions; (vii) if
        applicable, the filing fees incident to the review and approval by the FINRA of the Placement Agent's participation in the offering and distribution of the Securities; (viii) the fees and expenses associated with including the Shares and Warrant
        Shares on the Trading Market; (ix) all costs and expenses incident to the travel and accommodation of the Company&#8217;s and the Placement Agent's employees on the &#8220;<u>roadshow</u>,&#8221; if any; and (x) all other fees, costs and expenses referred to in the
        section captioned &#8220;Expenses&#8221; in the Registration Statement.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 7.</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><font style="font-weight: bold;">Indemnification and Contribution</font>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;">The Company agrees to indemnify and hold harmless the Placement Agent, and each dealer selected by the Placement Agent that participates in the
        offer and sale of the Securities (each a &#8220;<u>Selected Dealer</u>&#8221;) and each of their respective directors, officers and employees and each Person, if any, who controls the Placement Agent or any Selected Dealer (&#8220;<u>Controlling Person</u>&#8221;) within
        the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in
        investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether arising out of any action between the Placement Agent and the Company or between the Placement Agent and any third party or
        otherwise) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or
        alleged untrue statement of a material fact contained in (i) any Preliminary Prospectus, if any, the Registration Statement or the Final Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information
        provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities, including any &#8220;road show&#8221; or investor presentations made to investors by the Company (whether in person or
        electronically); or (iii) any application or other document or written communication (in this Section 7, collectively called &#8220;application&#8221;) executed by the Company or based upon written information furnished by the Company in any jurisdiction in
        order to qualify the Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, Trading Market or any securities exchange; or the omission or alleged omission therefrom of a material fact
        required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon and in conformity with written
        information furnished to the Company with respect to the Placement Agent by or on behalf of the Placement Agent expressly for use in any Preliminary Prospectus, if any, the Registration Statement or Final Prospectus, or any amendment or supplement
        thereto, or in any application, as the case may be. With respect to any untrue statement or omission or alleged untrue statement or omission made in the Preliminary Prospectus, if any, the indemnity agreement contained in this Section 7 shall not
        inure to the benefit of the Placement Agent to the extent that any loss, liability, claim, damage or expense of the Placement Agent results from the fact that a copy of the Final Prospectus was not given or sent to the Person asserting any such
        loss, liability, claim or damage at or prior to the written confirmation of sale of the Securities to such Person as required by the Securities Act and the rules and regulations thereunder, and if the untrue statement or omission has been corrected
        in the Final Prospectus, unless such failure to deliver the Final Prospectus was a result of non-compliance by the Company with its obligations under this Agreement. The Company agrees promptly to notify the Placement Agent of the commencement of
        any litigation or proceedings against the Company or any of its officers, directors or Controlling Persons in connection with the issue and sale of the Securities or in connection with the Registration Statement or the Final Prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;">If any action is brought against the Placement Agent, a Selected Dealer or a Controlling Person in respect of which indemnity may be sought against
        the Company pursuant to Section 7(a), the Placement Agent, such Selected Dealer or Controlling Person, as the case may be, shall promptly notify the Company in writing of the institution of such action and the Company shall assume the defense of
        such action, including the employment and fees of counsel (subject to the reasonable approval of the Placement Agent or such Selected Dealer, as the case may be) and payment of actual expenses. The Placement Agent, such Selected Dealer or
        Controlling Person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Placement Agent, such Selected Dealer or Controlling Person unless (i) the
        employment of such counsel at the expense of the Company shall have been authorized in writing by the Company in connection with the defense of such action, or (ii) the Company shall not have employed counsel to have charge of the defense of such
        action, or (iii) such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to those available to the Company (in which case the Company shall not have
        the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Placement Agent (in addition to
        local counsel), Selected Dealer and/or Controlling Person shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if the Placement Agent, Selected Dealer or Controlling Person shall assume the defense of such
        action as provided above, the Company shall have the right to approve the terms of any settlement of such action which approval shall not be unreasonably withheld.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;">The Placement Agent agrees to indemnify and hold harmless the Company, its directors, officers and employees and agents who control the Company within the meaning of Section 15 of
          the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the Placement Agent, as incurred, but only with respect to untrue
          statements or omissions, or alleged untrue statements or omissions made in any Preliminary Prospectus, if any, the Registration Statement or Final Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in
          strict conformity with, written information furnished to the Company with respect to the Placement Agent by or on behalf of the Placement Agent expressly for use in such Preliminary Prospectus, if any, the Registration Statement or Final
          Prospectus or any amendment or supplement thereto or in any such application. In case any action shall be brought against the Company or any other Person so indemnified based on any Preliminary Prospectus, if any, the Registration Statement or
          Final Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against the Placement Agent, the Placement Agent shall have the rights and duties given to the Company, and the Company
          and each other Person so indemnified shall have the rights and duties given to the Placement Agent by the provisions of this Section 7. Notwithstanding the provisions of this Section 7(c), the Placement Agent shall not be required to indemnify
          the Company for any amount in excess of the placement agent commissions applicable to the Securities purchased pursuant to the transactions contemplated pursuant to the Registration Statement and Purchase Agreement.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;">In order to provide for just and equitable contribution under the Securities Act in any case in which (i) any Person entitled to indemnification under this Section 7 makes a claim
          for indemnification pursuant hereto but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
          indemnification may not be enforced in such case notwithstanding the fact that this Section 7 provides for indemnification in such case, or (ii) contribution under the Securities Act, the Exchange Act or otherwise may be required on the part of
          any such Person in circumstances for which indemnification is provided under this Section 7, then, and in each such case, the Company and the Placement Agent, severally and not jointly, shall contribute to the aggregate losses, liabilities,
          claims, damages and expenses of the nature contemplated by said indemnity agreement incurred by the Company and the Placement Agent, as incurred, in such proportions that the Placement Agent is responsible for that portion represented by the
          percentage that the placement agent commission appearing on the cover page of the Final Prospectus bears to the initial offering price appearing thereon and the Company is responsible for the balance; provided, that, no Person guilty of a
          fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each director,
          officer and employee of the Placement Agent or the Company, as applicable, and each Person, if any, who controls the Placement Agent or the Company, as applicable, within the meaning of Section 15 of the Securities Act shall have the same rights
          to contribution as the Placement Agent or the Company, as applicable. Notwithstanding the provisions of this Section 7(d), the Placement Agent shall not be required to contribute any amount in excess of the placement agent commissions applicable
          to the Securities purchased pursuant to the transactions contemplated pursuant to the Registration Statement and Purchase Agreement.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;">Within fifteen days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a
          claim for contribution in respect thereof is to be made against another party (&#8220;contributing party&#8221;), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any
          liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement
          thereof within the aforesaid fifteen days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party
          seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 7 are
          intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;">The reimbursement, indemnity and contribution obligations of the Company set forth herein shall apply to any modification of this Agreement and shall remain in full force and
          effect regardless of any termination of, or the completion of any Indemnified Person&#8217;s services under or in connection with, this Agreement.</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 8.</font>
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><font style="font-weight: bold;">Representations and Indemnities to Survive Delivery</font>.&#160; The respective indemnities, agreements, representations, warranties and other
          statements of the Company or any person controlling the Company, of its officers, and of the Placement Agent set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on
          behalf of the Placement Agent, the Company, or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Securities sold hereunder and any termination of
          this Agreement.&#160; A successor to a Placement Agent, or to the Company, its directors or officers or any person controlling the Company, shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this
          Agreement.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 9.</font>
        <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt;"><font style="font-weight: bold;">Notices</font>.&#160; All communications hereunder shall be in writing and shall be mailed, hand delivered or e-mailed and confirmed to the parties
          hereto as follows:</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">If to the Placement Agent to the address set forth above, attention: James Siegel, General Counsel, email: jsiegel@maximgrp.com</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic;">With a copy to:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Ellenoff Grossman &amp; Schole LLP</div>
      <div style="text-align: justify;">1345 Avenue of the Americas, 11th Floor</div>
      <div style="text-align: justify;">New York, New York 10105</div>
      <div style="text-align: justify;">E-mail: capmkts@egsllp.com</div>
      <div style="text-align: justify;">Attention: Matthew Bernstein</div>
      <div><br>
      </div>
      <div style="text-align: justify;">If to the Company:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Icon Energy Corp.</div>
      <div style="color: #000000;">c/o Pavimar Shipping Co.</div>
      <div style="color: #000000;">17th km National Road</div>
      <div style="color: #000000;">Athens-Lamia &amp; Foinikos Str.</div>
      <div style="color: #000000;">14564, Nea Kifissia</div>
      <div style="color: #000000;">Athens, Greece</div>
      <div>E-mail: [_____]</div>
      <div>Attention: [_____]</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic;">With a copy to:</div>
      <div><br>
      </div>
      <div>Watson Farley &amp; Williams LLP</div>
      <div>120 West 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
      <div>New York, New York 10036</div>
      <div>E-mail: fsilberberg@wfw.com</div>
      <div>Attention: Filana Silberberg</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Any party hereto may change the address for receipt of communications by giving written notice to the others.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 10.</font>
        <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><font style="font-weight: bold;">Successors</font>.&#160; This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of the
          employees, officers and directors and controlling persons referred to in Section 7 hereof, and to their respective successors, and personal representative, and no other person will have any right or obligation hereunder.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 11.</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Partial Unenforceability</font>.&#160; The invalidity or unenforceability of any section, paragraph or provision of this Agreement
        shall not affect the validity or enforceability of any other section, paragraph or provision hereof.&#160; If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be
        made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 12.</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px; text-indent: 72pt; text-align: justify;"> <font style="font-weight: bold;">Governing Law; Agent for Service of Process</font>.&#160; This Agreement will be governed by, and construed in accordance with,
        the laws of the State of New York applicable to agreements made and to be performed entirely in such State, without regard to the conflicts of laws principles thereof. This Agreement may not be assigned by either party without the prior written
        consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this
        Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and
        delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and
        consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
        such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The Company agrees that a final
        judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts to the jurisdiction of which the Company is or may be subject, by suit upon
        such judgment.&#160; If either party to this Agreement shall commence an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its
        attorney's fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding<font style="color: rgb(0, 0, 0);">.</font>&#160; In addition to and without limiting the foregoing, the Company has
        confirmed that it has appointed Watson Farley &amp; Williams LLP, as its authorized agent (the &#8220;<u>Authorized Agent</u>&#8221;) upon whom process may be served in any suit, action or proceeding arising out of or based upon the this Agreement or the
        Transaction Documents or the transactions contemplated herein which may be instituted in any New York federal or state court, by the Placement Agent, the directors, officers, partners, employees and agents of the Placement Agent and each affiliate
        of the Placement Agent, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and
        has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The
        Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent shall cease to
        act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action arising out of or based upon this
        Agreement may be instituted by the Placement Agent, the directors, officers, partners, employees and agents of the Placement Agent and each respective affiliate of the Placement Agent, in any court of competent jurisdiction in the Republic of the
        Marshall Islands.&#160; This paragraph shall survive any termination of this Agreement, in whole or in part.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Section 13.</font></div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 0px; text-indent: 72pt;"><font style="font-weight: bold;">General Provisions</font>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;">This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous
        oral agreements, understandings and negotiations with respect to the subject matter hereof. Notwithstanding anything herein to the contrary, the Engagement Letter, dated December 24, 2024 (the &#8220;<u>Engagement Letter</u>&#8221;), between the Company and
        the Placement Agent shall continue to be effective and the terms therein shall continue to survive and be enforceable by the Placement Agent in accordance with its terms, provided that, in the event of a conflict between the terms of the Engagement
        Letter and this Agreement, the terms of this Agreement shall prevail. Further, nothing herein shall be construed as superseding any of the rights of the Placement Agent as set forth in that certain Underwriting Agreement, dated July 12, 2024, by
        and between the Company and the Placement Agent, which rights shall continue to be effective and shall continue to survive and be enforceable by the Placement Agent in accordance with its terms. This Agreement may be executed in two or more
        counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.&#160; This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no
        condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit.&#160; Section headings herein are for the convenience of the parties only and shall not affect the construction or
        interpretation of this Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)</div>
      <div style="margin: -16px 0px 0px; padding: 0px 0px 0px 36pt; text-indent: 72pt; text-align: justify;">The Company acknowledges that in connection with the offering of the Securities: (i) the Placement Agent&#8217;s responsibility to the Company is solely
        contractual and commercial in nature, (ii) the Placement Agent has acted at arms length, are not agents of, and owe no fiduciary duties to the Company or any other person, (iii) the Placement Agent owes the Company only those duties and obligations
        set forth in this Agreement and (iv) the Placement Agent may have interests that differ from those of the Company.&#160; The Company waives to the fullest extent permitted by applicable law any claims it may have against the Placement Agent arising from
        any breach or alleged breach of fiduciary duty in connection with the offering of the Securities.</div>
      <div><br>
      </div>
      <div style="text-align: center;">[<font style="font-style: italic;">The remainder of this page has been intentionally left blank.</font>]</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If the foregoing is in accordance with your understanding of our agreement, please sign below whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in
        accordance with its terms.</div>
      <div><br>
        <div>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">
                  <div style="font-family: 'Times New Roman', Times, serif;">Very truly yours,</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;
                  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">ICON ENERGY CORP.</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 4%; vertical-align: top; padding-bottom: 2px;">By:</td>
                <td style="width: 46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: 'Times New Roman', Times, serif;"><br>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 4%; vertical-align: top;">&#160;</td>
                <td style="width: 46%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', Times, serif;">Name:</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 4%; vertical-align: top;">&#160;</td>
                <td style="width: 46%; vertical-align: top;">
                  <div style="font-family: 'Times New Roman', Times, serif;">Title:</div>
                </td>
              </tr>

          </table>
        </div>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The foregoing Placement Agency Agreement is hereby confirmed and accepted as of the date first above written.</div>
      <div>&#160;<br>
        <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z9d6c989c485b40008925198591d70c08" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td colspan="2" rowspan="1" style="vertical-align: top;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MAXIM GROUP LLC</div>
                &#160;</td>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top; padding-bottom: 2px;">
                <div style="font-family: 'Times New Roman', Times, serif;">By:</div>
              </td>
              <td style="width: 46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 46%; vertical-align: top;">
                <div style="font-family: 'Times New Roman', Times, serif;">Name:</div>
              </td>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 46%; vertical-align: top;">
                <div style="font-family: 'Times New Roman', Times, serif;">Title:</div>
              </td>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
            </tr>

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  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;"> <br>
    </font></div>
  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
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<DOCUMENT>
<TYPE>EX-3.5
<SEQUENCE>3
<FILENAME>ny20040020x3_ex3-5.htm
<DESCRIPTION>EXHIBIT 3.5
<TEXT>
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      <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 3.5</font><br>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">STATEMENT OF DESIGNATIONS OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES C PARTICIPATING PREFERRED SHARES OF ICON ENERGY CORP.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The undersigned, Mrs. Ismini Panagiotidi, does hereby certify:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">1.&#160; &#160; &#160; &#160; &#160; &#160; That she is the duly elected and acting Chief Executive Officer of Icon Energy Corp., a Marshall Islands corporation (the "<u>Company</u>").</div>
    <div><br>
    </div>
    <div style="text-align: justify;">2.&#160; &#160; &#160; &#160; &#160; &#160; That pursuant to the authority conferred by the Company's Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, the Company's Board of Directors on July 1, 2024 adopted the
      following resolution designating and prescribing the relative rights, preferences, and limitations of the Company's Series C Participating Preferred Shares:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">RESOLVED, that pursuant to the authority vested in the Board of Directors (the "<u>Board</u>") of the Company by the Company&#8217;s Amended and Restated Articles of Incorporation and Amended and Restated
      Bylaws, the Board does hereby establish a series of Preferred Shares, par value $0.001 per share, and the designation and certain powers, preferences and other special rights of the shares of such series, and certain qualifications, limitations and
      restrictions thereon, are hereby fixed as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 1.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Designation and Amount</u>. The shares of such series shall be designated as "<u>Series C Participating Preferred Shares</u>". The Series C Participating Preferred Shares
      shall have a par value of $0.001 per share, and the number of shares constituting such series shall initially be 1,500,000, which number the Board may from time to time increase or decrease (but not below the number then outstanding).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 2.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Proportional Adjustment</u>. In the event the Company shall at any time after the issuance of any share or shares of Series C Participating Preferred Shares (i) declare
      any dividend on the common stock of the Company, par value $0.001 per share (the "<u>Common Shares</u>") payable in Common Shares, (ii) subdivide the outstanding Common Shares or (iii) combine the outstanding Common Shares into a smaller number of
      shares, then in each such case the Company shall simultaneously effect a proportional adjustment to the number of outstanding shares of Series C Participating Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 3.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Dividends and Distributions</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160; &#160; &#160; &#160; &#160;&#160; Subject to the prior and superior right of the holders of any shares of any series of Preferred Shares ranking prior and superior to the shares of Series C Participating Preferred
      Shares with respect to dividends, the holders of shares of Series C Participating Preferred Shares shall be entitled to receive when, as and if declared by the Board out of funds legally available for the purpose, quarterly dividends payable in cash
      on the last day of January, April, July and October in each year (each such date being referred to herein as a "<u>Quarterly Dividend Payment Date</u>"), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or
      fraction of a share of Series C Participating Preferred Shares, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in
      kind) of all non-cash dividends or other distributions other than a dividend payable in Common Shares or a subdivision of the outstanding Common Shares (by reclassification or otherwise), declared on the Common Shares since the immediately preceding
      Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series C Participating Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160; &#160; &#160; &#160; &#160;&#160; The Company shall declare a dividend or distribution on the Series C Participating Preferred Shares as provided in paragraph (a) above immediately after it declares a dividend or
      distribution on the Common Shares (other than a dividend payable in Common Shares).</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(c)&#160; &#160; &#160; &#160; &#160;&#160; Dividends shall begin to accrue on outstanding shares of Series C Participating Preferred Shares from the Quarterly Dividend Payment Date immediately preceding the date of issue of such shares of Series C
      Participating Preferred Shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or
      unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series C Participating Preferred Shares entitled to receive a quarterly dividend and before such Quarterly
      Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on shares of Series C Participating Preferred Shares
      in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board may fix a record date for the
      determination of holders of shares of Series C Participating Preferred Shares entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than thirty (30) days prior to the date fixed for the payment
      thereof.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 4.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Voting Rights</u>. The holders of shares of Series C Participating Preferred Shares shall have the following voting rights:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160; &#160; &#160; &#160; &#160;&#160; Each share of Series C Participating Preferred Shares shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the shareholders of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160; &#160; &#160; &#160; &#160;&#160; Except as otherwise provided herein or by applicable law, the holders of shares of Series C Participating Preferred Shares and the holders of Common Shares shall vote together as one
      class on all matters submitted to a vote of the shareholders of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)&#160; &#160; &#160; &#160; &#160;&#160; Except as required by applicable law, holders of Series C Participating Preferred Shares shall have no special voting rights and their consent shall not be required (except to the
      extent they are entitled to vote with holders of Common Shares as set forth herein) for taking any corporate action.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 5.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Certain Restrictions</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160; &#160; &#160; &#160; &#160;&#160; The Company shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for consideration any Common Shares after the first issuance of a
      share or fraction of a share of Series C Participating Preferred Shares unless concurrently therewith it shall declare a dividend on the Series C Participating Preferred Shares as required by Section 3 hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160; &#160; &#160; &#160; &#160;&#160; Whenever quarterly dividends or other dividends or distributions payable on Series C Participating Preferred Shares as provided in Section 3 hereof are in arrears, thereafter and until
      all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series C Participating Preferred Shares outstanding shall have been paid in full, the Company shall not: (i) declare or pay dividends on, make any other
      distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to Series C Participating Preferred Shares; (ii) declare or pay
      dividends on, make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with Series C Participating Preferred Shares, except dividends paid ratably on Series C
      Participating Preferred Shares and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; (iii) redeem or purchase or otherwise acquire for
      consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with Series C Participating Preferred Shares, provided, that the Company may at any time redeem, purchase or otherwise
      acquire shares of any such parity stock in exchange for shares of any stock of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to Series C Participating Preferred Shares; (iv) purchase or otherwise
      acquire for consideration any shares of Series C Participating Preferred Shares, or any shares of stock ranking on a parity with Series C Participating Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as
      determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good
      faith will result in fair and equitable treatment among the respective series or classes.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)&#160; &#160; &#160; &#160; &#160;&#160; The Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of the Company unless the Company could, under
      paragraph (a) of this Section 5, purchase or otherwise acquire such shares at such time and in such manner.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 6.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Reacquired Shares</u>. Any shares of Series C Participating Preferred Shares purchased or otherwise acquired by the Company in any manner whatsoever shall be retired and
      canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Shares and may be reissued as part of a new series of Preferred Shares to be created by resolution or
      resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein and, in the Company&#8217;s Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, as then in effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 7.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Liquidation, Dissolution or Winding Up</u>. Upon any liquidation, dissolution or winding up of the Company, the holders of shares of Series C Participating Preferred
      Shares shall be entitled to receive an aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders of Common Shares, plus an amount equal to any accrued and unpaid dividends on such shares of Series C
      Participating Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 8.&#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Consolidation, Merger, etc</u>. In case the Company shall enter into any consolidation, merger, combination or other transaction in which the Common Shares are exchanged
      for or changed into other stock or securities, cash and/or any other property, in any such case shares of Series C Participating Preferred Shares shall at the same time be similarly exchanged or changed in an amount per share equal to 1,000 times the
      aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each Common Share is changed or exchanged.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 9.&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>No Redemption</u>. The shares of Series C Participating Preferred Shares shall not be redeemable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 10.&#160; &#160; &#160; &#160; &#160; &#160; <u>Ranking</u>. The Series C Participating Preferred Shares shall rank junior to all other series of the Company&#8217;s Preferred Shares as to the payment of dividends and the
      distribution of assets unless the terms of any such series shall provide otherwise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 11.&#160; &#160; &#160; &#160; &#160; &#160; <u>Amendment</u>. The Amended and Restated Articles of Incorporation and Amended and Restated Bylaws of the Company shall not be further amended in any manner which would
      materially alter or change the powers, preferences, or special rights of Series C Participating Preferred Shares so as to affect them adversely without the affirmative vote of the holders of a majority of the outstanding shares of Series C
      Participating Preferred Shares, voting separately as a class.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Section 12.&#160; &#160; &#160; &#160; &#160; &#160; <u>Fractional Shares</u>. Series C Participating Preferred Shares may be issued in fractions of a share which shall entitle the holder, in proportion to such holder's
      fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series C Participating Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">RESOLVED FURTHER, that any of the Chief Executive Officer, Chief Financial Officer, or Secretary of the Company be, and they hereby are, authorized and directed to prepare and file a Statement of
      Designation of Rights, Preferences and Privileges in accordance with the foregoing resolution and the provisions of Marshall Islands law and to take such actions as they may deem necessary or appropriate to carry out the intent of the foregoing
      resolution.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
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    <div style="text-align: justify; text-indent: 36pt;">I further declare under penalty of perjury that the matters set forth in the foregoing Statement of Designation are true and correct of my own knowledge.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Executed on July 11, 2024.</div>
    <div><br>
    </div>
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            <div style="text-align: justify;">By:&#160; /s/ Ismini Panagiotidi</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Name: Ismini Panagiotidi</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Title: Chief Executive Officer</div>
          </td>
        </tr>

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>ny20040020x3_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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         Document created using Broadridge PROfile 24.12.1.5274
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 4.2</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"> FORM OF <br>
    </div>
    <div style="text-align: center; font-weight: bold;"><br>
      PRE-FUNDED COMMON SHARE PURCHASE WARRANT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ICON ENERGY CORP.</div>
    <div><br>
    </div>
    <div>
      <table id="za9105e9d11ab4e5880abb3bbae62bdf3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50.00%;">Warrant Shares: [_______]</td>
            <td style="width: 50.00%;">Issuance Date: [_______], 2025</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">THIS PRE-FUNDED COMMON SHARE PURCHASE WARRANT (this &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, _____________ or its assigns (the &#8220;<u>Holder</u>&#8221;) is entitled, upon the terms and subject to
      the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the &#8220;<u>Initial Exercise Date</u>&#8221;) and until this Warrant is exercised in full (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to
      subscribe for and purchase from Icon Energy Corp., a corporation existing under the laws of the Republic of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), up to ______ Common Shares (as subject to adjustment hereunder, the &#8220;<u>Warrant Shares</u>&#8221;). The
      purchase price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>Section 1</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Definitions</u>.&#160; In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 405 under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Bid Price</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading
      Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
      York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
      Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
      recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then
      outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>,
      <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&#160; or any other similar orders or restrictions or the
      closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by
      customers on such day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be
      reclassified or changed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including,
      without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Purchase Agreement</u>&#8221; means that Securities Purchase Agreement, dated as of [_________], 2025, among the Company and the purchasers signatory thereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Registration Statement</u>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-[&#160;&#160; ]).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company, which is actively engaged in a trade or business, and shall, where applicable, also include any direct or indirect
      subsidiary of the Company formed or acquired after the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the Common Shares are traded on a Trading Market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the
      Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transfer Agent</u>&#8221; means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of 150 Royall Street, Canton, MA 02021, and any
      successor transfer agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market,
      the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
      (New York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
      Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
      recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then
      outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrants</u>&#8221; means this Warrant and other Pre-Funded Common Share purchase warrants issued by the Company pursuant to the Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>Section 2</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise of Warrant</u>.&#160; Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
      Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &#8220;<u>Notice of Exercise</u>&#8221;).&#160; Within the
      earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price
      for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.<font style="font-weight: bold;">&#160; </font>No






      ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be
      required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
      Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
      available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.&#160; The Holder and the Company shall maintain records showing
      the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise on the Trading Day of receipt of such notice.&#160; <font style="font-weight: bold;">The Holder and any assignee, by
        acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
        time may be less than the amount stated on the face hereof.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise Price</u>.&#160; The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.001 per Warrant Share, was pre-funded to the Company on
      or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant.&#160;
      The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever. The remaining unpaid exercise price per Common Share under this Warrant
      shall be $0.001, subject to adjustment hereunder (the &#8220;<u>Exercise Price</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cashless Exercise</u>. This Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be entitled
      to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -31.5pt; margin-left: 103.5pt;">(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and
      delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221; (as defined in Rule 600(b) of Regulation
      NMS promulgated under the federal securities laws) on such Trading Day, (ii) the highest Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. (&#8220;<u>Bloomberg</u>&#8221;) within two (2) hours of the time of the
      Holder&#8217;s delivery of the Notice of Exercise pursuant to Section 2(a) hereof if such Notice of Exercise is delivered during &#8220;regular trading hours,&#8221; or within two (2) hours after the close of &#8220;regular trading hours&#8221; on a Trading Day or (iii) the VWAP
      on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is delivered pursuant to Section 2(a) hereof after two (2) hours following the close of &#8220;regular trading hours&#8221; on
      such Trading Day;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(B) = the Exercise Price of this Warrant, as adjusted hereunder; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -31.5pt; margin-left: 103.5pt;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
      exercise rather than a cashless exercise.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; color: #000000;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the
      Warrant Shares being issued shall take on the registered characteristics of the Warrants being exercised.&#160; The Company agrees not to take any position contrary to this Section 2(c).</div>
    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top;">d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Mechanics of Exercise</u>.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delivery of Warrant Shares Upon Exercise</u>.&#160; The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder
      by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) if the Company is then a participant in such system and either (A)
      there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
      certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of
      Exercise by the date that is the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
      Notice of Exercise (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;), provided that the payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company by the Warrant Share Delivery Date.&#160;&#160;
      Upon delivery of the Notice of Exercise, the Holder shall be deemed, solely for purposes of Regulation SHO under the Securities Act to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
      irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading
      Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.&#160; If the Company fails for any reason to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
      Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of
      Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds
      such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.&#160; As used herein, &#8220;<u>Standard Settlement Period</u>&#8221; means the standard settlement
      period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.&#160; Notwithstanding the foregoing, with respect to any Notice(s) of
      Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such
      notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a
      cashless exercise) is received by the Company by such Warrant Share Delivery Date.</div>
    <div><br>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delivery of New Warrants Upon Exercise</u>.&#160; If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of
      this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
      be identical with this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rescission Rights</u>.&#160; If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
      Share Delivery Date, then the Holder will have the right to rescind such exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iv.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>.&#160; In addition to any other rights available to the Holder, if the Company
      fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is
      required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
      receiving upon such exercise (a &#8220;<u>Buy-In</u>&#8221;), then the Company shall (A) provided that such price set forth in (y)(2) of this clause (A) is on market terms, pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase
      price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise
      at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such
      exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.&#160;
      For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant for Common Shares with an aggregate sale price giving rise to such purchase obligation
      of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and,
      upon request of the Company, evidence of the amount of such loss.&#160; Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
      and/or injunctive relief with respect to the Company&#8217;s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">v.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Fractional Shares or Scrip</u>.&#160; No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.&#160; As to any
      fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the nearest whole share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vi.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Charges, Taxes and Expenses</u>.&#160; Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense
      in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>,
      <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
      and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.&#160; The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
      and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Closing of Books</u>.&#160; The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to
      the terms hereof.</div>
    <div><br>
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          <td style="width: 18pt; vertical-align: top;">e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Holder&#8217;s Exercise Limitations</u>.&#160; &#160; The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after
              giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&#8217;s
              Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&#160; For purposes of the foregoing sentence, the number of Common Shares beneficially owned by
              the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which
              would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted
              portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder
              or any of its Affiliates or Attribution Parties.&#160; Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
              and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
              for any schedules required to be filed in accordance therewith.&#160;&#160; To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the
              Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s
              determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
              Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the
              foregoing determination.&#160;&#160; In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.&#160; For purposes
              of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company&#8217;s most recent periodic or annual report filed with the Commission, as
              the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding.&#160; Upon the written or oral request of a
              Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding.&#160; In any case, the number of outstanding Common Shares shall be determined after giving effect to
              the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported.&#160; The &#8220;<u>Beneficial
                Ownership Limitation</u>&#8221; shall be [9.99/4.99%] of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant.&#160; The Holder, upon notice to the Company, may
              increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect
              to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.&#160; Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after such notice is delivered to the Company.&#160; The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
              conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
              necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</div>
          </td>
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    <div style="text-align: justify; text-indent: 36pt;"><u>Section 3</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Adjustments</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or
      distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides
      outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares any shares of capital
      stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the
      denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall
      remain unchanged.&#160; Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
      immediately after the effective date in the case of a subdivision, combination or re&#8209;classification.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subsequent Rights Offerings</u>.&#160; <font style="color: #000000;">In addition to any adjustments pursuant to Section 3(a) above, if at any time, while this Warrant is
        outstanding, the Company grants, issues or sells any </font>Common Share <font style="color: #000000;">Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all record holders of any class of </font>Common
      Shares (and not to the Holder in such Holder&#8217;s capacity of Holder of this Warrant)<font style="color: #000000;"> (the &#8220;<u>Purchase Rights</u>&#8221;), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the
        aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of </font>Common Shares <font style="color: #000000;">acquirable upon complete exercise of this Warrant (without regard to any limitations on
        exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
        the record holders of </font>Common Shares <font style="color: #000000;">are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder&#8217;s right to participate in
        any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such </font>Common Shares <font style="color: #000000;">as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
        Beneficial Ownership Limitation).</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">c)</font><font style="color: rgb(0, 0, 0);">&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pro Rata Distributions</u>.&#160; During
      such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to all holders of Common Shares (and not to the Holder in such Holder's capacity of
      Holder of this Warrant), by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement,
      scheme of arrangement or other similar transaction) (a &#8220;<u>Distribution</u>&#8221;), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the
      Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
      Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution (<u>provided</u>,
      <u>however</u>, that, to the extent that the Holder&#8217;s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to
      such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right
      thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
      any merger or consolidation of the Company with or into another Person, (ii) the Company and all of its Subsidiaries, taken as a whole, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of
      all or substantially all of its assets in one or a series of related transactions, other than in a distribution subject to Sections 3(a), (b) or (c), (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the
      outstanding Common Shares or greater than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of
      the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
      consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
      Person or group acquires greater than 50% of the outstanding Common Shares or greater than 50% of the voting power of the common equity of the Company (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the
      Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in
      Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;)
      receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the
      exercise of this Warrant).&#160; For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one
      Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.&#160; If
      holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
      Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the &#8220;<u>Successor Entity</u>&#8221;) to assume in writing all of the obligations of the
      Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
      Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
      is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
      exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such
      Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such
      Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for, the Company under this Warrant
      (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant referring to the &#8220;Company&#8221; shall refer instead to the Successor Entity or Successor Entities, jointly and severally), and
      the Successor Entity or Successor Entities may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant with the
      same effect as if such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of
      (i) whether the Company has sufficient authorized Common Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this
      Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice to Holder</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the
      Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, (B) the
      Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital
      stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company&#160; is a party, any sale or
      transfer of all or substantially all of the assets of the Company or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
      dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least
      ten (10) calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to
      be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption,
      rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
      Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver
      such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.&#160; To the extent that any notice provided in this Warrant constitutes, or contains, material,
      non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.&#160; The Holder shall remain entitled to exercise this Warrant during the
      period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</div>
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    <div style="text-align: justify; text-indent: 36pt;"><u>Section 4</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer of Warrant</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transferability</u>.&#160; This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the
      Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
      of such transfer.&#160; Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
      instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant
        to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. </font>The Warrant, if properly assigned in accordance herewith, may be exercised by a new
      holder for the purchase of Warrant Shares without having a new Warrant issued.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a
      written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.&#160; Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or
      combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
      Exercise Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the &#8220;<u>Warrant Register</u>&#8221;), in
      the name of the record Holder hereof from time to time.&#160; The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
      purposes, absent actual notice to the contrary.</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>Section 5</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Rights as Shareholder; No Settlement in Cash</u>.&#160; This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of
      the Company prior to the issuance of Warrant Shares upon the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.&#160; Without limiting any rights of a Holder to receive Warrant Shares on a &#8220;cashless exercise&#8221;
      pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
      theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
      include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of
      such Warrant or stock certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Saturdays, Sundays, Holidays, etc</u>.&#160; If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not
      be a Trading&#160; Day, then such action may be taken or such right may be exercised on the next succeeding Trading Day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Authorized Shares</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide
      for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.&#160; The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of
      issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.&#160; The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
      violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.&#160; The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
      represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
      liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of incorporation or
      through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
      times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.&#160; Without limiting the
      generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
      appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
      from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
      obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction</u>. All questions <font style="color: #000000;">concerning the construction, validity, enforcement and interpretation of this Warrant shall be
        governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
        enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
        exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the
        adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
        personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
        being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees
        that, subject to applicable law, such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
        If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys&#8217; fees and other
        costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding</font>.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Restrictions</u>.&#160; The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize
      cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Nonwaiver and Expenses</u>.&#160; No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such
      right or otherwise prejudice the Holder&#8217;s rights, powers or remedies.&#160; Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
      damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder
      in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of
      Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at ___________, Attention:<font style="font-weight: bold;"> ___________</font>, email address:
      ___________, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and
      delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or
      deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time)
      on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City
      time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.&#160; To the
      extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation of Liability</u>.&#160; No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and
      no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by
      creditors of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Remedies</u>.&#160; The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
      performance of its rights under this Warrant.&#160; The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
      assert the defense in any action for specific performance that a remedy at law would be adequate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns</u>.&#160; Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be
      binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.&#160; The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be
      enforceable by the Holder or holder of Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment</u>.&#160; This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">m)&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&#160; Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any
      provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
      of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Headings</u>.&#160; The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: center;">********************</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">(Signature Page Follows)</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1f883168d45f4ca0985a3dd50d8610df" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="font-weight: bold;">ICON ENERGY CORP.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 4%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 46%;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top;">
            <div>Name:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">NOTICE OF EXERCISE</div>
    <div><br>
    </div>
    <div style="text-align: justify;">TO:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ICON ENERGY CORP.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment
      of the exercise price in full, together with all applicable transfer taxes, if any.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Payment shall take the form of (check applicable box):</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt;">[&#160; ] in lawful money of the United States; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt;">[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum
      number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">[SIGNATURE OF HOLDER]</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Name of Investing Entity: ________________________________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Signature of Authorized Signatory of Investing Entity</font>: _________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Name of Authorized Signatory: ___________________________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Title of Authorized Signatory: ____________________________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Date: ________________________________________________________________________________________</div>
    <div><br>
    </div>
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    <div style="text-align: center; color: #000000; font-weight: bold;">ASSIGNMENT FORM</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 10.5pt; color: #000000; font-style: italic;">&#160;(To assign the foregoing Warrant, execute this form and supply required information.&#160; Do not use this form to purchase shares.)</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 10.5pt; color: #000000;">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to</div>
    <div><br>
    </div>
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        <tr>
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            <div style="text-align: justify; color: #000000;">Name:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">______________________________________</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">(Please Print)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Address:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">______________________________________</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Phone Number:</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Email Address:</div>
          </td>
          <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
            <div style="text-align: justify;">(Please Print)</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">______________________________________</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">______________________________________</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Dated: _______________ __, ______</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="color: #000000;">Holder&#8217;s Signature:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="color: #000000;">Holder&#8217;s Address:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>5
<FILENAME>ny20040020x3_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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         Document created using Broadridge PROfile 24.12.1.5274
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 4.3</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM OF</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CLASS A COMMON SHARE PURCHASE WARRANT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ICON ENERGY CORP.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc321eeafe6684c7b91ef9e98e53367fb" cellpadding="0" cellspacing="0">

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            <div style="font-family: 'Times New Roman', Times, serif;">Warrant Shares: [_______]</div>
          </td>
          <td style="width: 53.64%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Issuance Date: [_______], 2025</div>
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    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">THIS CLASS A COMMON SHARE PURCHASE WARRANT (this &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, _____________ or its assigns (the &#8220;<u>Holder</u>&#8221;)
      is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the &#8220;<u>Initial Exercise Date</u>&#8221;) and on or prior to 5:00 p.m. (New York City time) on the
      [three (3) year] anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day, then the next Trading Day (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to subscribe for and purchase from Icon Energy Corp., a
      corporation existing under the laws of the Republic of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), up to ______ Common Shares (as subject to adjustment hereunder, the &#8220;<u>Warrant Shares</u>&#8221;). The purchase price of one Common Share under this
      Warrant shall be equal to the Exercise Price, as defined in Section 2(b).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Section 1</u>.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Definitions</u>.&#160; In addition to the terms
        defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or
      is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Bid Price</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
      Shares are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P.
      (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on
      OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its
      functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority
      in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are
      authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential
      employee&#8221;&#160; or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
      in The City of New York generally are open for use by customers on such day.</div>
    <div><br>
    </div>
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      <div class="BRPFPageFooter"></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.001 per share, and any other class of securities into
      which such securities may hereafter be reclassified or changed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
      acquire at any time Common Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
      to receive, Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Floor Price</u>&#8221; means a price equal to $[0.10].</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture,
      limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Registration Statement</u>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-[&#160;&#160; ]).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Reset Date</u>&#8221; means, 9:00 a.m. Eastern time on the date that is (i) [&#160;&#160; ] ([15]) calendar days immediately following the Initial
      Exercise Date (the &#8220;<u>First Reset Date</u>&#8221;), (ii) [&#160;&#160; ] ([30]) calendar days immediately following the Initial Exercise Date (the &#8220;<u>Second Reset Date</u>&#8221;) and (iii) [&#160;&#160; ] ([45]) calendar days immediately following the Initial Exercise Date (the
      &#8220;<u>Third Reset Date</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Reset Price</u>&#8221; means, on the First Reset Date, $[__]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>,
      on the Second Reset Date, $[__]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>, and on the Third Reset Date, $[__]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> (in each case, as
      adjusted for share splits, share dividends, recapitalizations, reorganizations, reclassification, combinations, reverse share splits or other similar events occurring after the Initial Exercise Date).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#160;&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <br>
    <br>
    <hr style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;" align="left" noshade="noshade">
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> 60% of the Minimum Price on the date of signing, where &#8220;Minimum Price&#8221; is the Nasdaq
      official closing price immediately prior to pricing.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> 40% of the Minimum Price</div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> 30% of the Minimum Price</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageFooter"></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company, which is actively engaged in a trade or business, and shall, where
      applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Trading Day</u>&#8221; means a day on which the Common Shares are traded on a Trading Market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on
      the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Transfer Agent</u>&#8221; means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of
      150 Royall Street, Canton, MA 02021, and any successor transfer agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares
      are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by
      Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest
      preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency
      succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the
      holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">&#8220;<u>Warrants</u>&#8221; means this Warrant and other Common Share purchase warrants issued by the Company pursuant to the Registration
      Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Section 2</u>.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Exercise</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Exercise of Warrant</u>.&#160; Exercise of
        the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by
        e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &#8220;<u>Notice of Exercise</u>&#8221;).&#160; Within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as
        defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer unless the cashless
        exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.<font style="font-weight: bold;">&#160; </font>No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type
        of guarantee or notarization) of any Notice of Exercise be required.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
        Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is
        delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
        hereunder in an amount equal to the applicable number of Warrant Shares purchased.&#160; The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any
        objection to any Notice of Exercise on the Trading Day of receipt of such notice.&#160; <font style="font-weight: bold;">The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
          paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.</font></font></div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Exercise Price</u>.</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z592b26556dae4a3ebbf38d1edaa51cbf" cellpadding="0" cellspacing="0">

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          <td style="width: 24pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">i.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">The initial exercise price per Common Share under this Warrant shall be $[_____]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>, subject to adjustment
              hereunder, <u>provided</u>, <u>however</u>, that if on the Reset Date, the Reset Price is less than the Exercise Price, the Exercise Price shall be decreased to the Reset Price (it being understood that no adjustment shall be made if the
              Reset Price is equal to or greater than the Exercise Price) (the &#8220;<u>Exercise Price</u>&#8221;). If the Exercise Price is adjusted on the Reset Date pursuant to this paragraph, the number of Warrant Shares issuable hereunder shall be
              proportionately increased so that after such adjustment the aggregate Exercise Price payable hereunder shall equal the aggregate Exercise Price of the Warrant immediately prior to the Reset Date.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a6ae9660bb84831b49c17d61379f198" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 24pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">ii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif;">For the avoidance of doubt, the aggregate Exercise Price of this Warrant following any reduction in the Exercise Price of this Warrant and corresponding increase in Warrant Shares on
              any Reset Date shall be equal to the aggregate Exercise Price of this Warrant as determined as of the Closing Date, subject only to reductions in the aggregate Exercise Price as a result of exercises of this Warrant by the Holder.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <br>
    <br>
    <hr style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;" align="left" noshade="noshade">
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> 200% of Unit offering price</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Cashless Exercise</u>. If at the time
        of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at
        such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -31.5pt; margin-left: 103.5pt; font-family: 'Times New Roman', Times, serif;">(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such
      Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading
      hours&#8221; (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the highest Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. (&#8220;<u>Bloomberg</u>&#8221;)
      within two (2) hours of the time of the Holder&#8217;s delivery of the Notice of Exercise pursuant to Section 2(a) hereof if such Notice of Exercise is delivered during &#8220;regular trading hours,&#8221; or within two (2) hours after the close of &#8220;regular trading
      hours&#8221; on a Trading Day or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is delivered pursuant to Section 2(a) hereof after two (2) hours following
      the close of &#8220;regular trading hours&#8221; on such Trading Day;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt; font-family: 'Times New Roman', Times, serif;">(B) = the Exercise Price of this Warrant, as adjusted hereunder; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -31.5pt; margin-left: 103.5pt; font-family: 'Times New Roman', Times, serif;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this
      Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of
      the Securities Act, the Warrant Shares being issued shall take on the registered characteristics of the Warrants being exercised.&#160; The Company agrees not to take any position contrary to this Section 2(c).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">At any time after the Initial Exercise Date and whether or not an effective registration statement is available, the Holder may also
      effect an &#8220;alternative cashless exercise&#8221;. In such event, the aggregate number of Warrant Shares issuable in such alternative cashless exercise pursuant to any given Notice of Exercise electing to effect an alternative cashless exercise shall equal
      the product of (i) the aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise, multiplied
      by (ii) one-and-a-half (1.5).</div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif;">d)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;"><u>Mechanics of Exercise</u>.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">i.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Delivery of Warrant Shares Upon
          Exercise</u>.&#160; The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company
        through its Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the
        Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of
        Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of
        Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;), provided that the payment of the aggregate
        Exercise Price (other than in the instance of a cashless exercise) is received by the Company by the Warrant Share Delivery Date.&#160; Upon delivery of the Notice of Exercise, the Holder shall be deemed, solely for purposes of Regulation SHO under the
        Securities Act to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other
        than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.&#160; If the Company fails for
        any reason to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
        $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share
        Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long
        as this Warrant remains outstanding and exercisable.&#160; As used herein, &#8220;<u>Standard Settlement Period</u>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the
        Common Shares as in effect on the date of delivery of the Notice of Exercise.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">ii.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Delivery of New Warrants Upon
          Exercise</u>.&#160; If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the
        rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">iii.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Rescission Rights</u>.&#160; If the
        Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">iv.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Compensation for Buy-In on Failure
          to Timely Deliver Warrant Shares Upon Exercise</u>.&#160; In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of
        Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm
        otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a &#8220;<u>Buy-In</u>&#8221;), then the Company shall (A) provided that such price set forth
        in (y)(2) of this clause (A) is on market terms, pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount
        obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was
        executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the
        Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.&#160; For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to
        cover a Buy-In with respect to an attempted exercise of this Warrant to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall
        be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.&#160; Nothing herein
        shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s failure to timely
        deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">v.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>No Fractional Shares or Scrip</u>.&#160;
        No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.&#160; As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down
        to the nearest whole share.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">vi.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Charges, Taxes and Expenses</u>.&#160;
        Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and
        such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the
        Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any
        transfer tax incidental thereto.&#160; The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
        functions) required for same-day electronic delivery of the Warrant Shares.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">vii.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Closing of Books</u>.&#160; The Company
        will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.</font></div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif;">e)</td>
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            <div style="font-family: 'Times New Roman', Times, serif;"><u>Holder&#8217;s Exercise Limitations</u>.&#160; &#160; The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant,
              pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting as a
              group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&#160; For purposes of the foregoing
              sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is
              being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and
              (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to
              the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.&#160; Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
              accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
              13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.&#160;&#160; To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this
              Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
              submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
              portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination, and a submission of a Notice of Exercise
              shall be deemed a representation and warranty by the Holder of the foregoing determination.&#160; In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act
              and the rules and regulations promulgated thereunder.&#160; For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company&#8217;s
              most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of
              Common Shares outstanding.&#160; Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding.&#160; In any case, the number of
              outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such
              number of outstanding Common Shares was reported.&#160; The &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be [9.99/4.99%] of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon
              exercise of this Warrant.&#160; The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of
              the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.&#160; Any increase in the
              Beneficial Ownership Limitation will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after such notice is delivered to the Company.&#160; The provisions of this paragraph shall
              be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
              Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Section 3</u>.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Certain Adjustments</u>.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Stock Dividends and Splits</u>. If the
        Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance
        of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding
        Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be
        the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable
        upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.&#160; Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
        date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re&#8209;classification.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Subsequent Rights Offerings</u>.&#160; In
        addition to any adjustments pursuant to Section 3(a) above, if at any time, while this Warrant is outstanding, the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro
        rata to all record holders of any class of Common Shares (and not to the Holder in such Holder&#8217;s capacity of Holder of this Warrant) (the &#8220;<u>Purchase Rights</u>&#8221;), then the Holder will be entitled to acquire, upon the terms applicable to such
        Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
        including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
        holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder&#8217;s right to participate in any such Purchase Right would result in the Holder
        exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such
        Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"><u style="border-bottom: 1px solid;">c)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Pro
          Rata Distributions</u>.&#160; During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to all holders of Common Shares (and not to the
        Holder in such Holder&#8217;s capacity of Holder of this Warrant), by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
        reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &#8220;<u>Distribution</u>&#8221;), at any time after the issuance of this Warrant, then, in each such case (other than with respect to regular quarterly cash
        dividends or any such event for which an adjustment is otherwise provided for pursuant to this Section 3), the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the
        Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of
        which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution (<u>provided</u>, <u>however,</u> that to the
        extent that the Holder&#8217;s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the
        beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result
        in the Holder exceeding the Beneficial Ownership Limitation).</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Fundamental Transaction</u>. If, at
        any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company and all of its Subsidiaries,
        taken as a whole, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, other than in a distribution
        subject to Sections 3(a), (b) or (c), (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or
        exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the outstanding Common Shares or greater than 50% of the voting power of the common equity of the Company, (iv) the Company,
        directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or
        exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a
        reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the outstanding Common Shares or greater than 50% of the voting
        power of the common equity of the Company (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such
        exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring
        corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which
        this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).&#160; For purposes of any such exercise, the determination of the Exercise Price shall be
        appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the
        Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.&#160; If holders of Common Shares are given any choice as to the securities, cash or property to be received in a
        Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event
        of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder&#8217;s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later,
        the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion
        of this Warrant on the date of the consummation of such Fundamental Transaction; <u>provided</u>,<font style="font-style: italic;">&#160;</font><u>however</u>, that, if the Fundamental Transaction is not within the Company&#8217;s control, including not
        approved by the Company&#8217;s Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the
        same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in
        the form of cash, shares or any combination thereof, or whether the holders of Common Shares are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; <u>provided</u>, <u>further</u>,
        that if holders of Common Shares of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Shares will be deemed to have received common shares of the Successor Entity (which Successor Entity
        may be the Company following such Fundamental Transaction) in such Fundamental Transaction.&#160; &#8220;<u>Black Scholes Value</u>&#8221; means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &#8220;OV&#8221; function on Bloomberg
        determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the
        public announcement of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of (1) 100% and (2) the 100 day volatility obtained from the HVT function on Bloomberg (determined
        utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per
        share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of the applicable
        contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.&#160; The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within the later of (i)
        five Business Days of the Holder&#8217;s election and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the &#8220;<u>Successor
          Entity</u>&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and
        approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
        instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and
        receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital
        stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of
        protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
        the Successor Entity shall succeed to, and be substituted for, the Company under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant referring to the
        &#8220;Company&#8221; shall refer instead to the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities may exercise every right and power of the Company prior thereto and the Successor Entity or
        Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the
        avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of (i) whether the Company has sufficient authorized Common Shares for the issuance of Warrant Shares and/or (ii) whether a
        Fundamental Transaction occurs prior to the Initial Exercise Date.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Calculations</u>. All calculations
        under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the
        number of Common Shares (excluding treasury shares, if any) issued and outstanding.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Notice to Holder</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">i.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Adjustment to Exercise Price</u>.
        Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
        number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;"><font style="font-family: 'Times New Roman', Times, serif;">ii.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Notice to Allow Exercise by Holder</u>.
        If (A) the Company shall declare a dividend (or any other distribution in whatever form excluding any distribution of regular quarterly cash dividends) on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a
        redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any
        shareholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company,
        or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
        then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least ten (10) calendar days prior to the applicable record or effective
        date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
        redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date
        on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange
        their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery
        thereof shall not affect the validity of the corporate action required to be specified in such notice.&#160; To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any
        of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.&#160; The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the
        effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Voluntary Adjustment by Company</u>.
        Subject to the rules and regulations of the Trading Market, the Company may at any time with the written consent of the Holder during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed
        appropriate by the board of directors of the Company.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Floor Price</u>.&#160; In no event, at any
        time while this Warrant is outstanding, shall the Exercise Price be adjusted to a price that is less than the Floor Price, including, for the avoidance of doubt, any adjustments provided in this Warrant.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Section 4</u>.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Transfer of Warrant</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Transferability</u>.&#160; This Warrant and
        all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto
        duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.&#160; Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant
        or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
        assigned, and this Warrant shall promptly be cancelled.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in
        which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.&#160; The Warrant, if properly assigned in
        accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>New Warrants</u>. This Warrant may be
        divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent
        or attorney.&#160; Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
        or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
        thereto.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Warrant Register</u>. The Company
        shall register this Warrant, upon records to be maintained by the Company for that purpose (the &#8220;<u>Warrant Register</u>&#8221;), in the name of the record Holder hereof from time to time.&#160; The Company may deem and treat the registered Holder of this
        Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;"><u>Section 5</u>.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Miscellaneous</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>No Rights as Shareholder; No
          Settlement in Cash</u>.&#160; This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the issuance of Warrant Shares upon exercise hereof as set forth in Section 2(d)(i), except
        as expressly set forth in Section 3.&#160; Without limiting any rights of a Holder to receive Warrant Shares on a &#8220;cashless exercise&#8221; pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no
        event shall the Company be required to net cash settle an exercise of this Warrant.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Loss, Theft, Destruction or Mutilation
          of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of
        loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if
        mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Saturdays, Sundays, Holidays, etc</u>.&#160;
        If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then such action may be taken or such right may be exercised on the next succeeding Trading Day.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Authorized Shares</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
      Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.&#160; The Company further covenants that its issuance of this Warrant shall constitute full authority to
      its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.&#160; The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares
      may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.&#160; The Company covenants that all Warrant Shares which may be issued upon
      the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and
      nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
      amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of
      the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against
      impairment.&#160; Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all
      such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such
      authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
      in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Jurisdiction</u>. All questions
        concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of
        law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors,
        officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
        federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
        not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby
        irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
        the address in effect for notices to it under this Warrant and agrees that, subject to applicable law, such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
        way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed
        by the other party for their reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Restrictions</u>.&#160; The Holder
        acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Nonwaiver and Expenses</u>.&#160; No course
        of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies.&#160; Without limiting any other provision of this Warrant,
        if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses
        including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Notices</u>.&#160; Any and all notices or
        other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service,
        addressed to the Company, at ___________, Attention:<font style="font-weight: bold;"> ___________</font>, email address: ___________, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any
        and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the
        e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or
        communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via
        e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally
        recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.&#160; To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the
        Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Limitation of Liability</u>.&#160; No
        provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for
        the purchase price of any Common Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Remedies</u>.&#160; The Holder, in addition
        to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.&#160; The Company agrees that monetary damages would not be adequate compensation for any
        loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</font></div>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>6
<FILENAME>ny20040020x3_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 4.4</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">FORM OF</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">PLACEMENT AGENT COMMON SHARE PURCHASE WARRANT</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ICON ENERGY CORP.</div>
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            <div>Warrant Shares: [_______]</div>
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            <div>Issuance Date: [_______], 2025</div>
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    <div style="text-align: justify; text-indent: 72pt;">THIS PLACEMENT AGENT COMMON SHARE PURCHASE WARRANT (this &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, [_____________] or its assigns (the &#8220;<u>Holder</u>&#8221;) is entitled, upon the terms and
      subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after [______], 2025<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> (the &#8220;<u>Initial Exercise Date</u>&#8221;) and on or
      prior to 5:00 p.m. (New York City time) on the three (3) year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day, then the next Trading Day (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to subscribe for
      and purchase from Icon Energy Corp., a corporation existing under the laws of the Republic of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), up to [______] Common Shares (as subject to adjustment hereunder, the &#8220;<u>Warrant Shares</u>&#8221;). The purchase
      price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is being issued pursuant to the certain Placement Agency Agreement, dated as of [____], 2025, by and between the Company and
      Maxim Group LLC.</div>
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    <div style="text-align: justify; text-indent: 36pt;"><u>Section 1</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Definitions</u>.&#160; In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 405 under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Bid Price</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading
      Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
      York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
      Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
      recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then
      outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div>&#160;<br>
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      <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Insert the date that is 6 months from the Issuance Date.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>,
      <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&#160; or any other similar orders or restrictions or the
      closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by
      customers on such day.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be
      reclassified or changed.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including,
      without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Registration Statement</u>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-[&#160;&#160; ]).</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company, which is actively engaged in a trade or business, and shall, where applicable, also include any direct or indirect
      subsidiary of the Company formed or acquired after the date hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the Common Shares are traded on a Trading Market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the
      Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transfer Agent</u>&#8221; means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of 150 Royall Street, Canton, MA 02021, and any
      successor transfer agent of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market,
      the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
      (New York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
      Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
      recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then
      outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrants</u>&#8221; means this Warrant and other Placement Agent Common Share purchase warrants issued by the Company pursuant to the Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>Section 2</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise of Warrant</u>.&#160; Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
      Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &#8220;<u>Notice of Exercise</u>&#8221;).&#160; Within the
      earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price
      for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.<font style="font-weight: bold;">&#160; </font>No
      ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be
      required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
      Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
      available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.&#160; The Holder and the Company shall maintain records showing
      the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise on the Trading Day of receipt of such notice.&#160; <font style="font-weight: bold;">The Holder and any assignee, by
        acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
        time may be less than the amount stated on the face hereof.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exercise Price</u>.&#160; The exercise price per Common Share under this Warrant shall be $[_____]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>, subject to adjustment hereunder (the &#8220;<u>Exercise Price</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not
      available for the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be entitled to receive a number of Warrant Shares
      equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -31.5pt; margin-left: 103.5pt;">(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and
      delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221; (as defined in Rule 600(b) of Regulation
      NMS promulgated under the federal securities laws) on such Trading Day, (ii) the highest Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. (&#8220;<u>Bloomberg</u>&#8221;) within two (2) hours of the time of the
      Holder&#8217;s delivery of the Notice of Exercise pursuant to Section 2(a) hereof if such Notice of Exercise is delivered during &#8220;regular trading hours,&#8221; or within two (2) hours after the close of &#8220;regular trading hours&#8221; on a Trading Day or (iii) the VWAP
      on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is delivered pursuant to Section 2(a) hereof after two (2) hours following the close of &#8220;regular trading hours&#8221; on
      such Trading Day;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(B) = the Exercise Price of this Warrant, as adjusted hereunder; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -31.5pt; margin-left: 103.5pt;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
      exercise rather than a cashless exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; color: #000000;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the
      Warrant Shares being issued shall take on the registered characteristics of the Warrants being exercised.&#160; The Company agrees not to take any position contrary to this Section 2(c).</div>
    <div>&#160;<br>
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      <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Insert 110% of the Unit offering price.</div>
    </div>
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          </td>
          <td style="width: 18pt; vertical-align: top;">d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Mechanics of Exercise</u>.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delivery of Warrant Shares Upon Exercise</u>.&#160; The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder
      by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) if the Company is then a participant in such system and either (A)
      there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
      certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of
      Exercise by the date that is the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
      Notice of Exercise (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;), provided that the payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company prior to such Warrant Share Delivery
      Date.&#160; Upon delivery of the Notice of Exercise, the Holder shall be deemed, solely for purposes of Regulation SHO under the Securities Act to have become the holder of record of the Warrant Shares with respect to which this Warrant has been
      exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number
      of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.&#160; If the Company fails for any reason to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the
      Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable
      Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder
      rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.&#160; As used herein, &#8220;<u>Standard Settlement Period</u>&#8221; means the standard
      settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.</div>
    <div><br>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delivery of New Warrants Upon Exercise</u>.&#160; If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of
      this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
      be identical with this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rescission Rights</u>.&#160; If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
      Share Delivery Date, then the Holder will have the right to rescind such exercise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">iv.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>.&#160; In addition to any other rights available to the Holder, if the Company
      fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is
      required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
      receiving upon such exercise (a &#8220;<u>Buy-In</u>&#8221;), then the Company shall (A) provided that such price set forth in (y)(2) of this clause (A) is on market terms, pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase
      price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise
      at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such
      exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.&#160;
      For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant to purchase Common Shares with an aggregate sale price giving rise to such purchase
      obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
      Buy-In and, upon request of the Company, evidence of the amount of such loss.&#160; Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
      performance and/or injunctive relief with respect to the Company&#8217;s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">v.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Fractional Shares or Scrip</u>.&#160; No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.&#160; As to any
      fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the nearest whole share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vi.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Charges, Taxes and Expenses</u>.&#160; Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense
      in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>,
      <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
      and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.&#160; The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
      and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">vii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Closing of Books</u>.&#160; The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to
      the terms hereof.</div>
    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top;">e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Holder&#8217;s Exercise Limitations</u>.&#160; &#160; The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after
              giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&#8217;s
              Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&#160; For purposes of the foregoing sentence, the number of Common Shares beneficially owned by
              the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which
              would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted
              portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder
              or any of its Affiliates or Attribution Parties.&#160; Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
              and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
              for any schedules required to be filed in accordance therewith.&#160;&#160; To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the
              Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s
              determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
              Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the
              foregoing determination.&#160; In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.&#160; For purposes
              of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company&#8217;s most recent periodic or annual report filed with the Commission, as
              the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding.&#160; Upon the written or oral request of a
              Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding.&#160; In any case, the number of outstanding Common Shares shall be determined after giving effect to the
              conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported.&#160; The &#8220;<u>Beneficial
                Ownership Limitation</u>&#8221; shall be [9.99/4.99%] of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant.&#160; The Holder, upon notice to the Company, may
              increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect
              to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.&#160; Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after such notice is delivered to the Company.&#160; The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
              conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
              necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</div>
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    <div style="text-align: justify; text-indent: 36pt;"><u>Section 3</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Adjustments</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or
      distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides
      outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares any shares of capital
      stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the
      denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall
      remain unchanged.&#160; Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
      immediately after the effective date in the case of a subdivision, combination or re&#8209;classification.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subsequent Rights Offerings</u>.&#160; <font style="color: #000000;">In addition to any adjustments pursuant to Section 3(a) above, if at any time, while this Warrant is
        outstanding, the Company grants, issues or sells any </font>Common Share <font style="color: #000000;">Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all record holders of any class of </font>Common
      Shares (and not to the Holder in such Holder&#8217;s capacity of Holder of this Warrant) <font style="color: #000000;">(the &#8220;<u>Purchase Rights</u>&#8221;), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the
        aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of </font>Common Shares <font style="color: #000000;">acquirable upon complete exercise of this Warrant (without regard to any limitations on
        exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
        the record holders of </font>Common Shares <font style="color: #000000;">are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder&#8217;s right to participate in
        any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such </font>Common Shares <font style="color: #000000;">as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
        Beneficial Ownership Limitation).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Pro Rata Distributions</u>.&#160; During such time as this Warrant is outstanding,
      if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to all holders of Common Shares (and not to the Holder in such Holder&#8217;s capacity of Holder of this Warrant), by way of return of
      capital or otherwise, other than cash (including, without limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
      transaction) (a &#8220;<u>Distribution</u>&#8221;), at any time after the issuance of this Warrant, then, in each such case <font style="color: #000000;">(other than with respect to regular quarterly cash dividends or any such event for which an adjustment is
        otherwise provided for pursuant to this Section 3),</font> the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares
      acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution,
      or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution (<u>provided</u>, <u>however,</u> that to the extent that the Holder's right to participate in
      any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result
      of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
      Limitation).</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
      any merger or consolidation of the Company with or into another Person, (ii) the Company and all of its Subsidiaries, taken as a whole, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of
      all or substantially all of its assets in one or a series of related transactions, other than in a distribution subject to Sections 3(a), (b) or (c), (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the
      outstanding Common Shares or greater than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of
      the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
      consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
      Person or group acquires greater than 50% of the outstanding Common Shares or greater than 50% of the voting power of the common equity of the Company (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the
      Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in
      Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;)
      receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the
      exercise of this Warrant).&#160; For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one
      Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.&#160; If
      holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
      Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder&#8217;s option, exercisable at any time
      concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), <font style="color: #000000;">purchase this Warrant from the
        Holder by paying to the Holder</font> an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; <u>provided</u>,<font style="font-style: italic;">&#160;</font><u>however</u>, that, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company
      or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered
      and paid to the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any combination thereof, or whether the holders of Common Shares are given the choice
      to receive from among alternative forms of consideration in connection with the Fundamental Transaction; <u>provided</u>, <u>further</u>, that if holders of Common Shares of the Company are not offered or paid any consideration in such Fundamental
      Transaction, such holders of Common Shares will be deemed to have received common shares of the Successor Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction.&#160; &#8220;<u>Black Scholes
        Value</u>&#8221; means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &#8220;OV&#8221; function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and
      reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an
      expected volatility equal to the greater of (1) 100% and (2) the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement
      of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such
      Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.&#160; The payment of the
      Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five Business Days of the Holder&#8217;s election and (ii) the date of consummation of the Fundamental Transaction. The
      Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the &#8220;<u>Successor Entity</u>&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the
      provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
      Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of
      capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
      Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares
      of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
      satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for, the Company under this Warrant (so that from and after the occurrence or
      consummation of such Fundamental Transaction, each and every provision of this Warrant referring to the &#8220;Company&#8221; shall refer instead to the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor
      Entities may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if such Successor
      Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of (i) whether the Company has
      sufficient authorized Common Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this
      Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice to Holder</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the
      Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt;">ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form excluding any distribution of
      regular quarterly cash dividends) on the Common Shares, other than cash, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the
      Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common
      Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash
      or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email
      address as it shall appear upon the Warrant Register of the Company, at least ten (10) calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case
      a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
      Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
      effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
      merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.&#160; To the extent
      that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form
      6-K.&#160; The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</div>
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    <div style="text-align: justify; text-indent: 36pt;"><u>Section 4</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer of Warrant</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transferability</u>.&#160; Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred,
      assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days from the
      commencement of sales of the offering pursuant to which this Warrant is being issued, except as permitted under FINRA Rule 5110(e)(2).&#160; Subject to the foregoing restriction, this Warrant and all rights hereunder are transferable, in whole or in part,
      upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such transfer.&#160; Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as
      applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.&#160; <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this
        Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.&#160; </font>The Warrant, if
      properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a
      written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.&#160; Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or
      combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issuance
      Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the &#8220;<u>Warrant Register</u>&#8221;), in the
      name of the record Holder hereof from time to time.&#160; The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
      purposes, absent actual notice to the contrary.</div>
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    <div style="text-align: justify;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration Rights.</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 45pt; margin-left: 45pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the extent the Company does not maintain an effective registration statement for the Warrant Shares and in the further event that the Company files a registration
      statement with the Commission covering the sale of its Common Shares (other than a registration statement on Form F-4 or S-8, or on another form, or in another context, in which such &#8220;piggyback&#8221; registration would be inappropriate), then, for a
      period of three (3) years from the commencement of sales of the offering, the Company shall give written notice of such proposed filing to the Holder as soon as practicable but in no event less than ten (10) days before the anticipated filing date,
      which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the Holder
      in such notice the opportunity to register the sale of such number of Warrant Shares as such Holder may request in writing within five (5) days following receipt of such notice (a &#8220;<u>Piggyback Registration</u>&#8221;). The Company shall cause such Warrant
      Shares to be included in such registration and shall use its commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Warrant Shares requested to be included in a Piggyback
      Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Warrant Shares in accordance with the intended method(s) of distribution thereof. All Holders proposing to
      distribute their securities through a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggyback Registration.
      Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to that which is required for disclosure under the Securities Act and the forms, rules and regulations promulgated
      thereunder) to be included in the registration statement timely or the Company may elect to exclude such Holder from the registration statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 45pt; margin-left: 45pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In addition, to the extent the Company does not maintain an effective registration statement for the Warrant Shares, for a period of three (3) years from the
      commencement of sales of the offering, the Holder shall be entitled to one (1) demand right for the registration of the Warrant Shares at the Company&#8217;s expense (other than any underwriting discounts, selling commissions, share transfer taxes
      applicable to the sale of the Warrant Shares, and fees and disbursements of counsel for the Holder) and one (1) additional demand right for the registration of the Warrant Shares at the Holder&#8217;s expense (the &#8220;<u>Demand Registration</u>&#8221;). In the
      event of a Demand Registration, the Company shall use its commercially reasonable efforts to register the applicable Warrant Shares. All Holders of Warrant Shares proposing to distribute their securities through a Demand Registration that involves an
      underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Demand Registration. Furthermore, each Holder must provide such information as reasonably requested by the
      Company (which information shall be limited to that which is required for disclosure under the Securities Act and the forms, rules and regulations promulgated thereunder) to be included in the registration statement timely or the Company may elect to
      exclude such Holder from the registration statement.</div>
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    <div style="text-align: justify; text-indent: 45pt; margin-left: 45pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the foregoing, the registration rights described in this Section 5 shall be subject to limitations imposed by the Commission&#8217;s rules or comments of the
      Commission staff in connection with its review of the registration statement for any such resale registration. Moreover, notwithstanding the foregoing registration obligations of the Company, if the Company furnishes to the Holders requesting a
      Demand Registration a certificate signed by the Company&#8217;s chief executive officer stating that in the good faith judgment of the Company&#8217;s board of directors it would be materially detrimental to the Company and its shareholders for a registration
      statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
      reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to
      comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such Demand Registration or withdraw a related registration statement for a period of not more than
      forty-five (45) calendar days; provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period or during the twelve (12) month period prior to the Termination Date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>Section 6</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Rights as Shareholder; No Settlement in Cash</u>.&#160; This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of
      the Company prior to the issuance of Warrant Shares upon exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.&#160; Without limiting any rights of a Holder to receive Warrant Shares on a &#8220;cashless exercise&#8221; pursuant
      to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
      theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
      include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of
      such Warrant or stock certificate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Saturdays, Sundays, Holidays, etc</u>.&#160; If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not
      be a Trading Day, then such action may be taken or such right may be exercised on the next succeeding Trading Day.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Authorized Shares</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide
      for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.&#160; The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of
      issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.&#160; The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
      violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.&#160; The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
      represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
      liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of incorporation or
      through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
      times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.&#160; Without limiting the
      generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
      appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
      from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
      obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction</u>. All questions <font style="color: #000000;">concerning the construction, validity, enforcement and interpretation of this Warrant shall be
        governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
        enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
        exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the
        adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
        personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
        being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees
        that, subject to applicable law, such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
        If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys&#8217; fees and other
        costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Restrictions</u>.&#160; The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize
      cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Nonwaiver and Expenses</u>.&#160; No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such
      right or otherwise prejudice the Holder&#8217;s rights, powers or remedies.&#160; Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
      damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder
      in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
    <div><br>
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    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of
      Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at ___________, Attention:<font style="font-weight: bold;"> ___________</font>, email address:
      ___________, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and
      delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or
      deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time)
      on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City
      time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.&#160; To the
      extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Limitation of Liability</u>.&#160; No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no
      enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by
      creditors of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Remedies</u>.&#160; The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
      performance of its rights under this Warrant.&#160; The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
      assert the defense in any action for specific performance that a remedy at law would be adequate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Successors and Assigns</u>.&#160; Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be
      binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.&#160; The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be
      enforceable by the Holder or holder of Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment</u>.&#160; This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, <font style="color: #000000;">and the Holder or the beneficial owner of this Warrant, on the other hand</font>.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">m)&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&#160; Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any
      provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
      of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Headings</u>.&#160; The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.</div>
    <div><br>
    </div>
    <div style="text-align: center;">********************</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">(Signature Page Follows)</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5be70b8157634b248c330ca2ebc558b4" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify; font-weight: bold;">ICON ENERGY CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 44%;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Name:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div>Title:</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: center; font-weight: bold;">NOTICE OF EXERCISE</div>
    <div><br>
    </div>
    <div style="text-align: justify;">TO:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ICON ENERGY CORP.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment
      of the exercise price in full, together with all applicable transfer taxes, if any.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Payment shall take the form of (check applicable box):</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt;">[&#160; ] in lawful money of the United States; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt;">[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum
      number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">_______________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">[SIGNATURE OF HOLDER]</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Name of Investing Entity: ________________________________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Signature of Authorized Signatory of Investing Entity</font>: _________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Name of Authorized Signatory: ___________________________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Title of Authorized Signatory: ____________________________________________________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Date: ________________________________________________________________________________________</div>
    <div><br>
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    <div style="text-align: center; color: #000000; font-weight: bold;">ASSIGNMENT FORM</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 10.5pt; color: #000000; font-style: italic;">&#160;(To assign the foregoing Warrant, execute this form and supply required information.&#160; Do not use this form to purchase shares.)</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 10.5pt; color: #000000;">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to</div>
    <div><br>
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              <div>&#160;</div>
              <div> <br>
              </div>
              <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Phone Number:</div>
              <div style="color: rgb(0, 0, 0);">&#160;</div>
              <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Email Address:</div>
            </div>
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          <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
            <div style="text-align: justify;">(Please Print)</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">______________________________________</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">______________________________________</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Dated: _______________ __, ______</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="color: #000000;">Holder&#8217;s Signature:</font> ______________ &#160;&#160;&#160;&#160;&#160;&#160; </div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="color: #000000;">Holder&#8217;s Address:</font> _______________<br>
            </div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>7
<FILENAME>ny20040020x3_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
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    <div>
      <div style="text-align: right; text-indent: 216pt; font-weight: bold;">Exhibit 4.5<br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">REPRESENTATIVE COMMON SHARE PURCHASE WARRANT</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">ICON ENERGY CORP.</div>
      <div>&#160;</div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z4d51fe93a99c4149981195441f6314ce" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50.00%;">Warrant Shares: 80,000<br>
              </td>
              <td style="width: 50%;">Issue Date: July 15, 2024</td>
            </tr>
            <tr>
              <td style="width: 50.00%;" rowspan="1">&#160;</td>
              <td style="width: 50%;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%;"><br>
              </td>
              <td style="width: 50%;">Initial Exercise Date: January 11, 2025</td>
            </tr>

        </table>
      </div>
      <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">THIS REPRESENTATIVE COMMON SHARE PURCHASE WARRANT (the &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, Maxim Partners LLC or its assigns (the &#8220;<u>Holder</u>&#8221;) is entitled, upon the terms and
        subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after January 11, 2025 (the &#8220;<u>Initial Exercise Date</u>&#8221;) and on or prior to 5:00 p.m. (New York City time) on July 11, 2027 (the &#8220;<u>Termination
          Date</u>&#8221;) but not thereafter, to subscribe for and purchase from Icon Energy Corp., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), up to 80,000 Common Shares (as subject to adjustment hereunder, the &#8220;<u>Warrant Shares</u>&#8221;). The purchase
        price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is being issued pursuant to the Underwriting Agreement (as defined below).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Section 1</u>.&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160; In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as
        such terms are used in and construed under Rule 405 under the Securities Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Bid Price</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading
        Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
        York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
        Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
        recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then
        outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
      <div>&#160;</div>
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        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">1</font></div>
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      </div>
      <!--PROfilePageNumberReset%Num%1%%%-->
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed;
        <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&#160; or any other similar orders or
        restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are
        open for use by customers on such day.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including,
        without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"> &#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be
        reclassified or changed.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
        company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Registration Statement</u>&#8221; means the Company&#8217;s registration statement on Form F-1 (File No. 333-279394).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the
        date hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the Common Shares are traded on a Trading Market.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American,
        the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transfer Agent</u>&#8221; means Computershare Trust Company N.A., the current transfer agent of the Company, with a mailing address of 150 Royall Street, Canton, MA 02021 and an
        email address of George.Kalogrides@computershare.com, Kerri.Shenkin@computershare.com, and/or Brian.Heffernan@computershare.com, and any successor transfer agent of the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Underwriting Agreement</u>&#8221; means the underwriting agreement, dated as of&#160; July 12, 2024, among the Company and Maxim Group LLC as representative of the underwriters named
        therein, as amended, modified or supplemented from time to time in accordance with its terms.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading
        Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
        9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
        (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
        prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the
        Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrants</u>&#8221; means this Warrant and other Representative Common Share purchase warrants issued by the Company pursuant to the Registration Statement.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Section 2</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exercise</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160; <u>Exercise of Warrant</u>.&#160; Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
        Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &#8220;<u>Notice of Exercise</u>&#8221;). Within the
        earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
        Price for the shares specified in the applicable Notice of Exercise by wire transfer unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall
        be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
        Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3)
        Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of
        lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.&#160; The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and
        the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.&#160; <font style="font-weight: bold;">The Holder and any assignee, by acceptance of this Warrant,
          acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the
          amount stated on the face hereof.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160; <u>Exercise Price</u>.&#160; The exercise price per Common Share under this Warrant shall be $4.40, subject to adjustment hereunder (the &#8220;<u>Exercise Price</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160; <u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available
        for the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be entitled to receive a number of Warrant Shares equal to
        the quotient obtained by dividing [(A-B) (X)] by (A), where:</div>
      <div>&#160;</div>
      <div style="text-indent: -27pt; margin-left: 99pt; text-align: justify;"> (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and
        delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221; (as defined in Rule 600(b) of
        Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. (&#8220;<u>Bloomberg</u>&#8221;) as of the time of the Holder&#8217;s execution
        of the applicable Notice of Exercise if such Notice of Exercise is executed during &#8220;regular trading hours&#8221; on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of &#8220;regular trading hours&#8221;
        on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to
        Section 2(a) hereof after the close of &#8220;regular trading hours&#8221; on such Trading Day;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">(B) = the Exercise Price of this Warrant, as adjusted hereunder; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -27pt; margin-left: 99pt;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
        exercise rather than a cashless exercise.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares
        shall take on the registered characteristics of the Warrants being exercised.&#160; The Company agrees not to take any position contrary to this Section 2(c).</div>
      <div><br>
      </div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif; text-indent: 63pt; margin-left: 9pt;">d)&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><u>Mechanics of Exercise</u>.</font></div>
      </div>
      <div>&#160;</div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-indent: 9pt; margin-left: 99pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">i.&#160;&#160;&#160;&#160;&#160; <u>Delivery of Warrant Shares Upon Exercise</u>.&#160;


            The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its
            Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
            Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant
            Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of
            Exercise, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company prior to 12:00 p.m. New York time on such date, (ii) the number of Trading Days comprising the
            Standard Settlement Period after the delivery to the Company of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company prior to 12:00 p.m. New
            York time on such date and (iii) the date following the delivery to the Company of the Notice of Exercise that is one (1) Trading Day after payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received
            by the Company (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;).&#160;&#160; Upon delivery of the Notice of Exercise, the Holder shall be deemed for purposes of Regulation SHO of the Securities Act, to have become the holder of record of the Warrant
            Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within
            the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.&#160; The Company agrees to maintain a transfer agent that is a participant in the
            FAST program so long as this Warrant remains outstanding and exercisable.&#160; As used herein, &#8220;<u>Standard Settlement Period</u>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market
            with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.</font></div>
      </div>
      <div> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 9pt; margin-left: 99pt;">ii.&#160;&#160;&#160; <u>Delivery of New Warrants Upon Exercise</u>.&#160; If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this
        Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other
        respects be identical with this Warrant.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 9pt; margin-left: 99pt;">iii.&#160;&#160; <u>Rescission Rights</u>.&#160; If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share
        Delivery Date, then the Holder will have the right to rescind such exercise.</div>
      <div style="text-indent: 9pt; margin-left: 99pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 9pt; margin-left: 99pt;">iv.&#160;&#160; <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>.&#160; In addition to any other rights available to the Holder, if the Company fails to
        cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by
        its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
        upon such exercise (a &#8220;<u>Buy-In</u>&#8221;), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y)
        the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
        was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the
        Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.&#160; For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to
        cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
        Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.&#160; Nothing herein shall limit a Holder&#8217;s
        right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s failure to timely deliver Common Shares upon
        exercise of the Warrant as required pursuant to the terms hereof.</div>
      <div style="text-indent: 9pt; margin-left: 99pt;">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 9pt; margin-left: 99pt;">v.&#160;&#160;&#160; <u>No Fractional Shares or Scrip</u>.&#160; No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.&#160; As to any fraction
        of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the nearest whole share.</div>
      <div style="text-indent: 9pt; margin-left: 99pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 9pt; margin-left: 99pt;">vi.&#160;&#160; <u>Charges, Taxes and Expenses</u>.&#160; Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in
        respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>,
        <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
        and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.&#160; The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
        and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</div>
      <div style="text-indent: 9pt; margin-left: 99pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 9pt; margin-left: 99pt;">vii.&#160; <u>Closing of Books</u>.&#160; The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the
        terms hereof.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160;&#160;&#160;&#160;&#160;&#160; <u>Holder&#8217;s Exercise Limitations</u>.&#160; The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this
        Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting
        as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&#160; For purposes of the foregoing
        sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being
        made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
        or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation
        contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.&#160; Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
        Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
        Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.&#160;&#160; To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in
        relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise
        shall be deemed to be the Holder&#8217;s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
        in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.&#160; In addition, a determination as to any group status as contemplated above shall be
        determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.&#160; For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of
        outstanding Common Shares as reflected in (A) the Company&#8217;s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company
        or the Transfer Agent setting forth the number of Common Shares outstanding.&#160; Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then
        outstanding.&#160; In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
        since the date as of which such number of outstanding Common Shares was reported.&#160; The &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Common
        Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant.&#160; The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
        Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder
        and the provisions of this Section 2(e) shall continue to apply.&#160; Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after
        such notice is delivered to the Company.&#160; The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof)
        which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this
        paragraph shall apply to a successor holder of this Warrant.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Section 3</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain Adjustments</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160;&#160; <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or
        distributions to all holders of its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant),
        (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares or any
        shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event
        and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of
        this Warrant shall remain unchanged.&#160; Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall
        become effective immediately after the effective date in the case of a subdivision, combination or re-classification.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160; <u>Subsequent Rights Offerings</u>.&#160; <font style="color: rgb(0, 0, 0);">In addition to any adjustments pursuant to Section 3(a) above, if at any time </font>while this
        Warrant is outstanding<font style="color: rgb(0, 0, 0);"> the Company grants, issues or sells any Common Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Common
          Shares (the &#8220;<u>Purchase Rights</u>&#8221;), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common
          Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the
          grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the
          extent that the Holder&#8217;s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
          beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the
          Holder exceeding the Beneficial Ownership Limitation).</font></div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160; <u>Pro Rata Distributions</u>.&#160; During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets
        (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin
        off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &#8220;<u>Distribution</u>&#8221;), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in
        such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
        including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to be
        determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
        then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
        abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;<u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
        any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all
        of its assets other than in the ordinary course of business in one or a series of related transactions other than in a distribution subject to Section 3(c), (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by
        the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the
        outstanding Common Shares or greater than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of
        the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) other than a transaction with Ismini Panagiotidi or their associated
        or affiliated persons that does not result in the delisting of the Common Shares from the Trading Market, the termination of the Company&#8217;s reporting obligations under the Exchange Act or effect any additional transaction contained in Sections
        3(d)(i), (ii), (iii), or (iv), the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
        recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the outstanding Common Shares or greater than 50% of the voting power of the common
        equity of the Company (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
        prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the
        Company, if it is the surviving corporation, and any additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is
        exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).&#160; For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
        adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
        Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.&#160; If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental
        Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.&#160; The Company shall cause any successor entity in a Fundamental
        Transaction in which the Company is not the survivor (the &#8220;<u>Successor Entity</u>&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) prior to such Fundamental
        Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
        exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
        exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such
        Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
        such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holders of a majority in interest of the Warrants (based on the number of Warrant Shares underlying such Warrants) then outstanding. Upon the
        occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term &#8220;Company&#8221; under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this
        Warrant and the other Transaction Documents referring to the &#8220;Company&#8221; shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and
        severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction
        Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the
        provisions of this Section 3(d) regardless of (i) whether the Company has sufficient authorized Common Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160;&#160;&#160;&#160;&#160; <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this
        Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">f)&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice to Holder</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 27pt; margin-left: 99pt;">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the
        Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 27pt; margin-left: 99pt;">ii.&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares other than
        cash, (B) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (C) the approval of any shareholders of the Company
        shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets other than in
        the ordinary course of business, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (D) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
        up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the
        applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such
        dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be
        determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall
        be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect
        therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.&#160; To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
        regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K.&#160; The Holder shall remain entitled to exercise this Warrant during the period
        commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Section 4</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfer of Warrant</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160; <u>Transferability</u>.&#160; Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred,
        assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately
        following the commencement of sales of the offering pursuant to which this Warrant is being issued, except as permitted under FINRA Rule 5110(e)(2).&#160; Subject to the foregoing restriction, this Warrant and all rights hereunder (including, without
        limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form
        attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.&#160; Upon such surrender and, if required, such payment, the Company shall execute and deliver
        a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this
        Warrant not so assigned, and this Warrant shall promptly be cancelled.&#160; Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this
        Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.&#160; The Warrant, if
        properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160;&#160; <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a
        written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.&#160; Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or
        combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
        issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160; <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the &#8220;<u>Warrant Register</u>&#8221;), in the
        name of the record Holder hereof from time to time.&#160; The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
        purposes, absent actual notice to the contrary.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registration Rights.</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160; To the extent the Company does not maintain an effective registration statement for the Warrant Shares and in the further event that the Company files a registration
        statement with the Commission covering the sale of its Common Shares (other than a registration statement on Form F-4 or S-8, or on another form, or in another context, in which such &#8220;piggyback&#8221; registration would be inappropriate), then, for a
        period of three (3) years from the commencement of sales of the Offering, the Company shall give written notice of such proposed filing to the Holder as soon as practicable but in no event less than ten (10) days before the anticipated filing date,
        which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the
        Holder in such notice the opportunity to register the sale of such number of Warrant Shares as such Holder may request in writing within five (5) days following receipt of such notice (a &#8220;<u>Piggyback Registration</u>&#8221;). The Company shall cause
        such Warrant Shares to be included in such registration and shall use its commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Warrant Shares requested to be included in
        a Piggyback Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Warrant Shares in accordance with the intended method(s) of distribution thereof. All Holders
        proposing to distribute their securities through a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggyback
        Registration. Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to that which is required for disclosure under the Securities Act and the forms, rules and regulations
        promulgated thereunder) to be included in the registration statement timely or the Company may elect to exclude such Holder from the registration statement.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160;&#160; In addition, to the extent the Company does not maintain an effective registration statement for the Warrant Shares, for a period of three (3) years from the commencement
        of sales of the Offering, the Holder shall be entitled to one (1) demand right for the registration of the Warrant Shares at the Company&#8217;s expense (other than any underwriting discounts, selling commissions, share transfer taxes applicable to the
        sale of the Warrant Shares, and fees and disbursements of counsel for the Holder) and one (1) additional demand right for the registration of the Warrant Shares at the Holder&#8217;s expense (the &#8220;<u>Demand Registration</u>&#8221;). In the event of a Demand
        Registration, the Company shall use its commercially reasonable efforts to register the applicable Warrant Shares. All Holders of Warrant Shares proposing to distribute their securities through a Demand Registration that involves an underwriter or
        underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Demand Registration. Furthermore, each Holder must provide such information as reasonably requested by the Company
        (which information shall be limited to that which is required for disclosure under the Securities Act and the forms, rules and regulations promulgated thereunder) to be included in the registration statement timely or the Company may elect to
        exclude such Holder from the registration statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, the registration rights described in this Section 5 shall be subject to limitations imposed by the Commission&#8217;s rules or comments of the
        Commission staff in connection with its review of the registration statement for any such resale registration. Moreover, notwithstanding the foregoing registration obligations of the Company, if the Company furnishes to the Holders requesting a
        Demand Registration a certificate signed by the Company&#8217;s chief executive officer stating that in the good faith judgment of the Company&#8217;s board of directors it would be materially detrimental to the Company and its shareholders for a registration
        statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
        reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to
        comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such Demand Registration or withdraw a related registration statement for a period of not more than
        forty-five (45) calendar days; provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period or during the twelve (12) month period prior to the Termination Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Section 6</u>.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Miscellaneous</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">a)&#160;&#160;&#160;&#160;&#160; <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>.&#160; This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a
        shareholder of the Company prior to the issuance of the Warrant Shares upon exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.&#160; Without limiting any rights of a Holder to receive Warrant Shares on a
        &#8220;cashless exercise&#8221; pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">b)&#160;&#160;&#160;&#160; <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
        theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall
        not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in
        lieu of such Warrant or share certificate.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">c)&#160;&#160;&#160;&#160;&#160;&#160; <u>Saturdays, Sundays, Holidays, etc</u>.&#160; If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not
        be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">d)&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorized Shares</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 27pt; margin-left: 72pt;">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide
        for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.&#160; The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of
        issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.&#160; The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
        violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.&#160; The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
        represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
        liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</div>
      <div style="text-indent: 27pt; margin-left: 72pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 27pt; margin-left: 72pt;">Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or
        through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
        times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.&#160; Without limiting the
        generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
        or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or
        consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">15</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <div style="text-align: justify; text-indent: 27pt; margin-left: 72pt;">Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
        obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">e)&#160;&#160;&#160;&#160; <u>Governing Law; Agent for Process</u>. All questions <font style="color: rgb(0, 0, 0);">concerning the construction, validity, enforcement and interpretation of this
          Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the
          interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
          commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
          the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
          not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and, to the extent
          permitted by law, consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
          notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
          permitted by law. </font>In addition to and without limiting the foregoing, the Company hereby confirms that it has appointed Watson Farley &amp; Williams LLP, with offices located at 120 West 45th Street, 20th Floor, New York, NY 10036, as its
        authorized agent (the &#8220;<u>Authorized Agent</u>&#8221;) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated herein which may be instituted in any New York federal or
        state court, by a Holder, the directors, officers, partners, employees and agents of such Holder and each affiliate of such Holder, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or
        proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of
        any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent
        shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United
        States, and notify the Holders of such appointment. Notwithstanding the foregoing and except as set forth herein, any action arising out of or based upon this Warrant may be instituted by a Holder, the directors, officers, partners, employees and
        agents of the Holder (if applicable) and each respective affiliate of the Holder, in any court of competent jurisdiction in the Republic of the Marshall Islands.&#160; Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the
        federal district court in which a Holder may bring a claim under the federal securities laws. This paragraph shall survive any termination of this Warrant, in whole or in part.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">16</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">f)&#160;&#160;&#160;&#160;&#160;&#160; <u>Restrictions</u>.&#160; The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize
        cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">g)&#160;&#160;&#160;&#160;&#160;&#160; <u>Nonwaiver and Expenses</u>.&#160; No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such
        right or otherwise prejudice the Holder&#8217;s rights, powers or remedies.&#160; Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
        damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the
        Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">h)&#160;&#160;&#160;&#160;&#160; <u>Notices</u>.&#160; Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise,
        shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at c/o Pavimar Shipping Co., 17th km National Road, Athens-Lamia &amp; Foinikos Str., 14564, Nea
        Kifissia, Athens, Greece, Attention: Kalliopi Kyriakakou, email address: k.kyriakakou@icon.nrg.com, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other
        communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of
        such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via
        e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set
        forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service,
        or (iv) upon actual receipt by the party to whom such notice is required to be given.&#160; To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the
        Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">i)&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation of Liability</u>.&#160; No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no
        enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Share or as a shareholder of the Company, whether such liability is asserted by the Company or by
        creditors of the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">j)&#160;&#160;&#160;&#160;&#160;&#160; <u>Remedies</u>.&#160; The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
        performance of its rights under this Warrant.&#160; The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
        assert the defense in any action for specific performance that a remedy at law would be adequate.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">k) &#160; &#160;&#160; <u>Successors and Assigns</u>.&#160; Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be
        binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.&#160; The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be
        enforceable by the Holder or holder of Warrant Shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">l)&#160;&#160;&#160;&#160;&#160; <u>Amendment</u>.&#160; This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, <font style="color: rgb(0, 0, 0);">and the Holder, on the other hand</font>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">m)&#160;&#160;&#160;&#160; <u>Severability</u>.&#160; Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any
        provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
        of this Warrant.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">n)&#160;&#160;&#160;&#160;&#160;&#160; <u>Headings</u>.&#160; The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.</div>
      <div>&#160;</div>
      <div style="text-align: center;">********************</div>
      <div><br>
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      <div style="text-align: center; font-style: italic;">(Signature Page Follows)</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: center;"><font style="font-style: italic;">[Signature Page To Representative Warrant]</font> </div>
      <font style="font-style: italic;"> </font>
      <div style="text-align: justify; text-indent: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div><br>
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              <div style="font-weight: bold;">ICON ENERGY CORP.</div>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <tr>
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              <div>By:</div>
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            </td>
          </tr>
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              <div>Name: Ismini Panagiotidi</div>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div>Title: CEO<br>
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      <div><br>
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      <div style="text-align: center; font-weight: bold;">NOTICE OF EXERCISE</div>
      <div><br>
      </div>
      <div style="text-align: justify;">TO:&#160;&#160;&#160;&#160;&#160;&#160;&#160; ICON ENERGY CORP.</div>
      <div><br>
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      <div style="text-align: justify; text-indent: 72pt;">(1)&#160;&#160;&#160; The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(2)&#160;&#160;&#160;&#160; Payment shall take the form of (check applicable box):</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 99pt;">[&#160; ] in lawful money of the United States; or</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 99pt;">[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(3)&#160;&#160;&#160;&#160; Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</div>
      <div>&#160;</div>
      <table id="z5307686cb12d449986835202a9ba5583" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

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            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
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      <div style="text-align: justify;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
      <div><br>
      </div>
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            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

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      <div><br>
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      <div style="text-align: justify;">[SIGNATURE OF HOLDER]</div>
      <div><br>
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      <div style="text-align: justify;">Name of Investing Entity:&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;



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      <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Signature of Authorized Signatory of Investing Entity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br>
        </font></div>
      <div style="text-align: justify;">Name of Authorized Signatory:&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
          &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br>
      </div>
      <div style="text-align: justify;">Title of Authorized Signatory: <u>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;
          &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br>
      </div>
      <div style="text-align: justify;">Date:&#160;<u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
          &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160; <br>
        </u></div>
      <div><br>
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      </div>
      <div style="text-align: center; font-weight: bold;">ASSIGNMENT FORM</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 10.5pt; color: rgb(0, 0, 0); font-style: italic;">(To assign the foregoing Warrant, execute this form and supply required information.&#160; Do not use this form to purchase shares.)</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 10.5pt; color: rgb(0, 0, 0);">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to</div>
      <div>&#160;</div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">(Please Print)</div>
            </td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Address:</div>
            </td>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify;">(Please Print)</div>
            </td>
          </tr>
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            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0); padding-bottom: 2px;">
              <div style="text-align: justify;">Phone Number:</div>
            </td>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
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            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);" rowspan="1">&#160;</td>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
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            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0); padding-bottom: 2px;">
              <div style="text-align: justify;">Email Address:</div>
            </td>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">Dated: _______________ __, ______</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Holder&#8217;s Signature: <u>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160; &#160;</u>&#160;&#160;&#160;&#160; <br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">Holder&#8217;s Address:&#160;<u> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br>
      </div>
      <div>&#160;</div>
      <div> <br>
      </div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>8
<FILENAME>ny20040020x3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 5.1</font><br>
    </div>
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      <div style="text-align: center;"><img src="ny20040020x3_ex8-1img02.jpg"></div>
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    <div><br>
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    <div style="text-align: justify; color: #000000;">Icon Energy Corp.</div>
    <div style="text-align: justify; color: #000000;">c/o Pavimar Shipping Co.</div>
    <div style="text-align: justify; color: #000000;">17th km National Road</div>
    <div style="text-align: justify; color: #000000;">Athens-Lamia &amp; Foinikos Str.</div>
    <div style="text-align: justify; color: #000000;">14564, Nea Kifissia</div>
    <div style="text-align: justify; color: #000000;">Athens, Greece</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">January 21, 2025</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">Re:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; color: #000000;">Icon Energy Corp.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">We have acted as counsel to Icon Energy Corp., a Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), in connection with the preparation and filing of the Company&#8217;s
      Registration Statement on Form F-1 (File No. 333&#160; &#160; &#160; &#160; &#160;&#160; ) (the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;), as publicly filed with the U.S. Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;)

      on the date hereof, under the U.S. Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;) with respect to the public offering (the &#8220;<font style="font-weight: bold;">Offering</font>&#8221;) of up to $10.0 million
      of the Company&#8217;s units (the &#8220;<font style="font-weight: bold;">Units</font>&#8221;), each Unit consisting of (i) one common share, par value $0.001 per share (&#8220;<font style="font-weight: bold;">Common Share</font>&#8221;) of the Company (collectively, the &#8220;<font style="font-weight: bold;">Unit Shares</font>&#8221;) or one pre-funded warrant to purchase one Common Share (the &#8220;<font style="font-weight: bold;">Pre-Funded Warrants</font>&#8221;) and (ii) one warrant to purchase one Common Share at the exercise price then
      in effect (the &#8220;<font style="font-weight: bold;">Class A Purchase Warrants</font>&#8221;, and together with the Pre-Funded Warrants, the &#8220;<font style="font-weight: bold;">Warrants</font>&#8221;). The Registration Statement also covers the registration of (i) the
      Common Shares underlying the Warrants (the &#8220;<font style="font-weight: bold;">Warrant Shares</font>&#8221;), (ii) warrants to purchase Common Shares (the &#8220;<font style="font-weight: bold;">PA Warrants</font>&#8221;) that will be issued to the placement agent (the
      &#8220;<font style="font-weight: bold;">Placement Agent</font>&#8221;) in connection with the Offering, and (iii) the Common Shares underlying the PA Warrants (the &#8220;<font style="font-weight: bold;">PA Warrant Shares</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As such counsel, we have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement; (ii) the prospectus of the Company (as amended or
      supplemented, the &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221;) included in the Registration Statement; (iii) the form of securities purchase agreement (the &#8220;<font style="font-weight: bold;">Securities Purchase Agreement</font>&#8221;) to be
      entered into between the Company and the purchasers of the Securities, relating to the issuance and sale of the Securities, (iv) the form of placement agent agreement (the &#8220;<font style="font-weight: bold;">Placement Agent Agreement</font>&#8221;) to be
      entered into between the Company and the Placement Agent in connection with the Offering; (v) the form of Warrants and PA Warrants; (vi) the Company&#8217;s amended and restated articles of incorporation (the &#8220;<font style="font-weight: bold;">Articles</font>&#8221;);
      and (vii) such other papers, documents, agreements, certificates of public officials and certificates of representatives of the Company as we have deemed relevant and necessary as the basis for the opinions hereafter expressed.</div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><img src="ny20040020x3_ex8-1img01.jpg"></div>
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                  <div>&#160;</div>
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                  <div>&#160;</div>
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    </div>
    <div style="text-align: justify; color: #000000;">In such examination, we have assumed (i) the legal competence or capacity of persons or entities (other than the Company) to complete the execution of documents; (ii) the genuineness of all signatures
      and the authenticity of all documents submitted to us as originals; (iii) the conformity to original documents of all documents submitted to us as conformed or photostatic copies; (iv) that the documents reviewed by us in connection with the
      rendering of the opinions set forth herein are true, correct and complete; and (v) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within the due diligence review undertaken by us. As
      to various questions of fact which are material to the opinions hereinafter expressed, we have relied upon statements or certificates of public officials, directors of the Company and others.&#160; We have not independently verified the facts so relied
      on.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">We have further assumed for the purposes of this opinion, without investigation, that (i) all documents contemplated by the Prospectus to be executed in connection with the Offering have been duly
      authorized, executed and delivered by each of the parties thereto other than the Company; (ii) the terms of the Offering comply in all respects with the terms, conditions and restrictions set forth in the Prospectus and all of the instruments,
      agreements and other documents relating thereto or executed in connection therewith; and (iii) all Securities will be issued in compliance with applicable U.S. federal and state securities and other laws (other than the laws of the Republic of the
      Marshall Islands and the State of New York in respect of which we are opining).</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">With respect to the Warrants and the PA Warrants, we have assumed that, as of each and every time any of the Warrants or PA Warrants are exercised, the Company will have a sufficient number of
      authorized and unissued Warrant Shares and PA Warrant Shares, as applicable, available for issuance under its Articles. Further, we have assumed that, at or prior to the time of the delivery of any of the Warrant Shares or PA Warrant Shares, there
      will not have occurred any change in the law or the facts affecting the validity of the Warrant Shares or PA Warrant Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">This opinion letter is limited to Marshall Islands law and New York law and is as of the date hereof. We expressly disclaim any responsibility to advise of any development or circumstance of any kind,
      including any change of law or fact that may occur after the date of this opinion letter that might affect the opinion expressed herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Based upon and subject to the foregoing, and having regard to legal considerations which we deem relevant, we are of the opinion that:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93ff9040b29c4162a126e6111f1530f1" cellpadding="0" cellspacing="0">

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          <td style="width: 18pt; vertical-align: top; color: #000000;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Units, the Unit Shares, the Warrants and the Warrant Shares have been duly authorized by the Company.</div>
          </td>
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                <td rowspan="1" style="width: 33.33%;">&#160;</td>
                <td rowspan="1" style="width: 33.33%;">&#160;</td>
                <td rowspan="1" style="width: 33.33%; text-align: right;">Page <font class="BRPFPageNumber">3</font></td>
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                  <div>&#160;</div>
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                <td style="width: 33.33%; text-align: center;"><img src="ny20040020x3_ex5-1img03.jpg"></td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z08eac474d3c24fba8bcf4c9d894aca59" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 18pt; vertical-align: top;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The PA Warrants and the PA Warrant Shares have been duly authorized by the Company.</div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb71f73083304674bd7d3e8a8292e375" cellpadding="0" cellspacing="0">

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          <td style="width: 18pt; vertical-align: top; color: #000000;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Unit Shares, when issued, sold and paid for as contemplated in the Prospectus and the Securities Purchase Agreement, will be validly issued, fully paid and nonassessable.</div>
          </td>
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    </table>
    <div><br>
    </div>
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          </td>
          <td style="width: 18pt; vertical-align: top; color: #000000;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">When the Units and Warrants are issued and delivered as contemplated in the Securities Purchase Agreement and the Prospectus, the Units and Warrants will constitute valid and legally binding obligations of the
              Company in accordance with their terms, except as the enforcement thereof (i) may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, fraudulent obligation, moratorium or other
              similar laws affecting generally the enforceability of creditors&#8217; rights and remedies or the collection of debtor&#8217;s obligations from time to time in effect, and (ii) is subject to general principles of equity, regardless of whether such
              enforceability is considered in a proceeding in equity or at law, including the application of principles of good faith, fair dealing, course of dealing, course of performance, commercial reasonableness, materiality, unconscionability and
              conflict with public policy and other similar principles or other law relating to or affecting creditors&#8217; rights generally and general principles of equity.</div>
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    <div><br>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04b3f664cad04ec885cdf0cf8cc45094" cellpadding="0" cellspacing="0">

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          <td style="width: 18pt; vertical-align: top;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Assuming the Warrants are issued and delivered as contemplated in the Securities Purchase Agreement and the Prospectus, the Warrant Shares, when issued, delivered and paid for upon the exercise of such Warrants in
              accordance with their terms, will be validly issued, fully paid and non-assessable.</div>
          </td>
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    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top; color: #000000;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">When the PA Warrants are issued and delivered as contemplated in the Placement Agency Agreement and the Prospectus, the PA Warrants will constitute valid and legally binding obligations of the Company in accordance
              with their terms, except as the enforcement thereof (i) may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, fraudulent obligation, moratorium or other similar laws affecting
              generally the enforceability of creditors&#8217; rights and remedies or the collection of debtor&#8217;s obligations from time to time in effect, and (ii) is subject to general principles of equity, regardless of whether such enforceability is considered
              in a proceeding in equity or at law, including the application of principles of good faith, fair dealing, course of dealing, course of performance, commercial reasonableness, materiality, unconscionability and conflict with public policy and
              other similar principles or other law relating to or affecting creditors&#8217; rights generally and general principles of equity.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf4ce1fa7dfa4249aeca55826044d368" cellpadding="0" cellspacing="0">

        <tr>
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          </td>
          <td style="width: 18pt; vertical-align: top;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">Assuming the PA Warrants are issued and delivered as contemplated in the Placement Agency Agreement and the Prospectus, the PA Warrant Shares, when issued, delivered and paid for upon the exercise of such PA
                Warrants in accordance with their terms, will be validly issued, fully paid and non-assessable.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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              <tr>
                <td rowspan="1" style="width: 33.33%;">&#160;</td>
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                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%; text-align: center;"><img src="ny20040020x3_ex5-1img03.jpg"></td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: justify; color: #000000;">We hereby consent to the discussion of this opinion in the Registration Statement and Prospectus, to the filing of this opinion as an exhibit to the Registration Statement and to each reference to us
      and the discussions of advice provided by us under the headings &#8220;Legal Matters&#8221;, &#8220;Tax Considerations&#8212;United States Federal Income Tax Consequences&#8212;United States Federal Income Taxation of U.S. Holders&#8221; and &#8220;Tax Considerations&#8212;Marshall Islands Tax
      Consequences&#8221; in the Registration Statement and Prospectus. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations
      promulgated thereunder, nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &#8220;expert&#8221; as used in the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Very truly yours,</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Watson Farley &amp; Williams LLP</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">/s/ Watson Farley &amp; Williams<font style="font-weight: bold;">&#160;</font>LLP</div>
    <div><br>
    </div>
    <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>9
<FILENAME>ny20040020x3_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
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    <div style="text-align: right;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 8.1</font><br>
    </div>
    <div style="text-align: center;"> <img src="ny20040020x3_ex8-1img02.jpg"></div>
    <div> <br>
    </div>
    <div style="text-align: justify; color: #000000;">Icon Energy Corp.</div>
    <div style="text-align: justify; color: #000000;">c/o Pavimar Shipping Co.</div>
    <div style="text-align: justify; color: #000000;">17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> km National Road</div>
    <div style="text-align: justify; color: #000000;">Athens-Lamia &amp; Foinikos Str.</div>
    <div style="text-align: justify; color: #000000;">14564, Nea Kifissia</div>
    <div style="text-align: justify; color: #000000;">Athens, Greece</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">January 21, 2025</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">Re:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; color: #000000;">Icon Energy Corp.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">We have acted as counsel to Icon Energy Corp., a Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), in connection with the preparation and filing of the Company&#8217;s Registration Statement on Form F-1 (File No.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ) (the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;), as filed publicly with the U.S. Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;) on the date hereof, under the U.S. Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;) with respect to the
      public offering (the &#8220;<font style="font-weight: bold;">Offering</font>&#8221;) of up to $10.0 million of the Company&#8217;s units (the &#8220;<font style="font-weight: bold;">Units</font>&#8221;), each Unit consisting of (i) one common share, par value $0.001 per share (&#8220;<font style="font-weight: bold;">Common Share</font>&#8221;) of
      the Company or one pre-funded warrant to purchase one Common Share (the &#8220;<font style="font-weight: bold;">Pre-Funded Warrants</font>&#8221;) and (ii) one warrant to purchase one Common Share at
      the exercise price then in effect (the &#8220;<font style="font-weight: bold;">Class A Purchase Warrants</font>&#8221;, and together with the Pre-Funded Warrants, the &#8220;<font style="font-weight: bold;">Warrants</font>&#8221;). The Registration Statement also covers the registration of (i) the Common Shares underlying the Warrants, (ii) warrants to purchase Common Shares (the &#8220;<font style="font-weight: bold;">PA Warrants</font>&#8221;) that will be issued to the placement agent in connection with the Offering, and (iii) the Common Shares underlying the PA Warrants.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">In rendering this opinion, we have examined originals or copies (certified or otherwise identified to our satisfaction) of the following
        documents: (i) the Registration Statement; (ii) the prospectus of the Company (as amended or supplemented) included in the Registration Statement; and (iii) such other papers, documents, agreements, certificates of public officials and certificates
        of representatives of the Company, as we have deemed relevant and necessary as the basis for the opinions hereafter expressed.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In such examination, we have assumed (i) the legal capacity of each natural person; (ii) the genuineness of all signatures and the
        authenticity of all documents submitted to us as originals; (iii) the conformity to original documents of all documents submitted to us as conformed or photostatic copies; (iv) that the documents reviewed by us in connection with the rendering of
        the opinion set forth herein are true, correct and complete; and (v) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within the due diligence review undertaken by us.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <img src="ny20040020x3_ex8-1img01.jpg"></div>
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                    <div>&#160;</div>
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            </table>
          </div>
        </div>
      </div>
      <div style="text-align: justify; color: #000000;">As to matters of fact material to this opinion that have not been independently established, we have relied upon the representations and
        certificates of public officials, directors and officers of the Company and others, in each case as we have deemed relevant and appropriate. We have not independently verified the facts so relied on.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">We have reviewed the discussion set forth in the Registration Statement under the caption &#8220;Tax Considerations&#8212;United States Federal
        Income Tax Consequences&#8212;United States Federal Income Taxation of U.S. Holders.&#8221; Based on the representations, covenants, assumptions, conditions and qualifications described in such section, and taking into account the fact that the discussions set
        forth in such section do not purport to discuss all possible U.S. federal income tax consequences of the ownership and disposition of the Units and the Company&#8217;s Common Shares, and of the ownership, exercise, lapse and disposition of the Warrants,
        and subject to the qualifications, limitations and assumptions set forth herein, we confirm that the discussions set forth in such section, to the extent they constitute summaries of law or legal conclusions, unless otherwise noted, constitute our
        opinion with respect to the material U.S. federal income tax consequences of the ownership and disposition of the Units and the Company&#8217;s Common Shares, and of the ownership, exercise, lapse and disposition of the Warrants, as of the date of the
        Registration Statement, and accurately state our views as to the tax matters discussed therein (except for the representations and statements of fact of the Company included under such caption, as to which we express no opinion). We express no
        opinion as to any U.S. federal income tax consequences other than the opinion set forth above. Except as set forth in the paragraph below concerning Marshall Islands tax considerations, we express no opinion with respect to tax consequences under
        any state, local or non-U.S. tax law.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">We have reviewed the discussion set forth in the Registration Statement under the caption &#8220;Tax Considerations&#8212;Marshall Islands Tax
        Consequences.&#8221;&#160; Based on the facts as set forth in the Registration Statement, and having regard to legal considerations which we deem relevant, and subject to the qualifications, limitations and assumptions set forth herein, we confirm that the
        statements in such discussion, to the extent they constitute legal conclusions, unless otherwise noted, are the opinion of Watson Farley &amp; Williams LLP with respect to Marshall Islands tax consequences as of the date of the Registration
        Statement (except for the representations and statements of fact of the Company included under such caption, as to which we express no opinion).</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Our opinions and the tax discussion as set forth in the Registration Statement are based on the current provisions of the Internal
        Revenue Code of 1986, as amended, the Treasury Regulations promulgated thereunder, published pronouncements of the Internal Revenue Service which may be cited or used as precedents and case law, and the law of the Republic of the Marshall Islands
        as in effect on the date hereof, any of which may be changed at any time with retroactive effect. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments
        or factual matters arising subsequent to the date hereof or the impact of any information, document, certificate, record, statement, representation, covenant or assumption relied upon herein that becomes incorrect or untrue.</div>
      <div><br>
      </div>
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          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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                <tr>
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                  <td style="width: 33.33%;">
                    <div>&#160;</div>
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            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: justify; color: #000000;">We hereby consent to the discussion of this opinion in the Registration Statement and Prospectus, to the filing of this opinion as an
        exhibit to the Registration Statement and to each reference to us and the discussions of advice provided by us under the headings &#8220;Legal Matters&#8221;, &#8220;Tax Considerations&#8212;United States Federal Income Tax Consequences&#8212;United States Federal Income
        Taxation of U.S. Holders&#8221; and &#8220;Tax Considerations&#8212;Marshall Islands Tax Consequences&#8221; in the Registration Statement and Prospectus. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under
        Section 7 of the Securities Act, or the rules and regulations promulgated thereunder, nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &#8220;expert&#8221; as used in the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Very truly yours,</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Watson Farley &amp; Williams LLP</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">/s/ Watson Farley &amp; Williams LLP</div>
    <div><br>
    </div>
    <div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>10
<FILENAME>ny20040020x3_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <title></title>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <br>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS RIGHTS AGREEMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICON ENERGY CORP.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPUTERSHARE TRUST COMPANY, N.A.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Rights Agent</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated as of July 11, 2024</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Shareholders Rights Agreement (this &#8220;<u>Rights Agreement</u>&#8221;) is
      made and entered into as of July 11, 2024, by and between Icon Energy Corp., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the &#8220;<u>Rights Agent</u>&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, the Board of Directors of the Company (the &#8220;<u>Board</u>&#8221;) has
      (a) authorized and declared a dividend of one right (the &#8220;<u>Right</u>&#8221;) for each of the Company&#8217;s common shares, par value $0.001 per share (the &#8220;<u>Common Shares</u>&#8221;), held of record as of the Close of Business (as hereinafter defined) on July 11,
      2024 (the &#8220;<u>Record Date</u>&#8221;) and (b) has further authorized the issuance of one Right in respect of each Common Share that shall become outstanding (i) at any time between the Record Date and the earliest of the Distribution Date, the Redemption
      Date or the Final Expiration Date (as such terms are hereinafter defined) or (ii) upon the exercise or conversion, prior to the earlier of the Redemption Date or the Final Expiration Date, of any option or other security exercisable for or
      convertible into Common Shares, which option or other such security is outstanding on the Distribution Date; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, each Right represents the right of the holder thereof to purchase
      one one-thousandth of a Series C Participating Preferred Share (as such number may hereafter be adjusted pursuant to the provisions hereof), upon the terms and subject to the conditions set forth herein, having the rights, preferences and privileges
      set forth in the Statement of Designations of Series C Participating Preferred Shares, attached hereto as <u>Exhibit A</u>.</font></p>
  <br>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW THEREFORE, in consideration of the premises and the mutual agreements
      set forth herein, the parties hereto hereby agree as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Definitions</u>. For purposes of this Rights
      Agreement, the following terms have the meanings indicated: <br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Acquiring Person</u>&#8221; shall mean any Person (as hereinafter defined)
      who or which, together with all Affiliates and Associates (as such terms are hereinafter defined) of such Person, shall be the Beneficial Owner (as hereinafter defined) of 10 % or more of the Common Shares then outstanding, but shall not include (i)
      the Company, (ii) any Subsidiary (as hereinafter defined) of the Company (iii) any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person holding Common Shares for or pursuant to the terms of any such plan or (iv) a
      Passive Institutional Investor (as such term is hereinafter defined), so long as, in the case of this clause (iv), such Person is not the Beneficial Owner of 15% or more of the Common Shares then outstanding, but subject to the provisions in the
      definition of &#8220;Passive Institutional Investor&#8221;. Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person if such Person shall become the Beneficial Owner of 10% (15% in the case of a Passive Institutional Investor) or more
      of the Common Shares then outstanding solely as a result of a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision
      of the outstanding Common Shares; <u>provided</u>, <u>however</u>, that a Person who (i) becomes the Beneficial Owner of 10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding by
      reason of a grant under a Company equity incentive plan, dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares and (ii) becomes
      the Beneficial Owner of any additional Common Shares of the Company (other than pursuant to an additional grant under a Company equity incentive plan, dividend or distribution paid or made by the Company on the outstanding Common Shares in Common
      Shares or pursuant to a split or subdivision of the outstanding Common Shares), shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such additional Common Shares of the Company such Person does not beneficially own
      10% (15% in the case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding. Each Person that is Acting in Concert (as hereinafter defined) with any Person that becomes an Acquiring Person shall be deemed to
      own the Common Shares of such Acquiring Person and shall also be deemed to be an Acquiring Person for all purposes hereunder. Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person as the result of an acquisition of Common
      Shares by the Company or any Subsidiary of the Company or an employee benefit plan of the Company, which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 10% (15% in the
      case of a Passive Institutional Investor) or more of the Common Shares of the Company then outstanding; <u>provided</u>, <u>however</u>, that a Person who (i) becomes the Beneficial Owner of 10% (15% in the case of a Passive Institutional Investor)
      or more of the Common Shares of the Company then outstanding by reason of share purchases by the Company or any Subsidiary of the Company or an employee benefit plan of the Company and (ii) after such share purchases, becomes the Beneficial Owner of
      any additional Common Shares of the Company (other than pursuant to a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or
      subdivision of the outstanding Common Shares), shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such additional Common Shares of the Company such Person does not beneficially own 10% (15% in the case of a Passive
      Institutional Investor) or more of the Common Shares of the Company then outstanding. Notwithstanding the foregoing, if the Board determines in good faith that a Person who would otherwise be an &#8220;Acquiring Person&#8221;, as defined pursuant to the
      foregoing provisions of this paragraph, has become such inadvertently (including, without limitation, because (A) such Person was unaware that it beneficially owned a percentage of the Common Shares that would otherwise cause such Person to be an
      &#8220;Acquiring Person&#8221;, as defined pursuant to the foregoing provisions of this paragraph, or (B) such Person was aware of the extent of the Common Shares it beneficially owned but had no actual knowledge of the consequences of such beneficial ownership
      under this Rights Agreement) and without any intention of changing or influencing control of the Company, and if such Person divested or divests as promptly as practicable a sufficient number of Common Shares so that such Person would no longer be an
      Acquiring Person, as defined pursuant to the foregoing provisions of this paragraph, then such Person shall not be deemed to be or have ever been an Acquiring Person for any purposes of this Rights Agreement, except as a result of subsequent actions
      by such Person that would otherwise cause such Person to be an Acquiring Person. <font style="background-color: white">Notwithstanding the foregoing, if a bona fide swaps dealer who would otherwise be an &#8220;Acquiring Person&#8221; has become so as a result
        of its actions in the ordinary course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Rights Agreement, or
        otherwise seeking to control or influence the management or policies of the Company, then, and unless and until the Board shall otherwise determine, such Person shall not be deemed to be an &#8220;Acquiring Person&#8221; for any purposes of this Rights
        Agreement. </font>Notwithstanding the foregoing, if, <font style="background-color: white">as of the first public announcement of the declaration of the Rights dividend</font>, any Person is the Beneficial Owner of 10% (15% in the case of a
      Passive Institutional Investor) or more of the Common Shares outstanding, such Person shall not be or become an &#8220;Acquiring Person&#8221;, as defined herein, unless and until such time as such Person shall become the Beneficial Owner of additional Common
      Shares in an amount in excess of 0.001% of the Company&#8217;s then outstanding Common Shares (excluding shares acquired pursuant to a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding
      Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), unless upon becoming the Beneficial Owner of such additional Common Shares, such Person is not then the Beneficial Owner of 10% (15% in the case
      of a Passive Institutional Investor) or more of the Common Shares then outstanding. Notwithstanding the foregoing<font style="background-color: white">, if at any time prior to such time as any Person becomes an Acquiring Person, the Company amends
        this Rights Agreement to lower the threshold set forth in this Section 1(a) (the &#8220;<u>Reduced Threshold</u>&#8221;), no Person who Beneficially Owns a number of Common Shares equal to or greater than the Reduced Threshold shall become an Acquiring Person;</font>
      <u>provided</u>, <u>however,</u> <font style="background-color: white">that a Person who (i) becomes the Beneficial Owner of the Reduced Threshold and (ii) after the public announcement of the Reduced Threshold </font>becomes the Beneficial Owner
      of any additional Common Shares of the Company (other than pursuant to a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or
      subdivision of the outstanding Common Shares), then that Person shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such additional Common Shares of the Company such Person does not beneficially own the Reduced
      Threshold or more of the Common Shares of the Company then outstanding. Notwithstanding the foregoing, none of Ismini Panagiotidi or her controlled Affiliates shall be considered an Acquiring Person.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
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        Concert</u>&#8221; with another Person if such Person knowingly acts (whether or not pursuant to an express agreement, arrangement or understanding) at any time after the first public announcement of the adoption of this Rights Agreement, in concert or
      in parallel with such other Person, or toward a common goal with such other Person, relating to changing or influencing the control of the Company or in connection with or as a participant in any transaction having that purpose or effect, where (i)
      each Person is conscious of the other Person&#8217;s conduct and this awareness is an element in his, her, or its respective decision-making processes and (ii) at least one additional factor supports a determination by the Board that such Persons intended
      to act in concert or in parallel, which additional factors may include, without limitation, exchanging information, attending meetings, conducting discussions, or making or soliciting invitations to act in concert or in parallel; <u>provided</u>, <u>however</u>,
      that the additional factor(s) required shall not include actions by an officer or director of the Company acting in such capacities. A Person who is Acting in Concert with another Person shall be deemed to be Acting in Concert with any third party
      who is also Acting in Concert with such other Person. No Person shall be deemed to be Acting in Concert with another Person solely as a result of (a) making or receiving a solicitation made to more than ten (10) holders of shares of a class of stock
      of the Company registered under Section 12 of the Exchange Act (as hereinafter defined), or (b) soliciting or being solicited for tenders of, or tendering or receiving tenders of, securities in a public tender or exchange offer made pursuant to, and
      in accordance with, Section 14(d) of the Exchange Act by means of a tender offer statement filed on Schedule TO.</font></p>
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      11(a)(i) hereof.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Affiliate</u>&#8221; s<font style="background-color: white">hall have the
        meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act </font>(as hereinafter defined) <font style="background-color: white">as in effect on the date of this Rights Agreement.</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<font style="background-color: white">Appropriate Officers</font>&#8221; <font style="background-color: white">means the Company&#8217;s Chief Executive Officer, Chief Financial Officer, or Secretary.</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Associate</u>&#8221; <font style="background-color: white">shall have the
        meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act as in effect on the date of this Rights Agreement, and shall include, without limitation, any entity that owns a majority of the equity of
        another entity, or is or would be entitled to a majority of the proceeds to equity holders upon liquidation of such other entity, is deemed to be an Associate of such entity (and <u>vice versa</u>).</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Person shall be deemed the &#8220;<u>Beneficial Owner</u>&#8221; of, and shall be
      deemed to &#8220;<u>Beneficially Own</u>&#8221;, any securities:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; which such Person or any of such Person&#8217;s Affiliates or
      Associates beneficially owns, directly or indirectly, for purposes of Section 13(d) of the Exchange Act and Rule 13d-3 thereunder (or any comparable or successor law or regulation);</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; which such Person or any of such Person&#8217;s Affiliates or
      Associates has (A) the right to acquire or direct the acquisition of (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and
      between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; <u>provided</u>,
      <u>however</u>, that a Person shall not be deemed pursuant to this subsection (ii)(A) to be the Beneficial Owner of, or to Beneficially Own, (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of
      such Person&#8217;s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, or (2) securities which a Person or any of such Person&#8217;s Affiliates or Associates may be deemed to have the right to acquire pursuant to any
      merger or other acquisition agreement between the Company and such Person (or one or more of its Affiliates or Associates) if such agreement has been approved by the Board prior to there being an Acquiring Person; or (B) the right to vote pursuant to
      any agreement, arrangement or understanding or otherwise; <u>provided</u>, <u>however</u>, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, any security under this subsection (ii)(B) if the agreement, arrangement
      or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of
      the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report);&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; which are Beneficially Owned, directly or indirectly, by
      any other Person (or any Affiliate or Associate thereof) with which such Person or any of such Person&#8217;s Affiliates or Associates (A) is Acting in Concert, or (B) has any agreement, arrangement or understanding, whether or not in writing (other than
      customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to subsection
      (ii)(B) above) or disposing of any securities of the Company, or cooperating in obtaining, changing or influencing the control of the Company (except to the extent contemplated by the proviso in subsection (ii)(B) above); <u>provided</u>, <u>however</u>,
      that in no case shall an officer or director of the Company be deemed (x) the Beneficial Owner of any securities beneficially owned by another officer or director of the Company solely by reason of actions undertaken by such persons in their capacity
      as officers or directors of the Company or (y) the Beneficial Owner of securities held of record by the trustee of any employee benefit plan of the Company or any Subsidiary of the Company for the benefit of any employee of the Company or any
      Subsidiary of the Company, other than the officer or director, by reason of any influence that such officer or director may have over the voting of the securities held in the plan; or</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="background-color: white">which are
        beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty&#8217;s Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract)
        to which such Person or any of such Person&#8217;s Affiliates or Associates is a Receiving Party (as such terms are defined in the immediately following paragraph); <u>provided</u>, <u>however</u>, that the number of Common Shares that a Person is
        deemed to Beneficially Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall not exceed the number of Notional Common Shares (as hereinafter defined) with respect to such Derivatives Contract; <u>provided</u>,
        <u>further</u>, that the number of securities beneficially owned by each Counterparty (including its Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause (iv) be deemed to include all securities that are
        beneficially owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty&#8217;s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty&#8217;s Affiliates or
        Associates) is a Receiving Party, with this proviso being applied to successive Counterparties as appropriate.</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A &#8220;<u>Derivatives Contract</u>&#8221; is a contract between two
      parties (the &#8220;<u>Receiving Party</u>&#8221; and the &#8220;<u>Counterparty</u>&#8221;) that is designed to produce economic benefits and risks to the Receiving Party that correspond substantially to the ownership by the Receiving Party of a number of Common Shares
      specified or referenced in such contract (the number corresponding to such economic benefits and risks, the &#8220;<u>Notional Common Shares</u>&#8221;), regardless of whether obligations under such contract are required or permitted to be settled through the
      delivery of cash, Common Shares or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based
      publicly traded market baskets of stocks approved for trading by the appropriate federal governmental authority shall not be deemed to be Derivatives Contracts.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding anything in this definition of Beneficial
      Ownership to the contrary, the phrase &#8220;then outstanding&#8221;, when used with reference to a Person&#8217;s Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding together with the number of such
      securities not then actually issued and outstanding which are issuable by the Company and which such Person would be deemed to Beneficially Own hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Book Entry Shares</u>&#8221; shall have the meaning set forth in Section 3
      hereof.&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Business Day</u>&#8221; shall mean any day other than a <font style="background-color: white">Saturday</font>, a Sunday, or a day on which banking institutions in New York are authorized or obligated by law or executive order to close.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Close of Business</u>&#8221; on any given date shall <font style="background-color: white">mean</font> 5:00 P.M., New York time, on such date; <u>provided</u>, <u>however</u>, that if such date is not a Business Day it shall mean 5:00 P.M., New York time, on the next succeeding Business Day.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Common Shares</u>&#8221; shall have the <font style="background-color: white">meaning</font> set forth in the preamble. Common Shares when used with reference to any Person other than the Company shall mean the share capital (or equity interest) with the greatest voting power of such other Person or, if such other
      Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Common Share Equivalents</u>&#8221; shall have the <font style="background-color: white">meaning</font> set forth in Section 11(a)(iii) hereof.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Company</u>&#8221; shall have the meaning set forth in the preamble, subject
      to the terms of Section 13(a)(iii)(c) hereof.</font></p>
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      prior to but not including such date, and for purposes of computations made pursuant to Section 11(a)(iii) hereof, the Current Per Share Market Price of any Security on any date shall be deemed to be the average of the daily closing prices per share
      of such Security for the ten (10) consecutive Trading Days immediately prior to but not including such date; <u>provided</u>, <u>however</u>, that in the event that the Current Per Share Market Price of the Security is determined during a period
      following the announcement by the issuer of such Security of (i) a dividend or distribution on such Security payable in shares of such Security or securities convertible into such shares or (ii) any subdivision, combination or reclassification of
      such Security, and prior to the expiration of the applicable thirty (30) Trading Day or ten (10) Trading Day period, after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or
      reclassification, then, and in each such case, the Current Per Share Market Price shall be appropriately adjusted to reflect the current market price per share equivalent of such Security. The closing price for each day shall be the last sale price,
      regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or
      admitted to trading on the Nasdaq (as herinafter defined) or, if the Security is not listed or admitted to trading on the Nasdaq, as reported in the principal consolidated transaction reporting system with respect to securities listed on the
      principal national securities exchange on which the Security is listed or admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last sale price or, if such last sale price is not
      reported, the average of the high bid and low asked prices in the over-the-counter market, as reported by Nasdaq or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the closing
      bid and asked prices as furnished by a professional market maker making a market in the Security selected by the Board. If on any such date no market maker is making a market in the Security, the fair value of such shares on such date as determined
      in good faith by the Board shall be used. If the Preferred Shares (as hereinafter defined) are not publicly traded, then the Current Per Share Market Price of the Preferred Shares shall be conclusively deemed to be the Current Per Share Market Price
      of the Common Shares as determined pursuant to this definition, as appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof, multiplied by 1,000. If the Security is not publicly held or
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      of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan) is first published or sent or
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      ownership on Schedule 13G under the Exchange Act (or any comparable or successor report), and (ii) such Person has not reported and is not required to report such ownership on Schedule 13D under the Exchange Act (or any comparable or successor
      report) and such Person does not hold Common Shares on behalf of any other Person who is required to report Beneficial Ownership of Common Shares on such Schedule 13D; provided, that if a formerly Passive Institutional Investor should report or
      become required to report Beneficial Ownership of Common Shares on Schedule 13D, that formerly Passive Institutional Investor will not be deemed to be or to have become an Acquiring Person if: (A) at the time it reports or becomes required to report
      Beneficial Ownership of Common Shares on Schedule 13D, that formerly Passive Institutional Investor has Beneficial Ownership of less than 10% of the Common Shares then outstanding; or (B) (1) it divests as promptly as practicable (but in any event
      not later than ten calendar days after becoming required to report on Schedule 13D) Beneficial Ownership of a sufficient number of Common Shares so that it would no longer be an &#8220;Acquiring Person&#8221;, as defined herein, and (2) prior to reducing its
      Beneficial Ownership of Common Shares then outstanding to below 10%, it does not increase its Beneficial Ownership of the Common Shares then outstanding (other than by reason of share purchases by the Company) above such Person&#8217;s lowest Beneficial
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      appoints the Rights Agent to act as rights agent for the Company in accordance with the express terms and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company may from time to time
      appoint such co-Rights Agent as it may deem necessary or desirable, upon ten (10) calendar days&#8217; prior written notice to the Rights Agent; provided, that such Person meets the eligibility requirements under Section 21 hereof. In the event the Company
      appoints one or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents under the provisions of this Rights Agreement shall be as the Company shall reasonably determine and the Company shall notify in writing the
      Rights Agent and any co-Rights Agents of such duties. The Rights Agent shall have no duty to supervise, and in no event shall be liable for, the acts or omissions of any such co-Rights Agent.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance of Rights Certificates</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Until the Distribution Date, (i) the Rights will be
      evidenced (subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates for Common Shares registered in the names of the holders thereof or, in the case of uncertificated shares of Common Shares registered in book-entry form (&#8220;<u>Book





        Entry Shares</u>&#8221;), by notation in book entry accounts reflecting the ownership of such Common Shares (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate Rights Certificates
      and (ii) the right to receive Rights Certificates will be transferable only in connection with the transfer of Common Shares. Until the earlier of the Distribution Date or the Expiration Date, the transfer of Common Shares shall also constitute the
      transfer of the Rights associated with such Common Shares. As soon as practicable after the Distribution Date, the Company will prepare and execute, and upon written request of the Company, the Rights Agent, by an authorized signatory of the Rights
      Agent, will countersign (in manual or facsimile or other electronic form, and such certificate(s) shall not be valid for any purpose unless countersigned), and the Company will send or cause to be sent (and the Rights Agent will, if requested to do
      so by the Company and provided with all necessary information and documentation, in the discretion of the Rights Agent, at the expense of the Company, send or cause to be sent) by first-class, postage-prepaid mail, to each record holder of Common
      Shares as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the Company, or the transfer agent or registrar for the Common Shares, a Rights Certificate, in substantially the form of <u>Exhibit B</u>
      attached hereto, evidencing one Right for each Common Share so held, subject to adjustment as provided herein, other than to any Acquiring Person or Associates or Affiliates thereof, pursuant to Section 11(a)(ii) of this Rights Agreement. In the
      event that an adjustment in the number of Rights per Common Share has been made pursuant to Section 11 hereof, then at the time of distribution of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments (in
      accordance with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of the Distribution Date, the Rights will be evidenced solely by such
      Rights Certificates and may be transferred by the transfer of the Rights Certificates as permitted hereby, separately and apart from any transfer of Common Shares, and the holders of such Rights Certificates as listed in the records of the Company or
      any transfer agent or registrar for the Rights shall be the record holders thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall promptly notify the Rights Agent in writing of the
      occurrence of the Distribution Date and, if such notification is given orally, the Company shall confirm the same in writing within two (2) Business Days. Until such written notice is received by the Rights Agent, the Rights Agent may presume
      conclusively for all purposes that the Distribution Date has not occurred.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;With respect to certificates for Common Shares and Book
      Entry Shares, as applicable, outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates or Book Entry Shares, registered in the names of the holders thereof together with the Summary of Rights.
      Until the Distribution Date (or, if earlier, the Expiration Date), the transfer of any Common Shares outstanding as of the Record Date, with or without a copy of the Summary of Rights, shall also constitute the transfer of the Rights associated with
      such Common Shares.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless the Board by resolution adopted at or before the
      time of the issuance of any Common Shares specifies to the contrary, Rights shall be issued in respect of all Common Shares that are issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date or, in certain
      circumstances provided in Section 22 hereof, after the Distribution Date. Certificates and Book Entry Shares representing such Common Shares shall also be deemed to be certificates for Rights, and shall bear a legend in substantially the following
      form:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><b>THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO
        CERTAIN RIGHTS AS SET FORTH IN A SHAREHOLDERS RIGHTS AGREEMENT BETWEEN ICON ENERGY CORP. AND COMPUTERSHARE TRUST COMPANY, N.A. (OR ANY SUCCESSOR RIGHTS AGENT), AS THE RIGHTS AGENT, DATED AS OF JULY 11, 2</b><b>024, AS MAY BE SUPPLEMENTED OR AMENDED
        FROM TIME TO TIME (THE &#8220;RIGHTS AGREEMENT&#8221;), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF ICON ENERGY CORP. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE
        RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. ICON ENERGY CORP. WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT
        OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN
        THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.</b>&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">8</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to such certificates or Book Entry Shares, as applicable, containing the
      foregoing legend, until the earlier of (i) the Distribution Date or (ii) the Expiration Date, the Rights associated with the Common Shares represented by such certificates or Book Entry Shares, as applicable, shall be evidenced by such certificates
      or Book Entry Shares, as applicable, alone, and the transfer of any such certificates or Book Entry Shares, as applicable (with or without a copy of the Summary of Rights), shall also constitute the transfer of the Rights associated with the Common
      Shares represented thereby.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event the Company purchases or acquires any Common
      Shares after the Record Date but prior to the Distribution Date, any Rights associated with such Common Shares shall be deemed canceled so that the Company shall not be entitled to exercise any Rights associated with the Common Shares which are no
      longer outstanding.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the provisions of this Section, neither
      the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect the enforceability of any part of this Rights Agreement or the rights of any holder of Rights.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Form of Rights Certificates</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Certificates (and the forms of election to
      purchase Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially in the form of <u>Exhibit B</u> attached hereto and may have such marks of identification or designation and such legends, summaries or
      endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties, liabilities, or responsibilities of the Rights Agent) and as are not inconsistent with the provisions of this Rights Agreement, or as may be
      required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or a national market system, on which the Rights may from time to time be listed or traded, or to
      conform to usage. Subject to the provisions of Section 11 and Section 22 hereof, the Rights Certificates, whenever distributed, shall be dated as of the Record Date (or, in the case of Rights issued with respect to Common Shares issued by the Company
      after the Record Date, as of the date of issuance of such Common Shares) and on their face shall entitle the holders thereof to purchase such number of one one-thousandth of a Preferred Share as shall be set forth therein at the price set forth
      therein (such exercise price per one one-thousandth of a Preferred Share being hereinafter referred to as the &#8220;<u>Exercise Price</u>&#8221; and the aggregate Exercise Price of all Preferred Shares issuable upon exercise of one Right being hereinafter
      referred to as the &#8220;<u>Total Exercise Price</u>&#8221;), but the number and type of securities purchasable upon the exercise of each Right and the Exercise Price shall be subject to adjustment as provided herein.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any Rights Certificate issued pursuant to Section 3(a) or
      Section 22 hereof that represents Rights beneficially owned by: (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person; (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee
      after the Acquiring Person becomes such; or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant
      to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding
      regarding the transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect avoidance of Section 7(e) hereof, and any Rights Certificate issued pursuant to
      Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain (to the extent the Rights Agent has received written notice thereof and to the extent
      feasible) a legend in substantially the following form:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY
        OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL
        AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT</b>&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">9</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall give written notice to the Rights Agent promptly after it becomes aware of
      the existence and identity of any Acquiring Person or any Affiliate or Associate thereof. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that no Person has become an Acquiring Person or
      an Affiliate or Associate of an Acquiring Person. The Company shall instruct the Rights Agent in writing of the Rights which should be so legended.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Countersignature and Registration</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Certificates shall be duly executed on behalf
      of the Company by any one of its Appropriate Officers, either manually, or by facsimile signature or other electronic signature, and shall have affixed thereto the Company&#8217;s seal (if any) or a facsimile or other electronic copy thereof. The Rights
      Certificates shall be, either manually or by facsimile signature, countersigned by the Rights Agent and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Rights
      Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered
      by the Company with the same force and effect as though the person who signed such Rights Certificates on behalf of the Company had not ceased to be such officer of the Company; and any Rights Certificate may be signed on behalf of the Company by any
      person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the date of the execution of this Rights Agreement any such person was not such an
      officer. In case any authorized signatory of the Rights Agent who has countersigned any Rights Certificate ceases to be an authorized signatory of the Rights Agent before issuance and delivery by the Company, such Rights Certificate, nevertheless,
      may be issued and delivered by the Company with the same force and effect as though the person who countersigned such Rights Certificate had not ceased to be an authorized signatory of the Rights Agent; and any Rights Certificate may be countersigned
      on behalf of the Rights Agent by any person who, at the actual date of the countersignature of such Rights Certificate, is properly authorized to countersign such Rights Certificate, although at the date of the execution of this Rights Agreement any
      such person was not so authorized.</font><br>
  </p>
  <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Following the Distribution Date, upon receipt by the
      Rights Agent of written notice to that effect and all other relevant information and documentation referred to in Section 3(a) hereof, the Rights Agent will keep or cause to be kept, at its office or offices designated for such purposes, books for
      registration and transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates
      and the date of each of the Rights Certificates.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfer, Split Up, Combination and Exchange of Rights
        Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of Sections 7(e), 14 and 24
      hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the Expiration Date, any Rights Certificate or Rights Certificates may be transferred, split up, combined or exchanged for another
      Rights Certificate or Rights Certificates, entitling the registered holder to purchase a like number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets, as the case may be) as the
      Rights Certificate or Rights Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Rights Certificate or Rights Certificates shall make such request in writing
      delivered to the Rights Agent, and shall surrender the Rights Certificate or Rights Certificates to be transferred, split up, combined or exchanged at the office or offices of the Rights Agent designated for such purpose, along with a signature
      guarantee (if required) and such other and further documentation as the Company or the Rights Agent may reasonably request. The Rights Certificates are transferable only on the registry books of the Rights Agent. Neither the Rights Agent nor the
      Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate or Rights Certificates until the registered holder shall have properly completed and duly signed the certificate
      contained in the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights evidenced thereby and
      the Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request. Thereupon the Rights Agent shall, subject to Sections 7(e), 14 and 24 hereof, countersign and deliver to
      the person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The Company may require payment of a sum sufficient to cover any tax or charge that may be imposed in connection with any transfer, split
      up, combination or exchange of Rights Certificates as required by Section 9(e) hereof. If and to the extent the Company does require payment of any such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof and the
      Rights Agent shall not deliver any Rights Certificate unless and until the Rights Agent is satisfied that such payments have been made, and the Rights Agent shall forward any such sum collected by it to the Company or to such Persons as the Company
      shall specify by written notice. The Rights Agent shall have no duty or obligation to take any action with respect to a Rights holder under any Section of this Rights Agreement which requires the payment by such Rights holder of applicable taxes
      and/or charges unless and until the Rights Agent is satisfied that such taxes and/or charges have been paid.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">10</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon receipt by the Company and the Rights Agent of
      evidence satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate, along with a signature guarantee (if required) and such other and further documentation as the Company or the Rights Agent may reasonably request,
      and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and, in the case of mutilation, upon surrender to the
      Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will execute and deliver a new Rights Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Rights
      Certificate so lost, stolen, destroyed or mutilated.</font></p>
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        Rights</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to Sections 7(e), 23(b) and 24(b) hereof, the
      registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date and prior to the Close of Business on the Expiration Date by
      surrender of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof properly completed and duly executed (with such signature duly guaranteed, if required), to the Rights Agent at the office or
      offices of the Rights Agent designated for such purpose, together with payment of the Exercise Price for each one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as to
      which the Rights are exercised, and an amount equal to any tax or charge required to be paid under Section 9(e) hereof, by certified check, cashier&#8217;s check, bank draft or money order payable to the order of the Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Exercise Price for each one one-thousandth of a
      Preferred Share issuable pursuant to the exercise of a Right shall initially be twenty-five U.S. Dollars ($25.00), shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the
      United States of America in accordance with paragraph (c) below.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon receipt of a Rights Certificate representing
      exercisable Rights, with the form of election to purchase and the certificate properly completed and duly executed (with such signature duly guaranteed, if required), accompanied by payment of the Exercise Price for the number of one one-thousandth
      of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to be purchased and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights Certificate in
      accordance with Section 9(e) hereof, the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer agent for the
      Preferred Shares) a certificate or certificates for the number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to be purchased and the Company hereby irrevocably
      authorizes its transfer agent to comply with all such requests or (B) if the Company shall have elected to deposit the total number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets
      as the case may be) issuable upon exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing such number of one one-thousandth of a Preferred Share (or, following a Triggering
      Event, other securities, cash or other assets as the case may be) as are to be purchased (in which case certificates for the Preferred Shares (or, following a Triggering Event, other securities, cash or other assets as the case may be) represented by
      such receipts shall be deposited by the transfer agent with the depositary agent) and the Company hereby directs the depositary agent to comply with such request, (ii) when necessary to comply with this Rights Agreement, requisition from the Company
      the amount of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder
      of such Rights Certificate, registered in such name or names as may be designated by such holder and (iv) when necessary to comply with this Rights Agreement, after receipt thereof, deliver such cash to or upon the order of the registered holder of
      such Rights Certificate. The payment of the Exercise Price (as such amount may be reduced (including to zero) pursuant to Section 11(a)(iii) hereof) and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights
      Certificate in accordance with Section 9(e) hereof, may be made in cash or by certified bank check, cashier&#8217;s check or bank draft payable to the order of the Company. In the event that the Company is obligated to issue securities of the Company other
      than Preferred Shares, pay cash and/or distribute other property pursuant to Section 11(a) or Section 14 hereof, the Company will promptly make all arrangements necessary so that such other securities, cash and/or other property are available for
      distribution by the Rights Agent, if and when necessary to comply with this Rights Agreement. Except for those provisions herein that expressly survive the termination of this Rights Agreement, this Rights Agreement shall terminate at such time as
      the Rights are no longer exercisable hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
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    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">11</font>&#160;</div>
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      shall properly exercise less than all the Rights evidenced thereby, a new Rights Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate or
      to his or her duly authorized assigns, subject to the provisions of Section 14 hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Rights Agreement to the
      contrary, from and after the first occurrence of a Triggering Event, any Rights Beneficially Owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or
      Affiliate) who becomes a transferee after the Acquiring Person becomes such (a &#8220;<u>Post-Event Transferee</u>&#8221;), (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with
      the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the
      Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the
      avoidance of this Section 7(e) (a &#8220;<u>Pre-Event Transferee</u>&#8221;) or (iv) any subsequent transferee receiving transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more intermediate transferees,
      shall become null and void without any further action and no holder of such Rights shall have any rights whatsoever with respect to such Rights, whether under any provision of this Rights Agreement or otherwise. The Company shall use all reasonable
      efforts to ensure that the provisions of this Section 7(e) and Section 4(b) hereof are complied with, but neither the Company nor the Rights Agent shall have any liability to any holder of Rights Certificates or to any other Person as a result of the
      Company&#8217;s failure to make any determinations with respect to an Acquiring Person or any of such Acquiring Person&#8217;s Affiliates, Associates or transferees hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Rights Agreement or any
      Rights Certificate to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action required hereunder with respect to a registered holder upon the occurrence of any purported transfer or exercise as set forth in
      this Section 7 unless such registered holder shall, in addition to having complied with the requirements of Section 7(a) above, have (i) properly completed and duly signed the certificate contained in the form of election to purchase set forth on the
      reverse side of the Rights Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights evidenced thereby or Affiliates and
      Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cancellation and Destruction of Rights Certificates</u>.
      All Rights Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if
      surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Rights Agreement. The Company shall deliver to the Rights Agent for
      cancellation and retirement, and the Rights Agent shall so cancel and retire, any Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Rights Certificates to the
      Company, or shall, at the written request of the Company, destroy or cause to be destroyed such canceled Rights Certificates, and in such case shall deliver a certificate of destruction thereof to the Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reservation and Availability of Preferred Shares</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees that it will use its best
      efforts to cause to be reserved and kept available out of its authorized and unissued Preferred Shares not reserved for another purpose (and, following the occurrence of a Triggering Event, out of its authorized and unissued Common Shares and/or
      other securities), the number of Preferred Shares (and, following the occurrence of a Triggering Event, Common Shares and/or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">12</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Company shall hereafter list any of its Preferred
      Shares on a national securities exchange, then so long as the Preferred Shares (and, following the occurrence of a Triggering Event, Common Shares and/or other securities) issuable and deliverable upon exercise of the Rights may be listed on such
      exchange, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable (but only to the extent that it is reasonably likely that the Rights will be exercised), all shares reserved for such issuance to be
      listed on such exchange upon official notice of issuance upon such exercise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall use its best efforts to (i) file, as
      soon as practicable following the earliest date after the first occurrence of a Triggering Event in which the consideration to be delivered by the Company upon exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii) hereof, or
      as soon as is required by appicable law following the Distribution Date, as the case may be, a registration statement under the Securities Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause
      such registration statement to become effective as soon as practicable after such filing and (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier
      of (A) the date as of which the Rights are no longer exercisable for such securities and (B) the date of expiration of the Rights. The Company may temporarily suspend, for a period not to exceed ninety (90) days after the date set forth in clause (i)
      of the first sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective. Upon any such suspension, the Company shall issue a public announcement and
      notify the Rights Agent in writing that the exercisability of the Rights has been temporarily suspended, as well as issue a public announcement and simultaneous notification in writing to the Rights Agent at such time as the suspension is no longer
      in effect. The Company will also take such action as may be appropriate under, or to ensure compliance with, the securities or &#8220;blue sky&#8221; laws of the various states in connection with the exercisability of the Rights. Notwithstanding any provision of
      this Rights Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction, unless the requisite qualification in such jurisdiction shall have been obtained, or an exemption therefrom shall be available, and until a registration
      statement has been declared effective.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees that it will take all
      such action as may be necessary to ensure that all Preferred Shares (or other securities of the Company) delivered upon exercise of Rights shall, at the time of delivery of the certificates for such securities (subject to payment of the Exercise
      Price), be duly and validly authorized and issued and fully paid and non-assessable shares.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company further covenants and agrees that it will pay
      when due and payable any and all federal and state taxes or charges which may be payable in respect of the original issuance or delivery of the Rights Certificates or of any Preferred Shares (or other securities of the Company) upon the exercise of
      Rights. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer or delivery of Rights Certificates to a person other than, or the issuance or delivery of certificates or depositary receipts for the
      Preferred Shares (or other securities of the Company) in a name other than that of, the registered holder of the Rights Certificate evidencing Rights surrendered for exercise or to issue or to deliver any certificates or depositary receipts for
      Preferred Shares (or other securities of the Company) upon the exercise of any Rights until any such tax or charge shall have been paid (any such tax or charge being payable by the holder of such Rights Certificate at the time of surrender) or until
      it has been established to the Company&#8217;s or the Rights Agent&#8217;s satisfaction that no such tax or charge is due.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Record Date</u>. Each Person in whose name any certificate
      for a number of one one-thousandth of a Preferred Share (or other securities of the Company) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of Preferred Shares (or other securities of the
      Company) represented thereon, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Total Exercise Price with respect to which the Rights have been exercised
      (and any applicable taxes) was made; <u>provided</u>, <u>however</u>, that if the date of such surrender and payment is a date upon which the transfer books of the Company are closed, such Person shall be deemed to have become the record holder of
      such shares on, and such certificate shall be dated, the next succeeding Business Day on which the transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled
      to any rights of a holder of Preferred Shares (or other securities of the Company) for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive
      rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
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        of Rights</u>. The Exercise Price, the number and kind of shares or other property covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything in this Rights
      Agreement to the contrary, in the event the Company shall at any time after the date of this Rights Agreement (A) declare a dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the
      outstanding Preferred Shares (by reverse stock split or otherwise) into a smaller number of Preferred Shares, or (D) issue any shares in a reclassification of the Preferred Shares (including any such reclassification in connection with a
      consolidation or merger in which the Company is the continuing or surviving company), then, in each such event, except as otherwise provided in Section 11 and Section 7(e) hereof: (1) the Exercise Price in effect at the time of the record date for
      such dividend or of the effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by dividing the Exercise Price in effect immediately prior to such
      time by a fraction (the &#8220;<u>Adjustment Fraction</u>&#8221;), the numerator of which shall be the total number of Preferred Shares (or shares issued in such reclassification of the Preferred Shares) outstanding immediately following such time and the
      denominator of which shall be the total number of Preferred Shares outstanding immediately prior to such time; <u>provided</u>, <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one Right be less than the
      aggregate par value of the shares of the Company issuable upon exercise of such Right; and (2) the number of one one-thousandth of a Preferred Share (or other share) issuable upon the exercise of each Right shall equal the number of one
      one-thousandth of a Preferred Share (or other share) as was issuable upon exercise of a Right immediately prior to the occurrence of the event described in clauses (A)-(D) of this Section 11(a)(i), multiplied by the Adjustment Fraction; <u>provided</u>,
      <u>however</u>, that no such adjustment shall be made pursuant to this Section 11(a)(i) to the extent that there shall have simultaneously occurred an event described in clause (A), (B), (C) or (D) of Section 11(n) below with a proportionate
      adjustment being made thereunder. Each Common Share that shall become outstanding after an adjustment has been made pursuant to this Section 11(a)(i) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the
      number of one one-thousandth of a Preferred Share (or other share) as one Common Share has associated with it immediately following the adjustment made pursuant to this Section 11(a)(i).</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Section 24 of this Rights Agreement, in the
      event a Triggering Event shall have occurred, then promptly following such Triggering Event each holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to receive for each Right, upon exercise thereof in
      accordance with the terms of this Rights Agreement and payment of the Exercise Price in effect immediately prior to the occurrence of the Triggering Event, in lieu of a number of one one-thousandth of a Preferred Share, such number of Common Shares
      of the Company as shall equal the result obtained by multiplying the Exercise Price in effect immediately prior to the occurrence of the Triggering Event by the number of one one-thousandth of a Preferred Share for which a Right was exercisable (or
      would have been exercisable if the Distribution Date had occurred) immediately prior to the first occurrence of a Triggering Event, and dividing that product by 50% of the Current Per Share Market Price for Common Shares on the date of occurrence of
      the Triggering Event; <u>provided</u>, <u>however</u>, that the Exercise Price and the number of Common Shares of the Company so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section
      11(e) hereof to reflect any events occurring in respect of the Common Shares of the Company after the occurrence of the Triggering Event. <font style="background-color: white">In the event any Person shall become an Acquiring Person and the Rights
        shall then be outstanding, the Company shall not take any action which would eliminate or diminish the benefits intended to be afforded by the Rights.</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From and after the occurrence of such event, any Rights that are or were
      acquired or Beneficially Owned by any Acquiring Person (or any Associate or Affiliate of such Acquiring Person) shall be null and void without any further action and any holder of such Rights shall thereafter have no right whatsoever with respect to
      such Rights, under any provision of this Rights Agreement or otherwise. <font style="background-color: white">Neither the Company nor the Rights Agent shall have liability to any holder of Rights Certificates or other Person as a result of the
        Company&#8217;s failure to make any determinations with respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder. </font>No Rights Certificate shall be issued pursuant to Section 3 hereof that represents Rights Beneficially
      Owned by an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate or nominee thereof; no Rights Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring
      Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate; and any Rights Certificate delivered to the Rights Agent for
      transfer to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate shall be cancelled. The Company shall give
      the Rights Agent written notice of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, and the Rights Agent may rely on such notice in carrying out its duties under this Rights Agreement and
      shall be deemed not to have any knowledge of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing unless and until it shall have received such notice.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">14</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In lieu of issuing Common Shares in accordance with
      Section 11(a)(ii) hereof, the Company may, if the Company&#8217;s Board of Directors determines that such action is necessary or appropriate and not contrary to the interest of holders of Rights and, in the event that the number of Common Shares which are
      authorized by the Company&#8217;s Amended and Restated Articles of Incorporation but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient to permit the exercise in full of the Rights, the Company
      shall: (A) determine the excess of (1) the value of the Common Shares issuable upon the exercise of a Right (the &#8220;<u>Current Value</u>&#8221;) over (2) the Exercise Price (such excess, the &#8220;<u>Spread</u>&#8221;) and (B) with respect to each Right, make adequate
      provision to substitute for such Common Shares, upon exercise of the Rights, (1) cash, (2) a reduction in the Exercise Price, (3) other equity securities of the Company (including, without limitation, shares or any series of preferred shares which
      the Company&#8217;s Board of Directors has deemed to have the same value as Common Shares (such shares or Preferred Shares are herein called &#8220;<u>Common Share Equivalents</u>&#8221;)), except to the extent that the Company has not obtained any necessary
      shareholder approval for such issuance, (4) debt securities of the Company, except to the extent that the Company has not obtained any necessary shareholder approval for such issuance, (5) other assets or (6) any combination of the foregoing, having
      an aggregate value equal to the Current Value, where such aggregate value has been determined by the Company&#8217;s Board of Directors based upon the advice of a nationally recognized investment banking firm selected by the Company&#8217;s Board of Directors; <u>provided</u>,
      <u>however</u>, if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Triggering Event and (y) the date on which the Company&#8217;s
      right of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the &#8220;<u>Section 11(a)(ii) Trigger Date</u>&#8221;), then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and
      without requiring payment of the Exercise Price, Common Shares (to the extent available), except to the extent that the Company has not obtained any necessary shareholder approval for such issuance, and then, if necessary, cash, which shares and/or
      cash have an aggregate value equal to the Spread. If the Company&#8217;s Board of Directors shall determine in good faith that it is likely that sufficient additional Common Shares could be authorized for issuance upon exercise in full of the Rights, the
      thirty (30) day period set forth above may be extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company may seek shareholder approval for the authorization of such
      additional shares (such period, as it may be extended, the &#8220;<u>Substitution Period</u>&#8221;). To the extent that the Company determines that some action need be taken pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company
      (x) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any
      authorization of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement
      (and provide prompt written notice to the Rights Agent) stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement (and provide prompt written notice to the Rights Agent) at such time as the
      suspension is no longer in effect. For purposes of this Section 11(a)(iii), the value of the Common Shares shall be the Current Per Share Market Price of the Common Shares on the Section 11(a)(ii) Trigger Date and the value of any Common Share
      Equivalent shall be deemed to have the same value as the Common Shares on such date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the Company shall, at any time after the date of
      this Rights Agreement, fix a record date for the issuance of rights, options or warrants to all holders of Preferred Shares entitling such holders (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or
      purchase Preferred Shares or Equivalent Shares or securities convertible into Preferred Shares or Equivalent Shares at a price per share (or having a conversion price per share, if a security convertible into Preferred Shares or Equivalent Shares)
      less than the then Current Per Share Market Price of the Preferred Shares or Equivalent Shares on such record date, then, in each such case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise
      Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of Preferred Shares or Equivalent
      Shares, as the case may be, which the aggregate offering price of the total number of Preferred Shares or Equivalent Shares, as the case may be, to be offered or issued (and/or the aggregate initial conversion price of the convertible securities to
      be offered or issued) would purchase at such current market price, and the denominator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of additional Preferred Shares or
      Equivalent Shares, as the case may be, to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); <u>provided</u>, <u>however</u>, that in no event shall the consideration to be
      paid upon the exercise of one Right be less than the aggregate par value of the shares of the Company issuable upon exercise of one Right. In case such subscription price may be paid in a consideration part or all of which shall be in a form other
      than cash, the value of such consideration shall be as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights.
      Preferred Shares and Equivalent Shares owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed, and in
      the event such rights, options or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">15</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the Company shall, at any time after the date of
      this Rights Agreement, fix a record date for the making of a distribution to all holders of the Preferred Shares or of any class or series of Equivalent Shares (including any such distribution made in connection with a consolidation or merger in
      which the Company is the continuing or surviving company) of evidences of indebtedness or assets (other than a regular quarterly cash dividend, if any, or a dividend payable in Preferred Shares) or subscription rights, options or warrants (excluding
      those referred to in Section 11(b) above), then, in each such case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the
      numerator of which shall be the Current Per Share Market Price of a Preferred Share or an Equivalent Share on such record date, less the fair market value per Preferred Share or Equivalent Share (as determined in good faith by the Board, whose
      determination shall be described in a statement filed with the Rights Agent and shall be binding and conclusive for all purposes on the Rights Agent and the holders of the Rights) of the portion of the cash, assets or evidences of indebtedness so to
      be distributed or of such subscription rights or warrants applicable to a Preferred Share or Equivalent Share, as the case may be, and the denominator of which shall be such Current Per Share Market Price of a Preferred Share or Equivalent Share on
      such record date; <u>provided</u>, <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one
      Right. Such adjustments shall be made successively whenever such a record date is fixed, and in the event such distribution is not so made, the Exercise Price shall be adjusted to be the Exercise Price which would have been in effect if such record
      date had not been fixed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything herein to the contrary, no
      adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price; <u>provided</u>, <u>however</u>, that any adjustments which by reason of this Section 11(d) are
      not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a Common Share or other share or one
      hundred-thousandth of a Preferred Share, as the case may be. Notwithstanding the first sentence of this Section 11(d), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the
      transaction which requires such adjustment or (ii) the Expiration Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If as a result of an adjustment made pursuant to Section
      11(a) or 13(a) hereof, the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any
      Right and, if required, the Exercise Price thereof, shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11(a),
      11(b), 11(c), 11(d), 11(g), 11(h), 11(i), 11(j), 11(k) and 11(l) hereof, and the provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Shares shall apply on like terms to any such other shares.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">16</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All Rights originally issued by the Company subsequent to
      any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise Price, the number of one one-thousandth of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights, all
      subject to further adjustment as provided herein.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless the Company shall have exercised its election as
      provided in Section 11(h) below, upon each adjustment of the Exercise Price as a result of the calculations made in Section(s) 11(b) and (c) above, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence
      the right to purchase, at the adjusted Exercise Price, that number of Preferred Shares (calculated to the nearest one hundred-thousandth of a share) obtained by (i) multiplying (x) the number of Preferred Shares covered by a Right immediately prior
      to this adjustment, by (y) the Exercise Price in effect immediately prior to such adjustment of the Exercise Price, and (ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may elect on or after the date of any
      adjustment of the Exercise Price as a result of the calculations made in Section 11(b) or (c) above to adjust the number of Rights, in substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right. Each of
      the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of one one-thousandth of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of record
      prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one hundred-thousandth) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the
      Exercise Price in effect immediately after adjustment of the Exercise Price. The Company shall make a public announcement (with simultaneous written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the
      record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued,
      shall be at least ten (10) days later than the date of the public announcement. If Rights Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(h), the Company shall, as promptly as practicable, cause
      to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the
      option of the Company, shall cause to be distributed to such holders of record in substitution and replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company,
      new Rights Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued, executed and delivered by the Company, and countersigned and delivered by the
      Rights Agent, in the manner provided for herein (and may bear, at the option of the Company, the adjusted Exercise Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date specified in the public
      announcement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Irrespective of any adjustment or change in the Exercise
      Price or the number of Preferred Shares issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price per one one-thousandth of a Preferred Share and the number of one
      one-thousandth of a Preferred Share which were expressed in the initial Rights Certificates issued hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Before taking any action that would cause an adjustment
      reducing the Exercise Price below the par or stated value, if any, of the number of one one-thousandth of a Preferred Share issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be
      necessary in order that the Company may validly and legally issue as fully paid and non-assessable shares such number of one one-thousandth of a Preferred Share at such adjusted Exercise Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In any case in which this Section 11 shall require that an
      adjustment in the Exercise Price be made effective as of a record date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of such event the issuing to the holder of any
      Right exercised after such record date of the number of one one-thousandth of a Preferred Share and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandth of a Preferred
      Share and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or
      other appropriate instrument evidencing such holder&#8217;s right to receive such additional shares (fractional or otherwise) upon the occurrence of the event requiring such adjustment.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">17</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Section 11 to the
      contrary, prior to the Distribution Date, the Company shall be entitled to make such reductions in the Exercise Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it, in its sole discretion, shall
      determine to be advisable in order that any (i) consolidation or subdivision of the Preferred Shares or Common Shares, (ii) issuance wholly for cash of any Preferred Shares or Common Shares at less than the current market price, (iii) issuance wholly
      for cash of Preferred Shares or Common Shares or securities which by their terms are convertible into or exchangeable for Preferred or Common Shares, (iv) share dividends or (v) issuance of rights, options or warrants referred to in this Section 11,
      hereafter made by the Company to holders of its Preferred Shares or Common Shares shall not be taxable to such shareholders.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees that, after the
      Distribution Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or permit to be taken) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise
      eliminate the benefits intended to be afforded by the Rights.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event the Company shall at any time after the date
      of this Rights Agreement (A) declare a dividend on the Common Shares payable in Common Shares, (B) subdivide the outstanding Common Shares, (C) combine the outstanding Common Shares (by consolidation or otherwise) into a smaller number of Common
      Shares, or (D) issue any shares in a reclassification of the Common Shares (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving company), then, in each such event,
      except as otherwise provided in Section 11(a) and Section 7(e) hereof: (1) each Common Share (or shares issued in such reclassification of the Common Shares) outstanding immediately following such time shall have associated with it the number of
      Rights as were associated with one Common Share immediately prior to the occurrence of the event described in clauses (A)-(D) above; (2) the Exercise Price in effect at the time of the record date for such dividend or of the effective date of such
      subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by multiplying the Exercise Price in effect immediately prior to such time by a fraction, the numerator of which
      shall be the total number of Common Shares outstanding immediately prior to the event described in clauses (A)-(D) above, and the denominator of which shall be the total number of Common Shares outstanding immediately after such event; <u>provided</u>,
      <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of the Company issuable upon exercise of such Right; and (3) the number of one one-thousandth of a
      Preferred Share (or shares of such other capital stock) issuable upon the exercise of each Right outstanding after such event shall equal the number of one one-thousandth of a Preferred Share (or other share) as were issuable with respect to one
      Right immediately prior to such event. Each Common Share that shall become outstanding after an adjustment has been made pursuant to this Section 11(n) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the
      number of one one-thousandth of a Preferred Share (or other share) as one Common Share has associated with it immediately following the adjustment made pursuant to this Section 11(n). If an event occurs which would require an adjustment under both
      this Section 11(n) and Section 11(a)(ii) hereof, then the adjustment provided for in this Section 11(n) shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.</font></p>
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      Whenever an adjustment is made or any event affecting the Rights or their exercisability (including, without limitation, an event which causes Rights to become null and void) occurs as provided in Sections 11 and 13 hereof, the Company shall promptly
      (a) prepare a certificate setting forth such adjustment or describing such event, and a brief reasonably detailed statement of the facts to the extent applicable, accounting for any such adjustment or event, (b) file with the Rights Agent and with
      each transfer agent for the Preferred Shares and Common Shares a copy of such certificate and (c) if a Distribution Date has occurred, mail a brief summary thereof to each holder of a Rights Certificate (or, if prior to the Distribution Date, each
      registered holder of Common Shares, whether represented by certificates or Book Entry Shares) in accordance with Section 26 hereof. Notwithstanding the foregoing sentence, the failure of the Company to make such certification or give such notice
      shall not affect the validity of such adjustment or the force or effect of the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement contained therein and
      shall have no duty or liability with respect thereto and shall not be deemed to have knowledge of any adjustment or any such event unless and until it shall have received such certificate.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company shall consolidate or merge with or into, any
      other Person (other than a wholly-owned Subsidiary of the Company in a transaction the principal purpose of which is to change the jurisdiction of incorporation of the Company and which complies with Section 11(m) hereof);</font></p>
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      Company and the Company shall be the continuing or surviving company of such consolidation or merger, and, in connection with such consolidation or merger, all or some of the Common Shares shall be changed into or exchanged for shares or other
      securities of any other person (or the Company); or</font></p>
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      more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or
      Persons (other than the Company or one or more of its wholly owned Subsidiaries in one or more transactions, each of which individually (and together) complies with Section 11(m) hereof),</font></p>
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        <td style="width: 2in"></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to receive, upon the exercise thereof, at a
            price equal to the Total Exercise Price applicable immediately prior to the occurrence of the Section 13 Event in accordance with the terms of this Rights Agreement, such number of validly authorized and issued, fully paid, non-assessable and
            freely tradeable Common Shares of the Principal Party (as hereinafter defined), free of any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by dividing such Total Exercise Price by
            50% of the Current Per Share Market Price of the Common Shares of such Principal Party on the date of consummation of such Section 13 Event, <u>provided</u>, <u>however</u>, that the Exercise Price and the number of Common Shares of such
            Principal Party so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof;</font></td>
      </tr>

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

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of
            the Company pursuant to this Rights Agreement;</font></td>
      </tr>

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

      <tr style="vertical-align: top">
        <td style="width: 2in"></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the term &#8220;Company&#8221; shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section
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      </tr>

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

      <tr style="vertical-align: top">
        <td style="width: 2in"></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common Shares) in
            connection with the consummation of any such transaction as may be necessary to ensure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its Common Shares thereafter deliverable upon the
            exercise of the Rights; and</font></td>
      </tr>

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

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such
            Principal Party, each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Total Exercise Price as provided in this Section 13(a), such cash, shares, rights, warrants and other property which
            such holder would have been entitled to receive had such holder, at the time of such transaction, owned the Common Shares of the Principal Party receivable upon the exercise of such Right pursuant to this Section 13(a), and such Principal Party
            shall take such steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof for such cash, shares, rights, warrants and other
            property.</font></td>
      </tr>

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

      <tr style="vertical-align: top">
        <td style="width: 2in"></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes hereof, the &#8220;earning power&#8221; of the Company and its Subsidiaries shall be determined in good faith by the Board on the basis of
            the operating earnings of each business operated by the Company and its Subsidiaries during the three (3) fiscal years preceding the date of such determination (or, in the case of any business not operated by the Company or any Subsidiary
            during three (3) full fiscal years preceding such date, during the period such business was operated by the Company or any Subsidiary).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For purposes of this Rights Agreement, the term &#8220;<u>Principal










        Party</u>&#8221; shall mean:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the case of any transaction described in clause (i) or
      (ii) of Section 13(a) hereof: (A) the Person that is the issuer of the securities into which the Common Shares are converted in such merger or consolidation, or, if there is more than one such issuer, the issuer the Common Shares of which have the
      greatest aggregate market value of shares outstanding; or (B) if no securities are so issued, (x) the Person that is the other party to the merger, if such Person survives said merger, or, if there is more than one such Person, the Person the Common
      Shares of which have the greatest aggregate market value of shares outstanding or (y) if the Person that is the other party to the merger does not survive the merger, the Person that does survive the merger (including the Company if it survives) or
      (z) the Person resulting from the consolidation; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the case of any transaction described in clause (iii)
      of Section 13(a) hereof, the Person that is the party receiving the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if more than one Person that is a party to such transaction or
      transactions receives the same portion of the assets or earning power so transferred and each such portion would, were it not for the other equal portions, constitute the greatest portion of the assets or earning power so transferred, or if the
      Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is the issuer of Common Shares having the greatest aggregate market value of shares outstanding; <u>provided</u>, <u>however</u>,
      that in any such case described in the foregoing clause (b)(i) or (b)(ii), if the Common Shares of such Person are not at such time or have not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then
      (1) if such Person is a direct or indirect Subsidiary of another Person the Common Shares of which are and have been so registered, the term &#8220;Principal Party&#8221; shall refer to such other Person, or (2) if such Person is a Subsidiary, directly or
      indirectly, of more than one Person, the Common Shares of which are and have been so registered, the term &#8220;Principal Party&#8221; shall refer to whichever of such Persons is the issuer of Common Shares having the greatest aggregate market value of shares
      outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each
      of the owners having an interest in the venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such case shall bear the obligations set forth in this Section 13 in
      the same ratio as its interest in such Person bears to the total of such interests.&#160;</font></p>
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      unless the Principal Party shall have a sufficient number of authorized Common Shares that have not been issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the
      Company and such issuer shall have executed and delivered to the Rights Agent a supplemental agreement confirming that such Principal Party shall, upon consummation of such Section 13 Event, assume this Rights Agreement in accordance with Sections
      13(a) and 13(b) hereof, that all rights of first refusal or preemptive rights in respect of the issuance of Common Shares of such Principal Party upon exercise of outstanding Rights have been waived, that there are no rights, warrants, instruments or
      securities outstanding or any agreements or arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights and that such transaction shall not
      result in a default by such Principal Party under this Rights Agreement, and further providing that, as soon as practicable after the date of such Section 13 Event, such Principal Party will:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; prepare and file a registration statement under the
      Securities Act with respect to the Rights and the securities purchasable upon exercise of the Rights on an appropriate form, use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and
      use its best efforts to cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; use its best efforts to list (or continue the listing of)
      the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange or to meet the eligibility requirements for quotation on a national securities exchange and list (or continue the listing of) the Rights and the
      securities purchasable upon exercise of the Rights on a national securities exchange; and</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; deliver to holders of the Rights historical financial
      statements for such Principal Party which comply in all respects with the requirements for registration on Form F-1 or S-1 (or any successor form) under the Exchange Act.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event at any time after the occurrence of a Triggering Event some or all of the
      Rights shall not have been exercised at the time of a transaction described in this Section 13, the Rights which have not theretofore been exercised shall thereafter be exercisable in the manner described in Section 13(a) (without taking into account
      any prior adjustment required by Section 11(a)(ii) above).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the &#8220;Principal Party&#8221; for purposes of Section
      13(b) hereof has provision in any of its authorized securities or in its certificate of incorporation or bylaws or other instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue
      (other than to holders of Rights pursuant to Section 13 hereof), in connection with, or as a consequence of, the consummation of a Section 13 Event, Common Shares or Equivalent Shares of such Principal Party at less than the then Current Per Share
      Market Price thereof or securities exercisable for, or convertible into, Common Shares or Equivalent Shares of such Principal Party at less than such then Current Per Share Market Price, or (ii) providing for any special payment, tax or similar
      provision in connection with the issuance of the Common Shares of such Principal Party pursuant to the provisions of Section 13 hereof, then, in such event, the Company hereby agrees with each holder of Rights that it shall not consummate any such
      transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived or
      amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection with or as a consequence of, the consummation of the proposed transaction.</font></p>
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      time after the Distribution Date, effect or permit to occur any Section 13 Event, if (i) at the time or immediately after such Section 13 Event there are any rights, warrants or other instruments or securities outstanding or agreements in effect
      which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights, (ii) prior to, simultaneously with or immediately after such Section 13 Event, the shareholders of the Person who constitutes, or would
      constitute, the &#8220;Principal Party&#8221; for purposes of Section 13(b) hereof shall have received a distribution of Rights previously owned by such Person or any of its Affiliates or Associates or (iii) the form or nature of organization of the Principal
      Party would preclude or limit the exercisability of the Rights.</font></p>
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      to successive mergers or consolidations or sales or other transfers.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Fractional Rights and Fractional Shares</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of
      Rights or to distribute Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be
      issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day
      immediately prior to the date on which such fractional Rights would have been otherwise issuable, as determined pursuant to this Rights Agreement.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of
      Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions that are
      integral multiples of one one-thousandth of a Preferred Share). Interests in fractions of Preferred Shares in integral multiples of one one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts,
      pursuant to an appropriate agreement between the Company and a depositary selected by it; provided, that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are
      entitled as beneficial owners of the Preferred Shares represented by such depositary receipts. In lieu of fractional Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to the registered
      holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of a Preferred Share. For purposes of this Section 14(b), the current market value of a
      Preferred Share shall be one thousand times the closing price of a Common Share (as determined pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of
      Common Shares or to distribute certificates which evidence fractional Common Shares upon the exercise or exchange of Rights. In lieu of such fractional Common Shares, the Company shall pay to the registered holders of Rights Certificates at the time
      such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of a Common Share. For purposes of this Section 14(c), the current market value of a Common Share shall be the closing price of a
      Common Share (as determined pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The holder of a Right by the acceptance of the Right
      expressly waives his or her right to receive any fractional Rights or any fractional shares (other than fractions that are integral multiples of one one-thousandth of a Preferred Share) upon exercise of a Right.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Whenever a payment for fractional Rights or fractional
      shares is to be made by the Rights Agent under any Section of this Rights Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the
      prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a
      certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or fractional shares under any Section of this Rights Agreement relating to the payment of fractional Rights or
      fractional shares unless and until the Rights Agent shall have received such a certificate and sufficient monies.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rights of Action</u>. (a) All rights of action in respect
      of this Rights Agreement, excepting the rights of action given to the Rights Agent under any Section of this Rights Agreement, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the
      registered holders of the Common Shares); and any registered holder of any Rights Certificate (or, prior to the Distribution Date, of the Common Shares), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or,
      prior to the Distribution Date, of the Common Shares), may, in his or her own behalf and for his or her own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect
      of, his or her right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Rights Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is
      specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Rights Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against actual or
      threatened violations of, the obligations of any Person subject to this Rights Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything in this Rights Agreement to the
      contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or other Person as a result of its inability to perform any of its obligations under this Rights Agreement by reason of any preliminary or permanent
      injunction or other order, judgment, decree or ruling (whether interlocutory or final) issued by a court or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order
      promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however, that the Company shall use all reasonable efforts to have any such injunction, order, judgment, decree or
      ruling lifted or otherwise overturned as soon as possible.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">22</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agreement of Rights Holders</u>. Every holder of a Right,
      by accepting the same, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;prior to the Distribution Date, the Rights will be
      transferable only in connection with the transfer of the Common Shares;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;after the Distribution Date, the Rights Certificates are
      transferable only on the registry books of the Rights Agent if surrendered at the office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and
      certificates properly completed and duly executed (with such signature duly guaranteed, if required), as determined in the sole discretion of the Rights Agent; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;subject to Sections 6(a) and 7(f) hereof, the Company and
      the Rights Agent may deem and treat the person in whose name the Rights Certificate (or, prior to the Distribution Date, the associated Common Shares certificate or Book Entry Shares, as applicable) is registered as the absolute owner thereof and of
      the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates or the associated Common Share certificate or Book Entry Shares, as applicable, made by anyone other than the Company or the Rights Agent)
      for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rights Certificate Holder Not Deemed a Shareholder</u>. No
      holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose to be the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of
      the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a shareholder of the Company or any right to vote for the
      election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section
      25 hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>The Rights Agent</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company agrees to pay to the Rights Agent reasonable
      compensation for all services rendered by it hereunder in accordance with a mutually agreed upon fee schedule and, from time to time, on demand of the Rights Agent, to reimburse the Rights Agent for all of its expenses and counsel fees and other
      disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Rights Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights
      Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel), that may be paid,
      incurred or suffered by it, or to which it may become subject, without gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of
      competent jurisdiction) on the part of the Rights Agent for any action taken, suffered or omitted to be taken by the Rights Agent in connection with the acceptance, administration, exercise and performance of its duties under this Rights Agreement,
      including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the
      Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall be authorized and protected and
      shall incur no liability for, or in respect of any action taken, suffered or omitted to be taken by it in connection with, its acceptance and administration of this Rights Agreement and the exercise and performance of its duties hereunder, in
      reliance upon any Rights Certificate or certificate (including in the case of uncertificated shares, by notation in book entry accounts reflecting ownership) for the Preferred Shares or Common Shares or for other securities of the Company, instrument
      of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or
      acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive written notice thereof
      hereunder, but for which it has not received such written notice, and the Rights Agent shall (subject to the limitations set forth herein) be fully protected and shall incur no liability for failing to take action in connection therewith unless and
      until it has received such written notice.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">23</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any Person into which the Rights Agent or any successor
      Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer or
      other shareholder service business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Rights Agreement without the execution or filing of any paper or any further act on the part of any of the
      parties hereto; provided, that such Person would be eligible for appointment as a successor Rights Agent under Section 21 hereof. The purchase of all or substantially all of the Rights Agent&#8217;s assets employed in the performance of transfer agent
      activities shall be deemed a merger or consolidation for purposes of this Section 19. In case at the time such successor Rights Agent shall succeed to the agency created by this Rights Agreement, any of the Rights Certificates shall have been
      countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not
      have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have
      the full force provided in the Rights Certificates and in this Rights Agreement.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case at any time the name of the Rights Agent shall be
      changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time
      any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force
      provided in the Rights Certificates and in this Rights Agreement.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rights and Duties of Rights Agent</u>. The Rights Agent
      undertakes to perform only the duties and obligations expressly set forth in this Rights Agreement (and not implied duties or obligations). The Rights Agent shall perform such duties and obligations upon the following terms and conditions, by all of
      which the Company and the holders of Rights Certificates, or, prior to the Distribution Date, Common Shares, by their acceptance thereof, shall be bound:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent may consult with legal counsel selected
      by it (who may be outside legal counsel for the Rights Agent or the Company), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent will have no liability for or in
      respect of, any action taken, suffered, or omitted to be taken by it in the absence of bad faith and in accordance with such advice or opinion.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Whenever in the performance of its duties under this
      Rights Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including, without limitation, the identity of any Acquiring Person or any Affiliate or Associate of an Acquiring Person, or the determination of Current
      Per Share Market Price) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be specifically prescribed herein) may be deemed to be
      conclusively proved and established by a certificate signed by any one of the Appropriate Officers and delivered to the Rights Agent; and such certificate shall be the full and complete authorization and protection to the Rights Agent and the Rights
      Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken, in the absence of bad faith, by it under the provisions of this Rights Agreement in reliance upon such certificate. The Rights Agent shall have no
      duty to act without such a certificate from an officer of the Company as set forth in the preceding sentence.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
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    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">24</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall be liable to the Company and any
      other Person hereunder only for its own gross negligence, bad faith, or willful misconduct (which gross negligence, bad faith, or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of
      competent jurisdiction).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not be liable for or by reason of
      any of the statements of fact or recitals contained in this Rights Agreement or in the Rights Certificates (including in the case of uncertificated shares, by notation in book entry accounts reflecting ownership), except as to its countersignature
      thereof, or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not have any liability for nor be
      under any responsibility in respect of the legality or validity of this Rights Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate
      (including in the case of uncertificated shares, by notation in book entry accounts reflecting ownership), except its countersignature thereof, or any modification or order of any court, tribunal, or governmental authority in connection with the
      foregoing; nor shall it be liable or responsible for any breach by the Company of any covenant or failure by the Company to satisfy any condition contained in this Rights Agreement or in any Rights Certificate; nor shall it be liable or responsible
      for any change in the exercisability of the Rights or any adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in Sections 3, 11, 13, 23 or 24 hereof, or the ascertaining of the existence of facts that
      would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of a certificate furnished pursuant to Section 12 hereof describing such change or
      adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Shares, Preferred Shares, or any other securities to be issued pursuant to this Rights Agreement or
      any Rights Certificate or as to whether any Preferred Shares, Common Shares, or any other securities will, when so issued, be validly authorized and issued, fully paid and non-assessable. The Rights Agent shall have no obligation under any Section of
      this Rights Agreement to determine whether an event requiring an adjustment in Exercise Price, number of shares or number of Rights has occurred or to calculate or confirm the accuracy of any of the adjustments required hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall perform, execute, acknowledge, and
      deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments and assurances as may reasonably be required or requested by the Rights Agent for the carrying out or performing by the Rights Agent
      of the provisions of this Rights Agreement, in the reasonable discretion of the Rights Agent.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent is hereby authorized and directed to
      accept instructions with respect to the performance of its duties hereunder and certificates delivered pursuant to any provisions hereof from any one of the Appropriate Officers, and to apply to such officers for advice or instructions in connection
      with its duties. The Rights Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with instructions of any such officer and such advice or instruction shall be full authorization and protection to the
      Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken or suffered or omitted to be taken by it in accordance with advice or instructions of any such officer or for any delay in acting while waiting for those
      instructions. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Rights Agreement and
      the date on and/or after which such action shall be taken or such omission shall be effective. The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions received from any such officer, and shall not be
      liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the
      date any such officer of the Company actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the
      Rights Agent shall have received written instructions in response to such application specifying the action to be taken, suffered, or omitted.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent and any shareholder, member, affiliate,
      director, officer, employee, agent, or representative of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or
      contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under this Rights Agreement. Nothing herein shall preclude the Rights Agent or any such shareholder, member, affiliate, director,
      officer, or employee of the Rights Agent from acting in any other capacity for the Company or for any other Person.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">25</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent may execute and exercise any of the
      rights or powers hereby vested in it or perform any duty hereunder either itself (through its officers, director, and employees) or by or through its attorneys or agents. The Rights Agent shall not be answerable or accountable for any act, default,
      neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct in the absence of gross negligence, bad faith, or willful misconduct of the Rights Agent (each as
      determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) in the selection and continued employment thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No provision of this Rights Agreement shall require the
      Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if there shall be reasonable grounds for believing that
      repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. The Rights Agent shall not be required to take any action or to follow any instruction of the Company that the Rights Agent believes,
      in its sole discretion, would cause the Rights Agent to take action that is illegal.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If, with respect to any Rights Certificate surrendered to
      the Rights Agent for exercise or transfer, either (i) the certificate attached to the form of assignment or form of election to purchase, as the case may be, has either not been properly completed or indicates an affirmative response to clause 1
      and/or 2 thereof, or (ii) any other actual or suspected irregularity exists, then the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company; provided, however,
      that Rights Agent shall not be liable for any delays arising from the duties under this Section 20(k).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall have no responsibility to the
      Company, any holders of Rights or any holders of Common Shares for interest or earnings on any moneys held by the Rights Agent pursuant to this Rights Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not be required to take notice or be
      deemed to have notice of any fact, event, condition, or determination (including, without limitation, any dates or events defined in this Rights Agreement or the designation of any Person as an Acquiring Person, Affiliate or Associate) under this
      Rights Agreement unless and until the Rights Agent shall be specifically notified in writing by the Company of such fact, event, condition, or determination, and all notices or other instruments required by this Rights Agreement to be delivered to
      the Rights Agent must, in order to be effective, be received by the Rights Agent as specified in Section 26 hereof, and in the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent may rely on and be fully authorized and
      protected in acting or failing to act upon: (a) any guaranty of signature by an &#8220;eligible guarantor institution&#8221; that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable &#8220;signature guarantee program&#8221; or
      insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall act hereunder solely as agent for
      the Company. The Rights Agent shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Rights.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not be liable or responsible for
      any failure of the Company to comply with any of its obligations relating to any registration statement filed with the SEC or this Rights Agreement, including, without limitation, obligations under applicable regulation or law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Rights Agent shall not have any duty or responsibility
      in the case of the receipt of any written demand from any holder of Rights with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to
      initiate any proceedings at law or otherwise or to make any demand upon the Company.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">26</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provisions of Sections 18 and 20 hereof shall survive the
      termination of this Rights Agreement, the resignation, replacement or removal of the Rights Agent and the exercise, termination, and the expiration of the Rights. Notwithstanding anything in this Rights Agreement to the contrary, in no event shall
      the Rights Agent be liable for special, punitive, incidental, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Rights Agent has been advised of the likelihood of such loss or
      damage and regardless of the form of the action. Notwithstanding anything in this Rights Agreement to the contrary, any liability of the Rights Agent under this Rights Agreement will be limited to the amount of annual fees paid by the Company to the
      Rights Agent during the twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Change of Rights Agent</u>. The Rights Agent or any
      successor Rights Agent may resign and be discharged from its duties under this Rights Agreement upon at least thirty (30) days&#8217; written notice to the Company and, in the event the Rights Agent or one of its Affiliates is not also the transfer agent
      for the Company, to each transfer agent of the Preferred Shares and the Common Shares known to the Rights Agent. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be
      deemed to have resigned automatically and be discharged from its duties under this Rights Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights
      Agent or any successor Rights Agent upon at least thirty (30) days&#8217; written notice to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Preferred Shares and the Common Shares and to the holders of the
      Rights Certificates by public announcement or written notice. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, then the Company shall appoint a successor to the Rights Agent. If the Company shall fail to
      make such appointment within a period of thirty (30) days after giving notice of such removal or after receiving written notice of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate
      (who shall, with such notice, submit his or her Rights Certificate for inspection by the Company), then the registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any
      successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person organized and doing business under the laws of the United States of America or of any state of the United States of America, in good standing, which is
      authorized under such laws to exercise stock transfer powers and is subject to supervision or examination by federal or state authority and which at the time of its appointment as Rights Agent has, along with its Affiliates, a combined capital and
      surplus of at least $20 million or (b) an Affiliate of such a Person described in clause (a) of this sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been
      originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance,
      conveyance, act or deed necessary for the foregoing purpose, but the predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in connection with the foregoing. Not later than the effective
      date of any such appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Preferred Shares and the Common Shares and mail a written notice thereof to the registered holders of the
      Rights Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights
      Agent, as the case may be.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance of New Rights Certificates</u>. Notwithstanding
      any of the provisions of this Rights Agreement or of the Rights to the contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the Board to reflect any adjustment or change in the
      Exercise Price or the number or kind or class of shares or other securities or property purchasable under the Rights Certificates made in accordance with the provisions of this Rights Agreement. In addition, in connection with the issuance or sale of
      Common Shares following the Distribution Date and prior to the redemption or expiration of the Rights, the Company (a) shall, with respect to Common Shares so issued or sold pursuant to the exercise of stock options or under any employee plan or
      arrangement or upon the exercise, conversion or exchange of other securities of the Company outstanding at the date hereof or upon the exercise, conversion or exchange of securities hereinafter issued by the Company and (b) may, in any other case, if
      deemed necessary or appropriate by the Board, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale; <u>provided</u>, <u>however</u>, that (i) no such Rights Certificate shall be issued and
      this sentence shall be null and void ab initio if, and to the extent that, such issuance or this sentence would create a significant risk of or result in material adverse tax consequences to the Company or the Person to whom such Rights Certificate
      would be issued or would create a significant risk of or result in such options&#8217; or employee plans&#8217; or arrangements&#8217; failing to qualify for otherwise available special tax treatment and (ii) no such Rights Certificate shall be issued if, and to the
      extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">27</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Redemption</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board may, at any time prior to the occurrence of a
      Triggering Event, <font style="background-color: white">redeem all but not less than all of the then outstanding Rights at a redemption price of $0.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar
        transaction occurring in respect of the Common Shares after the date hereof (the redemption price being hereinafter referred to as the &#8220;<u>Redemption Price</u>&#8221;). The redemption of the Rights may be made effective at such time, on such basis and
        with such conditions as the Board, in its sole discretion, may establish.</font> The date on which the Board elects to make the redemption effective shall be referred to as the &#8220;<u>Redemption Date</u>&#8221;. The Redemption Price shall be payable, at the
      option of the Company, in cash, Common Shares or such other form of consideration as the Board shall determine.</font></p>
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      redemption of the Rights, prompt written notice of which shall have been filed with the Rights Agent, and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders
      of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption; <u>provided</u>, <u>however</u>, that the failure to give or any defect in any such notice shall not affect the legality or
      validity of such redemption. Within ten (10) days after the action of the Board ordering the redemption of the Rights, the Company shall promptly mail a notice of such redemption to the Rights Agent and the holders of the then outstanding Rights at
      their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice which is mailed in the manner herein provided shall be
      deemed given, whether or not such holder receives such notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates may redeem,
      acquire, or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24 hereof, and other than in connection with the purchase of Common Shares prior to the Distribution Date.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exchange</u>.</font></p>
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      subject to subsection 24(c) below, the Company may, at its option, by action of the Board, at any time after the occurrence of a Triggering Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights
      that have become null and void pursuant to the provisions of Section 7(e) hereof) for Common Shares at an exchange ratio of one Common Share per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring
      after the date hereof (such exchange ratio being hereinafter referred to as the &#8220;<u>Exchange Ratio</u>&#8221;). Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange at any time after any Person (other than the Company,
      any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity holding Common Shares for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes
      the Beneficial Owner of 50% or more of the Common Shares then outstanding.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Immediately upon the action of the Board ordering the
      exchange of any Rights pursuant to subsection (a) of this Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive
      that number of Common Shares equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall give: (i) prompt written notice to the Rights Agent of such exchange; and (ii) public notice of any such exchange;
      <u>provided</u>, <u>however</u>, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company shall promptly mail a notice of any such exchange to all of the holders of such Rights at their last
      addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not such holder receives such notice. Each such notice of exchange will state the method
      by which the exchange of the Common Shares for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than
      Rights which have become null and void pursuant to the provisions of Section 7(e) hereof) held by each holder of Rights.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
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      issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with Section 24(a), the Company shall either take such action as may be necessary to authorize additional Common Shares for issuance
      upon exchange of the Rights or alternatively, at the option of a majority of the Board, with respect to each Right (i) pay cash in an amount equal to the Current Value (as hereinafter defined), in lieu of issuing Common Shares in exchange therefor,
      or (ii) issue debt or equity securities or a combination thereof, having a value equal to the Current Value, in lieu of issuing Common Shares in exchange for each such Right, where the value of such securities shall be determined by a nationally
      recognized investment banking firm selected by majority vote of the Board, or (iii) deliver any combination of cash, property, Common Shares and/or other securities having a value equal to the Current Value in exchange for each Right. For purposes of
      this Section 24(c) only, the Current Value shall mean the product of the Current Per Share Market Price of Common Shares on the date of the occurrence of the event described above in subparagraph (a), multiplied by the number of Common Shares for
      which the Right otherwise would be exchangeable if there were sufficient shares available. To the extent that the Company determines that some action need be taken pursuant to clauses (i), (ii) or (iii) of this Section 24(c), the Board may
      temporarily suspend the exercisability of the Rights for a period of up to sixty (60) days following the date on which the event described in Section 24(a) above shall have occurred, in order to seek any authorization of additional Common Shares
      and/or to decide the appropriate form of distribution to be made pursuant to the above provision and to determine the value thereof. In the event of any such suspension, the Company shall: (i) give prompt written notice to the Rights Agent of such
      suspension; and (ii) issue a public announcement stating that the exercisability of the Rights has been temporarily suspended.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall not be required to issue fractions of
      Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu of such fractional Common Shares, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Common Shares
      would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Common Share (as determined pursuant to the terms hereof).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may, at its option, by majority vote of the
      Board, at any time before the Shares Acquisition Date, exchange all or part of the then outstanding Rights for rights of substantially equivalent value, as determined reasonably and with good faith by the Board, based upon the advice of one or more
      nationally recognized investment banking firms.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Immediately upon the action of the Board ordering the
      exchange of any Rights pursuant to subsection (e) of this Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive
      that number of rights in exchange therefor as has been determined by the Board in accordance with subsection 24(e) above. The Company shall give public notice of any such exchange; <u>provided</u>, <u>however</u>, that the failure to give, or any
      defect in, such notice shall not affect the validity of such exchange. The Company shall promptly mail a notice of any such exchange with a reasonably detailed description thereof to the Rights Agent and to all of the holders of such Rights at their
      last addresses as they appear upon the registry books of the transfer agent for the Common Shares of the Company. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not such holder receives such notice. Each
      such notice of exchange will state the method by which the exchange of the Rights will be effected.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon declaring an exchange pursuant to this Section 24, or
      as promptly as reasonably practicable thereafter, the Company may implement such procedures as it deems appropriate, in its sole discretion, for the purpose of ensuring that the Common Shares (or such other consideration) issuable upon an exchange
      pursuant to this Section 24 is not received by holders of Rights that have become null and void pursuant to Section 7(e) hereof. Before effecting an exchange pursuant to this Section 24, the Board may direct the Company to enter into a Trust
      Agreement in such form and with such terms as the Board shall then approve (the &#8220;Trust Agreement&#8221;). If the Board so directs, the Company shall enter into the Trust Agreement and the Company shall issue to the trust created by the Trust Agreement (the
      &#8220;Trust&#8221;) all or a portion (as designated by the Board) of the Common Shares and other securities, if any, distributable pursuant to the applicable exchange, and all shareholders entitled to distribution of such shares or other securities (and any
      dividends or distributions made thereon after the date on which such shares or other securities are deposited in the Trust) shall be entitled to receive a distribution of such shares or other securities (and any dividends or distributions made
      thereon after the date on which such shares or other securities are deposited in the Trust) only from the Trust and solely upon compliance with all relevant terms and provisions of the Trust Agreement. Prior to effecting an exchange and registering
      Common Shares (or other such securities) in any Person&#8217;s name, including any nominee or transferee of a Person, the Company may require (or cause the trustee of the Trust to require), as a condition thereof, that any holder of Rights provide
      evidence, including, without limitation, the identity of the Beneficial Owners thereof and their Affiliates and Associates (or former Beneficial Owners thereof and their Affiliates and Associates) as the Company shall reasonably request in order to
      determine if such Rights are null and void. Any Common Shares or other securities issued at the direction of the Board in connection herewith shall be validly issued, fully paid, and nonassessable Common Shares or of such other securities (as the
      case may be).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice of Certain Events</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case the Company shall propose to effect or permit to
      occur any Triggering Event or Section 13 Event, the Company shall give notice thereof to the Rights Agent and each holder of Rights in accordance with Section 26 hereof at least twenty (20) days prior to occurrence of such Triggering Event or such
      Section 13 Event.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case any Triggering Event set forth in Section
      11(a)(ii) hereof shall occur, the Company shall as soon as practicable thereafter give to the Rights Agent and to each holder of a Rights Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall
      describe such event and the consequences of such event to holders of Rights under Section 11(a)(ii) hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>. Notices or demands authorized by this Rights
      Agreement to be given or made by the Rights Agent or by the holder of any Rights Certificate to or on the Company shall be sufficiently given or made if in writing and sent by facsimile when a confirmation is received by the transmitting person
      (which confirmation may be made by facsimile or e-mail), if sent by first-class mail or nationally recognized overnight delivery service, postage prepaid, or hand delivery when received, and addressed (until another address is filed in writing with
      the Rights Agent) as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Icon Energy Corp.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Pavimar Shipping Co.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17th km National Road&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens-Lamia &amp; Foinikos Str.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14564, Nea Kifissia&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Legal Department</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with a copy to:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120 West 45th Street, 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Filana R. Silberberg, Esq.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Will Vogel, Esq.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: [overflow]"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions of Section 21 hereof, any notice or demand authorized by this
      Rights Agreement to be given or made by the Company or by the holder of any Rights Certificate to or on the Rights Agent shall be sufficiently given or made if in writing and sent by first-class mail or nationally recognized overnight delivery
      service, postage prepaid, or hand delivery when received, and addressed (until another address is filed in writing with the Company) as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare Trust Company, N.A.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150 Royall Street&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canton, MA 02021&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Client Services&#160;</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">30</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      the Rights Agent to the holder of any Rights Certificate (or, if prior to the Distribution Date, to the holders of Common Shares) shall be sufficiently given or made if sent by first-class mail or nationally recognized overnight delivery service,
      postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Supplements and Amendments</u>. Except as provided in this
      Section 27, for so long as the Rights are then redeemable, the Company and the Rights Agent may supplement or amend this Rights Agreement in any respect without the approval of any holders of Rights. At any time when the Rights are no longer
      redeemable, the Company and the Rights Agent may from time to time supplement or amend this Rights Agreement without the approval of any holders of Rights in order to (i) cure any ambiguity, (ii) correct or supplement any provision contained herein
      which may be defective or inconsistent with any other provisions herein, (iii) shorten or lengthen any time period hereunder or (iv) to change or supplement the provisions hereunder in any manner that the Company may deem necessary or desirable and
      that shall not adversely affect the interests of the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person); provided, this Rights Agreement may not be supplemented or amended to lengthen, pursuant to
      clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then redeemable or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or
      clarifying the rights of, and/or the benefits to, the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person). Upon the delivery of a certificate from an Appropriate Officer of the Company and, if
      reasonably requested by the Rights Agent, an opinion of counsel, that states that the proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment. Notwithstanding
      anything contained in this Rights Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that affects the Rights Agent&#8217;s own rights, duties, obligations, or immunities under this Rights
      Agreement. Any such supplement or amendment shall be evidenced by a writing signed by the Company and the Rights Agent.<br>
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      For all purposes of this Rights Agreement, any calculation of the number of Common Shares outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding Common Shares of which any Person is the
      Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act. Except as otherwise provided for herein, the Board shall have the exclusive power and authority
      to administer this Rights Agreement and to exercise all rights and powers specifically granted to the Board, or the Company, or as may be necessary or advisable in the administration of this Rights Agreement, including, without limitation, the right
      and power to (i) interpret the provisions of this Rights Agreement and (ii) make all determinations deemed necessary or advisable for the administration of this Rights Agreement (including a determination to redeem or not redeem the Rights or to
      amend this Rights Agreement in accordance with Section 27 hereof). All such actions, calculations, interpretations and determinations (including all omissions with respect to the foregoing) which are done or made by the Board, in good faith, shall be
      final, conclusive and binding on the Company, the Rights Agent (except with respect to any dispute concerning the Rights Agent&#8217;s own rights, duties, obligations, or immunities under this Rights Agreement), the holders of the Rights Certificates and
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      full force and effect and shall in no way be affected, impaired or invalidated; <u>provided</u>, <u>however</u>, that notwithstanding anything in this Rights Agreement to the contrary, if any such term, provision, covenant or restriction is held by
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      unless a Triggering Event shall have occurred, the right of redemption set forth in Section 23 hereof shall be reinstated and shall not expire until the Close of Business on the tenth Business Day following the date of such determination by the
      Board; <u>further</u>, <u>provided</u>, <u>however</u>, that if any such excluded language shall adversely affect the rights, immunities, liabilities, duties, responsibilities, or obligations of the Rights Agent, the Rights Agent shall be entitled
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature Page to Shareholders Rights Agreement]&#160;</font></p>
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      Preferred Shares outstanding shall have been paid in full, the Company shall not: (i) declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock ranking junior
      (either as to dividends or upon liquidation, dissolution or winding up) to Series C Participating Preferred Shares; (ii) declare or pay dividends on, make any other distributions on any shares of stock ranking on a parity (either as to dividends or
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      to the total amounts to which the holders of all such shares are then entitled; (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or
      winding up) with Series C Participating Preferred Shares, provided, that the Company may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Company ranking junior (either as to
      dividends or upon dissolution, liquidation or winding up) to Series C Participating Preferred Shares; (iv) purchase or otherwise acquire for consideration any shares of Series C Participating Preferred Shares, or any shares of stock ranking on a
      parity with Series C Participating Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the
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      unissued shares of Preferred Shares and may be reissued as part of a new series of Preferred Shares to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein and, in the Company&#8217;s
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ATTEST:</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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        <td style="width: 13%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</font></p>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 41%; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Exhibit C</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF RIGHTS</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Introduction</u></font></p>
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      Icon Energy Corp., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), declared a dividend of one preferred share purchase right (a &#8220;<u>Right</u>&#8221;) for each outstanding share of common stock, par value $0.001 per share (the &#8220;<u>Common Shares</u>&#8221;),



      and adopted a shareholder rights plan, as set forth in that certain Shareholders Rights Agreement, dated as of July 11, 2024 (the &#8220;<u>Rights Agreement</u>&#8221;), by and between the Company and Computershare Trust Company, N.A., as rights agent. The
      dividend is payable to shareholders of record as of July 11, 2024.</font></p>
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      protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group that acquires 10% (15% in the case of a Passive Institutional Investor) or more of the
      outstanding Common Shares without the approval of the Board. If a shareholder&#8217;s beneficial ownership of the Common Shares as of the time of the public announcement of the rights plan and associated dividend declaration is at or above the applicable
      threshold, then that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after such announcement, such shareholder increases its ownership percentage. The Rights Agreement
      should not interfere with any merger or other business combination approved by the Board.</font></p>
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      trade with, and will be inseparable from, the Common Shares. The Rights are evidenced only by the certificates or book-entry notations that represent the Common Shares. New Rights will accompany any new Common Shares the Company issues after July 11,
      2024 until the Distribution Date described below.</font></p>
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      its holder to purchase from the Company one one-thousandth of a share of Series C Participating Preferred Shares (a &#8220;<u>Preferred Share</u>&#8221;) for $25.00 (the &#8220;<u>Exercise Price</u>&#8221;) once the Rights become exercisable. This portion of a Preferred
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      ownership of the number of shares of the Company&#8217;s Common Shares equivalent to the economic exposure created by the derivative position, to the extent actual shares of the Company&#8217;s Common Shares are directly or indirectly held by counterparties to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For persons who, prior to the time of public
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      purchase additional shares in excess of certain limitations. In addition, Ismini Panagiotidi and her controlled Affiliates and Associates are excluded from the definition of &#8220;Acquiring Person&#8221; and therefore may obtain beneficial ownership of 10% or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The date when the Rights become exercisable is
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      a transfer of Rights. After that date, the Rights will separate from the Common Shares and be evidenced by book-entry credits or by Rights certificates that the Company will mail to all eligible holders of Common Shares. Any Rights held by an
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Preferred Share Provisions.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">not be redeemable;</font></td>
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the
            aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in Common Shares or a subdivision of the outstanding Common Shares (by reclassification or otherwise), declared on
            Common Shares since the immediately preceding quarterly dividend payment date; and</font></td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The value of one one-thousandth interest in a Preferred Share
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Flip In</i>. <font style="background-color: white">If an Acquiring Person obtains beneficial ownership of 10% (15% in the case of a
              Passive Institutional Investor) or more of the Common Shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares (or, in certain circumstances, cash, property or other securities of
              the Company) having a then-current market value of twice the Exercise Price. </font>However<font style="background-color: white">, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights
              are no longer redeemable by the Company, as further described below.&#160; <br>
            </font></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the occurrence of an event set forth in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Flip Over</i>. <font style="background-color: white">If, after an Acquiring Person obtains 10% (15% in the case of a Passive Institutional
              Investor) or more of the Common Shares: (i) the Company merges into </font>another <font style="background-color: white">entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells or transfers 50% or more of its
              assets, cash flow or earning power, </font>then <font style="background-color: white">each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a
              number of Common Shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</font></font></td>
      </tr>

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

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Notional Shares.</i> Shares held by affiliates and associates of an Acquiring Person, including certain entities
            in which the Acquiring Person beneficially owns a majority of the equity securities, and Notional Common Shares (as </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">defined <font style="background-color: white">in










              the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person.</font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption</i>. <font style="background-color: white">The Board may redeem the Rights for $0.001 per Right under certain circumstances. If the Board redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the
        Rights will be to receive the redemption price of $0.001 per Right. The redemption price will be adjusted if the Company has a stock dividend or a stock split. The Redemption Price shall be payable, at the option of the Company, in cash, Common
        Shares or such other form of consideration as the Board shall determine.</font>&#160;</font></p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange. </i>After a person or group
      becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the outstanding Common Shares, the Board may extinguish the Rights by exchanging one Common Share or an equivalent security for each Right, other than Rights held by such
      Acquiring Person. I<font style="background-color: white">n certain circumstances, the Company may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one Common Share.</font></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expiration</i>. <font style="background-color: white">The Rights expire on the earliest of: (i) </font>July 11, <font style="background-color: white">2034; or (ii) the redemption or exchange of the Rights as described above.</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Anti-Dilution Provisions</i>. The Board may
      adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Preferred Shares or
      Common Shares. No adjustments to the Exercise Price of less than 1% will be made.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments</i>. <font style="background-color: white">The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights for so long as the Rights are redeemable. Thereafter, the terms of the Rights and the
        Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to: (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may be defective or
        inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or
        an affiliate or associate of an Acquiring Person).</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Taxes. </i>The distribution of Rights
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    </font></p>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>11
<FILENAME>ny20040020x3_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 10.2</div>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="ny20040020x3_ex10-2img01.jpg" height="82" width="647"></div>
    <div><br>
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    <div><br>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z808349ffac3c4aa3bbf679be5f62a74c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">1.</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Date of Agreement</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">[&#8226;]</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Name of Vessel</div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">[&#8226;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">2.</font>&#160;&#160;&#160;&#160; <font style="color: #000000;">Owners (name, place of registered office and law of registry) (Cl. 1)</font></div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="text-indent: 0pt; margin-left: 21.3pt;"><font style="color: #000000;">Name </font><font style="color: #0000FF;">[&#8226;]</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt;"><font style="color: #000000;">Place of registered office </font><font style="color: #0000FF;">[&#8226;]</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt;"><font style="color: #000000;">Law of registry </font><font style="color: #0000FF;">[&#8226;]</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">3.</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Managers (name, place of registered office and law of registry) (Cl. 1)</font></div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="text-indent: 0pt; margin-left: 25.15pt;"><font style="color: #000000;">Name </font><font style="color: #0000FF;">Pavimar Shipping Co.</font></div>
            <div>&#160;</div>
            <div style="text-indent: 0pt; margin-left: 25.15pt;"><font style="color: #000000;">Place of registered office </font><font style="color: #0000FF;">Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960 Majuro, Marshall Islands, with an
                established branch office at 17</font><sup style="color: #0000FF; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="color: #0000FF;"> km National Road Athens-Lamia &amp; Foinikos Str., 14564 Nea Kifissia,
                Athens, Greece</font></div>
            <div>&#160;</div>
            <div style="text-indent: 0pt; margin-left: 25.15pt;"><font style="color: #000000;">Law of registry </font><font style="color: #0000FF;">Marshall Islands</font></div>
          </td>
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        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">4.</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Day and year of commencement of Agreement (Cl. 2)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">On delivery of the Vessel from the Owners to the Managers</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">5.</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Crew Management (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.1)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">Yes</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">6.</font>&#160;&#160;&#160;&#160; <font style="color: #000000;">Technical Management (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.2)</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Yes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">7.</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Commercial Management (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.3)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">Yes</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">8.</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Insurance Arrangements (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.4)</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Yes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">9.</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Accounting Services (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.5)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">Yes</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">10.</font>&#160;&#160; <font style="color: #000000;">Sale or purchase of the Vessel (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.6)</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Yes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">11.</font>&#160;&#160;&#160; <font style="color: #000000;">Provisions (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.7)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">Yes</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">12.</font>&#160;&#160; <font style="color: #000000;">Bunkering (state &#8220;yes&#8221; or &#8220;no&#8221; as agreed) (Cl. 3.8)</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Yes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">13.</font>&#160;&#160;&#160; <font style="color: #000000;">Chartering Services Period (only to be filled in if &#8220;yes&#8221; stated in Box 7) (Cl. 3.3(i))</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">Throughout the duration of this Agreement pursuant to Cl. 17 and Cl. 18</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">14.</font>&#160;&#160; <font style="color: #000000;">Owners&#8217; Insurance (state alternative (i), (ii) or (iii) of Cl. 6.3)</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Cl. 6.3(ii)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">15.</font>&#160;&#160; <font style="color: #0000FF;"><strike>Annual </strike></font><font style="color: #000000;">Management Fee (state annual amount) (Cl. 8.1)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">Per Cl. 8</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">16.</font>&#160;&#160; <font style="color: #000000;">Severance Costs (state maximum amount) (Cl. 8.4(ii))</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Per Cl. 8.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">17.</font>&#160;&#160; <font style="color: #000000;">Day and year of termination of Agreement (Cl. 17)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">Per Cl. 17</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">18.</font>&#160;&#160;&#160; <font style="color: #000000;">Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19)</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Cl. 19.1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 21.3pt;"><font style="color: #000000;">19.</font>&#160;&#160; <font style="color: #000000;">Notices (state postal and cable address, telex and telefax number for serving notice and communication to the
                Owners) (Cl. 20)</font></div>
            <div style="text-indent: 0pt; margin-left: 21.3pt; color: #0000FF;">[&#8226;]</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: -21.3pt; margin-left: 25.15pt;"><font style="color: #000000;">20.</font>&#160;&#160;&#160; <font style="color: #000000;">Notices (state postal and cable address, telex and telefax number for serving notice and communication to the
                Managers) (Cl. 20)</font></div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Pavimar Shipping Co</div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> km National Road Athens-Lamia &amp; Foinikos Str., 14564 Nea Kifissia, Athens, Greece</div>
            <div style="text-indent: 0pt; margin-left: 25.15pt; color: #0000FF;">Tel: +30 211 88 81 300</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="color: #000000;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="color: #000000;">It is mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART l and PART ll as well as Annexes &#8220;A&#8221; (Details of Vessel), &#8220;B&#8221;
        (Details of Crew), &#8220;C&#8221; (Budget) </font><font style="color: #0000FF;"><strike>and &#8220;D&#8221; (Associated vessels)</strike>&#160;</font><font style="color: #000000;">attached hereto, shall be performed subject to the conditions contained herein. In the event of
        a conflict of conditions, the provisions of PART l and Annexes &#8220;A&#8221;, &#8220;B&#8221;, &#8220;C&#8221; </font><font style="color: #0000FF;"><strike>and &#8220;D&#8221;</strike>&#160;</font><font style="color: #000000;">shall prevail over those of PART ll to the extent of such conflict but
        no further.</font></div>
    <div style="text-align: justify;"><font style="color: #000000;"> <br>
      </font></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7873e19dde994aa88936a2fa696b28b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; text-indent: -21.25pt; margin-left: 21.3pt; color: #000000;">Signature(s) (Owners)</div>
            <div>&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; text-indent: -21.25pt; margin-left: 25.15pt; color: #000000;">Signature(s) (Managers)</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb889c2adf0a14916af89e97316747624" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Definitions</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">In this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned to them.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Owners" means the party identified in Box 2.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Managers" means the party identified in Box 3.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Vessel" means the vessel or vessels details of which are set out in Annex "A" attached hereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Crew" means the Master, officers and ratings of the numbers, rank and nationality specified in Annex "B" attached hereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Crew Support Costs" means all expenses of a general nature which are not particularly referable to any individual vessel for the time being managed by the Managers and which are
      incurred by the Managers for the purpose of providing an efficient and economic management service and, without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet
      training schemes, sick pay, study pay, recruitment and interviews.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Severance Costs" means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for
      service on the Vessel.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Crew Insurances" means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of
      personal effects.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"Management Services" means the services specified in sub-clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"ISM Code" means the International Management Code for the Safe Operation of Ships and for Pollution Prevention as adopted by the International Maritime Organization (IMO) by
      resolution A.741(18) or any subsequent amendment thereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">"STCW 95" means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Parties&#8221; means the Owners and the Managers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Termination Fee&#8221; means an amount equal to the daily Management Fee stated in Clause 8.1 (i) multiplied by 730 days.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Change of Control&#8221; means any change in the ultimate beneficial control of the Owners after the date of this Agreement without the prior written consent of the Managers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Emission Allowances&#8221; means an allowance, credit, quota, permit or equivalent, representing a right of a vessel to emit a specified quantity of greenhouse gas emissions recognized
      by the Emission Scheme.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Emission Data&#8221; means data and records of the Vessel&#8217;s emissions in the form and manner necessary to calculate its Emission Allowances.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Emission Scheme&#8221; means a greenhouse gas emissions trading scheme which shall include the European Union Emissions Trading System and any other similar systems imposed by
      applicable lawful authorities that regulate the issuance, allocation, trading or surrendering of Emission Allowances, as applicable to the Vessel by law and/or regulation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Responsible Entity&#8221; means the party responsible for compliance under any Emission Scheme.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">&#8220;Emission Mandate&#8221; means a signed document clearly indicating that the Managers have been duly mandated by the Owners for the Managers to assume responsibility under Clause 3.9.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9db9624505004c6ab283eb6caa5e3d94" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Appointment of Managers</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">With effect from the day and year stated in Box 4 and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby
      agree to act as the Managers of the Vessel.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb00c95e631841228d8d9c82a78a169f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Basis of Agreement</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">Subject to the terms and conditions herein provided, during the period of this Agreement, the Managers shall carry out Management Services in respect of the Vessel as agents for
      and on behalf of the Owners. The Managers shall have authority to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to perform this Agreement in accordance with sound ship management
      practice.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdec39dcf13bd4e5499749493e7e458e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Crew Management</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 5)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall provide suitably qualified Crew for the Vessel as required by the Owners in accordance with the STCW 95 requirements, provision of which includes but is not
      limited to the following functions:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(i) selecting and engaging the Vessel's Crew, including payroll arrangements, pension administration, and insurances for the Crew other than those mentioned in Clause 6;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) ensuring that the applicable requirements of the law of the flag of the Vessel are satisfied in respect of manning levels, rank, qualification and certification of the Crew
      and employment regulations including Crew's tax, social insurance, discipline and other requirements;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(iii) ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are engaged and are
      in possession of valid medical certificates issued in accordance with appropriate flag State requirements. In the absence of applicable flag State requirements the medical certificate shall be dated not more than three months prior to the respective
      Crew members leaving their country of domicile and maintained for the duration of their service on board the Vessel;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(iv) ensuring that the Crew shall have a command of the English language of a sufficient standard to enable them to perform their duties safely;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(v) arranging transportation of the Crew, including repatriation;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(vi) training of the Crew and supervising their efficiency;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(vii) conducting union negotiations;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(viii) operating the Managers' drug and alcohol policy unless otherwise agreed.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ba77d4b4104417e840df21ec74c045c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Technical Management</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 6)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall provide technical management which includes, but is not limited to, the following functions: </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(i) provision of competent personnel to supervise the maintenance and general efficiency of the Vessel;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) arrangement and supervision of dry dockings, repairs, alterations and the upkeep of the Vessel to the standards required by the Owners provided that the Managers shall be
      entitled to incur the necessary expenditure to ensure that the Vessel will comply with the law of the flag of the Vessel and of the places where she trades, and all requirements and recommendations of the classification society;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(iii) arrangement of the supply of necessary stores, spares and lubricating oil;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(iv) appointment of surveyors and technical consultants as the Managers may consider from time to time to be necessary;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(v) development, implementation and maintenance of a Safety Management System (SMS) in accordance with the ISM Code (see sub-clauses 4.2 and 5.3).</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fdeed01774040db9185cecc0ab2997b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Commercial Management</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 7)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall provide the commercial operation of the Vessel, as required by the Owners, which includes, but is not limited to, the following functions:</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(i) providing chartering services in accordance with the Owners' instructions which include, but are not limited to, seeking and negotiating employment for the Vessel and the
      conclusion (including the execution thereof) of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds the period stated in Box 13, consent thereto in writing shall first be obtained from the Owners.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) arranging of the proper payment to Owners or their nominees of all hire and/or freight revenues or other moneys of whatsoever nature to which Owners may be entitled arising
      out of the employment of or otherwise in connection with the Vessel.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(iii) providing voyage estimates and accounts and calculating of hire, freights, demurrage and/or despatch moneys due from or due to the charterers of the Vessel;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(iv) issuing of voyage instructions;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(v) appointing agents;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(vi) appointing stevedores;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(vii) arranging surveys associated with the commercial operation of the Vessel.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0660a343965949b297677ed83a3bd31e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Insurance Arrangements</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 8)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall arrange insurances in accordance with Clause 6, on such terms and conditions as the Owners shall have instructed or agreed, in particular regarding conditions,
      insured values, deductibles and franchises.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd97734f5e3dd49499d57ae0622094a61" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Accounting Services</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 9)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">(i) establish an accounting system which meets the </font><font style="color: #0000FF;">reasonable </font><font style="color: #000000;">requirements of the Owners
        and provide regular accounting services, supply regular reports and records,</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) maintain the records of all costs and expenditure incurred as well as data necessary or proper for the settlement of accounts between the parties.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a0ed11df43b4bebb7102981b14825a7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Sale or Purchase of the Vessel</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 10)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall, in accordance with the Owners' instructions, supervise the sale or purchase of the Vessel, including the performance of any sale or purchase agreement, but not
      negotiation of the same.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfee1cd776d1e4d09bdf2a2fcbec898fa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Provisions</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 11)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall arrange for the supply of provisions.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z478af49d47ea4b479a288c1a5b98e4d1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">3.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Bunkering</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">(only applicable if agreed according to Box 12)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall arrange for the provision of bunker fuel of the quality specified by the Owners as required for the Vessel's trade.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66d379ac90f845eabc35797f77f6e26a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;">3.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;">Emissions trading</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 28.35pt; color: #0000FF;">From the day the Managers are made the Responsible Entity pursuant to an Emission Mandate, and until the earlier of the termination date of such Emission Mandate
      or the termination date of this Agreement, the following shall apply:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(i) the Managers shall provide the Owners with Emission Data to enable compliance with any Emission Scheme, in a timely manner and/or at regular intervals to be agreed between the
      Parties, together with the calculation of the Emission Allowances required. Such Emission Data shall be verified by an accredited verifier, where applicable, and if required by Owners audited by an independent party approved by them.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(ii) The Managers shall monitor and report Emission Data to the administering authority in accordance with any Emission Scheme.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(iii) The Managers shall surrender the Emission Allowances in accordance with any Emission Scheme, subject always to the Owners being and remaining responsible for providing such
      Emission Allowances to the Managers as per Clause 9.6.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51d5d45e06ac428080d915b13da0206c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Managers' Obligations</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49a8f09c624842749f84c774db9f3489" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">4.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Managers undertake to use their best endeavours to provide the agreed Management Services as agents for and on behalf of the Owners in accordance with sound ship management practice and to protect and promote
              the interests of the Owners in all matters relating to the provision of services hereunder. Provided, however, that the Managers in the performance of their management responsibilities under this Agreement shall be entitled to have regard to
              their overall responsibility in relation to all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate
              available supplies, manpower and services in such manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc2496562679d428689fcdf583cb7139b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">4.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Where the Managers are providing Technical Management in accordance with sub-clause 3.2, they shall procure&#160; that the requirements of the law of the flag of the Vessel are satisfied and they shall in particular be
              deemed to be the "Company" as defined by the ISM Code, assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb9db0d8d0794dcc94e68427a4dcf9a4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Owners' Obligations</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc525c3d1e6842fdb6e478b954d8629a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">5.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1132b37f0fda41b4a9a26befec8e705e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">5.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Where the Managers are providing Technical Management in accordance with sub-clause 3.2, the Owners shall:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(i) procure that all officers and ratings supplied by them or on their behalf comply with the requirements of STCW 95;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) instruct such officers and ratings to obey all reasonable orders of the Managers in connection with the operation of the Managers' safety management system.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3f91dfe71ab46f98471b8d2b5e08a95" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;"><strike>5.3</strike></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;"><strike>Where the Managers are not providing Technical Management in accordance with sub-clause 3.2, the Owners shall procure that the requirements of the law of the flag of the Vessel are satisfied and that they,
                or such other entity as may be appointed by them and identified to the Managers, shall be deemed to be the "Company" as defined by the ISM Code assuming the responsibility for the operation of the Vessel and taking over the duties and
                responsibilities imposed by the ISM Code when applicable.</strike></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4f181b16a8941d0bdf8a22b5fd70345" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Insurance Policies</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Owners shall procure, whether by instructing the Managers under sub-clause 3.4 or otherwise, that throughout the period of this Agreement:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1853c96fdae4f82bbf4a78922be64c5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">6.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">at the Owners' expense, the Vessel is insured for not less than her sound market value or entered for her full gross tonnage, as the case may be for:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(i) usual hull and machinery marine risks (including crew negligence) and excess liabilities;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) protection and indemnity risks (including pollution risks and Crew Insurances); and</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(iii) war risks (including protection and indemnity and crew risks) in accordance with the best practice of prudent owners of vessels of a similar type to the Vessel, with first
      class insurance companies, underwriters or associations ("the Owners' Insurances");</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3f1b6589de7f49b4a3da86886a33e20d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">6.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">all premiums and calls on the Owners' Insurances are paid promptly by their due date,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z935ae19b2da643fa8279887944b2732a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">6.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">the Owners' Insurances name the Managers and, subject to underwriters' agreement, any third party designated by the Managers as a joint assured, with full cover, with the Owners obtaining cover in respect of each of
              the insurances specified in sub-clause 6.1:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;"><strike>(i) on terms whereby the Managers and any such third party are liable in respect of premiums or calls arising in connection with the Owners' Insurances; or</strike></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) if reasonably obtainable, on terms such that neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising in connection
      with the Owners' Insurances; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;"><strike>(iii) on such other terms as may be agreed in writing.</strike></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left blank then (i) applies.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z111286b3f84b4dd1afa6a262d94f082b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">6.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">written evidence is provided, to the reasonable satisfaction of the Managers, of their compliance with their obligations under this Clause 6 within a reasonable time of the commencement of the Agreement, and of each
              renewal date and, if specifically requested, of each payment date of the Owners' Insurances.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9224da1a69234a229d33a7959dc4ca42" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Income Collected and Expenses Paid on Behalf of Owners</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze07edf2525374628a7d4d823ff4a4dc2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">7.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">All moneys collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the Owners in a separate
                bank account</font><font style="color: #0000FF;">&#160;or monitored in a separate accounting ledger</font><font style="color: #000000;">.</font></div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c001d0c715b492ca347004116108ff8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">7.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as provided in Clause 8) may be debited against the Owners in the account referred to under
              sub-clause 7.1 but shall in any event remain payable by the Owners to the Managers on demand.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z006debec67fa46aebb460325c4a8e5b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;">7.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;">Any Emission Allowances or financial security transferred by the Owners to the Managers under Clauses 9.6 shall be held to the credit of the Owners until surrendered to the administering authority of the Emission
              Scheme.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5c7cd3e2074413ab430dc11f17fee1e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Management Fee</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c172137a1874c47a3a9029ef62f3741" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">8.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The Owners shall pay to the Managers for their services as Managers under this Agreement</font><font style="color: #0000FF;">:</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #0000FF;">(i) <strike>an annual</strike></font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;">a daily</font><font style="color: #000000;"> management fee
      </font><font style="color: #0000FF;"><strike>as stated in Box 15</strike></font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;">of USD 800</font><font style="color: #000000;"> which shall be payable by </font><font style="color: #0000FF;"><strike>equal</strike></font><font style="color: #000000;"> monthly instalments in advance, the first instalment being payable on the commencement of this Agreement (see Clause 2 and Box 4) and subsequent instalments being payable </font><font style="color: #0000FF;">at the commencement of </font><font style="color: #000000;">every month</font><font style="color: #0000FF;"><strike>.</strike>;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(ii) a commission equal to 1.25% of the gross revenue from the employment of the Vessel under all charter arrangements throughout the duration of this Agreement which shall be
      payable in arrears, on the end of each calendar quarter;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(iii) a commission equal to 1% of the gross purchase and sale or disposal price, due and payable when the Vessel is purchased (being the date upon which the Owners are first
      registered as Owners of the Vessel in a bona fide transaction) and when the Vessel is sold or otherwise disposed of (being the date upon which the Owners cease to be registered as Owners of the Vessel in a bona fide transaction), respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(iv) a fee of USD 200 per port call in an area subject to an Emission Scheme applicable to the Vessel which shall be payable in arrears, on the end of each calendar quarter.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeef12e7bc75947cba21d7ae1f0b42faa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">8.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The management fee shall be subject to an annual review </font><font style="color: #0000FF;"><strike>on the anniversary date of the Agreement</strike></font><font style="color: #000000;"> and the proposed fee
                shall be presented in the annual budget referred to in sub-clause 9.1.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z09f610654e5449af8d3bb21ac51a9cf1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">8.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of Clause 7 the Owners shall reimburse the
                Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services</font><font style="color: #0000FF;">, including but not limited
                to all actions connected to enabling Owners&#8217; compliance with any Emission Scheme</font><font style="color: #000000;">.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
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              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      <div class="BRPFPageHeader" style="width: 100%;">
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              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5d17378972b047eba04df5e42da3740a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">8.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">In the event of the appointment of the Managers being terminated by the Owners or the Managers in accordance with the provisions of Clauses 17 and 18 other than by reason of default by the Managers, </font><font style="color: #0000FF;"><strike>or if the Vessel is lost, sold or otherwise disposed of,</strike></font><font style="color: #000000;"> the "management fee" payable to the Managers according to the provisions of sub-clause 8.1, shall
                continue to be payable for a further period of three calendar months as from the termination date</font><font style="color: #0000FF;"> or, if greater than three months, for as long as the Owners require the services of the Managers to
                conclude any outstanding matters pertaining to the Management Services</font><font style="color: #000000;">. In addition, provided that the Managers provide Crew for the Vessel in accordance with sub-clause 3.1:</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">(i) the Owners shall continue to pay Crew Support Costs during the said further period </font><font style="color: #0000FF;"><strike>of three calendar months</strike></font><font style="color: #000000;">, and</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">(ii) the Owners shall pay an equitable proportion of any Severance Costs which may materialize</font><font style="color: #0000FF;"><strike>, not exceeding the amount
          stated in Box 16</strike></font><font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z09e2a5834854498dbf4966ec747715ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">8.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">If the Owners decide to lay-up the Vessel whilst this Agreement remains in force and such lay-up lasts for more than three months, an appropriate reduction of the management fee for the period exceeding three months
              until one month before the Vessel is again put into service shall be mutually agreed between the parties.</div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d0fd334431b4134b459f66f9d908795" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">8.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Unless otherwise agreed in writing all discounts and commissions obtained by the Managers in the course of the management of the Vessel shall be credited to the Owners.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0cb2cfa424fb4b3dbf468ab6ee3bad67" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Budgets and Management of Funds</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ff4dc28b8d64da3b94b9399157357f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">9.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The Managers shall present to the Owners annually a budget for the following twelve months in such form as the Owners require. The budget for the first year hereof is set out in Annex "C" hereto. Subsequent
                annual budgets shall be prepared by the Managers and submitted to the Owners not less than three </font><font style="color: #0000FF;"><strike>months</strike></font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;">weeks </font><font style="color: #000000;">before </font><font style="color: #0000FF;">each calendar year end</font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;"><strike>the anniversary date of the commencement of this Agreement (see
                  Clause 2 and Box 4)</strike></font><font style="color: #000000;">.</font></div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e1c1f157f314f4f860a2d6fe6a384a1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">9.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The Owners shall indicate to the Managers their acceptance and approval of the annual budget within one </font><font style="color: #0000FF;"><strike>month</strike></font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;">week </font><font style="color: #000000;">of presentation and in the absence of any such indication the Managers shall be entitled to assume that the Owners have accepted the proposed budget.</font></div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14f1905f294c4dbb960f94b2b69b462a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">9.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">Following the agreement of the budget, the Managers shall prepare and present to the Owners their estimate of the working capital requirement of the Vessel and the Managers shall each month up-date this
                estimate. Based thereon, the Managers shall each month request the Owners in writing for the funds required to run the Vessel for the ensuing month, including the payment of any occasional or extraordinary item of expenditure, such as
                emergency repair costs, additional insurance premiums, bunkers or provisions. Such funds shall be received by the Managers within ten running days after the receipt by the Owners of the Managers' written request</font><font style="color: #0000FF;">&#160;<strike>and shall be held to the credit of the Owners in a separate bank account</strike></font><font style="color: #000000;">.</font></div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24e42e9aac6a4f32a32113191228116c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">9.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">The Managers shall produce a comparison between budgeted and actual income and expenditure of the Vessel in such form as </font><font style="color: #0000FF;">reasonably</font><font style="color: #000000;">
                required by the Owners </font><font style="color: #0000FF;">quarterly</font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;"><strike>monthly</strike>&#160;</font>or at such other intervals as mutually agreed<font style="color: #000000;">.</font></div>
          </td>
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    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6de98faae6e346f692e60012e70f85e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">9.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Notwithstanding anything contained herein to the contrary, the Managers shall in no circumstances be required to use or commit their own funds to finance the provision of the Management Services.</div>
          </td>
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    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z560c7d843ed647638bc6ff6ad9f2efd7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;">9.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;">From the day the Managers are made the Responsible Entity pursuant to an Emission Mandate, and until the earlier of the termination date of such Emission Mandate or the termination date of this Agreement, the
              following shall apply:</div>
          </td>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(i) The Managers shall each month, or at such other intervals as mutually agreed, prepare and present to the Owners, in writing, their estimates of the Emission Allowances for the
      Vessel for the ensuing month, including the reconciliation of the Vessel&#8217;s actual emissions under each Emission Scheme applicable to the Vessel for the previous months and adjustment for any previous shortfall or excess. Such Emission Allowances
      shall be received by the Managers from the Owners within ten running days after receipt by the Owners of the Managers&#8217; written request.</div>
    <div><br>
    </div>
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      <div class="BRPFPageFooter" style="width: 100%;">
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                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
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      </div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      <div class="BRPFPageHeader" style="width: 100%;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(ii) No later than fourteen days prior to the earlier of the termination date of the Emission Mandate or the termination date of this Agreement, the Managers shall prepare and
      present to the Owners, in writing, their estimates of the Emission Allowances due for the Vessel for the final month or part thereof, except that where the Agreement is terminated in circumstances which do not allow the Managers fourteen days&#8217; time
      the Managers shall notify the Owners of said Emission Allowances as soon as possible. Within ten running days of such notification, but not later than the termination of the Agreement, the Emission Allowances notified by the Managers shall be
      transferred by the Owners to the Managers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(iii) Any difference between the Emission Allowances estimated according to Clause 9.6 and the Emission Allowances actually due or accrued according to the Emission Scheme(s)
      applicable to the Vessel as at the earlier of the termination date of the Emission Mandate or the termination date of this Agreement, shall be reconciled and settled between the Parties within ten running days.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(iv) The Parties may mutually agree, in writing, on financial security for the Owners&#8217; obligations under Clause 9.6. In any event, the Owners shall provide the Managers in a timely
      manner with the Emission Allowances required to fulfil their obligations under the applicable Emission Scheme, less any Emission Allowances that the Managers elect, in their absolute discretion, to offset with the respective financial security.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5206c6a20574ff8bedb436c5f33d5a5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Managers' Right to Sub-Contract</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">The Managers shall not have the right to sub-contract any of their obligations hereunder, including those mentioned in sub-clause 3.1, without the prior written
        consent of the Owners which shall not be unreasonably withheld</font><font style="color: #0000FF;">, unless to an entity related to the Managers</font><font style="color: #000000;">. In the event of such a sub-contract the Managers shall remain
        fully liable for the due performance of their obligations under this Agreement.</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda68134a43714a7282b13f3407acd523" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Responsibilities</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb129dc85a454dfc9953392462169182" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">11.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Force Majeure &#8211; Neither the Owners nor the Managers shall be under any liability for any failure to perform any of their obligations hereunder by reason of any cause whatsoever of any nature or kind beyond their
              reasonable control.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6c08fe8aaa14a78892d40228228f471" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">11.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Liability to Owners</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">(i) Without prejudice to sub-clause 11.1, the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of whatsoever
        nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS same is
        proved to have resulted solely from the </font><font style="color: #0000FF;"><strike>negligence,</strike></font><font style="color: #000000;"> gross negligence or wilful default of the Managers or their employees, or agents or sub-contractors
        employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Managers' personal act or omission committed with the intent to cause same or recklessly and with knowledge that such
        loss, damage, delay or expense would probably result) the Managers' liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of </font><font style="color: #0000FF;"><strike>ten times the annual
          management fee payable hereunder</strike></font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;">one million US dollars</font><font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be liable for any of the actions of the Crew, even if such actions are
      negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the Managers to discharge their obligations under sub-clause 3.1, in which case their liability shall be limited in accordance
      with the terms of this Clause 11.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad05d91248d644c7965b14ac31a87515" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">11.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Indemnity &#8211; Except to the extent and solely for the amount therein set out that the Managers would be liable under sub-clause 11.2, the Owners hereby undertake to keep the Managers and their employees, agents and
              sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in
              connection with the performance of the Agreement, and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly or
              indirectly) in the course of the performance of this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z085fb5c06d794f4db69a401dcbd3fb35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">11.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">"Himalaya" - It is hereby expressly agreed that no employee or agent of the Managers (including every sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any
              liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment
              and, without prejudice to the generality of the foregoing provisions in this Clause 11, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature
              applicable to the Managers or to which the Managers are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing
              provisions of this Clause 11 the Managers are or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as
              aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za29fa5eb40374aa4b3843c58d4254a85" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Documentation</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">Where the Managers are providing Technical Management in accordance with sub-clause 3.2 and/or Crew Management in accordance with sub-clause 3.1, they shall make available, upon
      Owners' request, all documentation and records related to the Safety Management System (SMS) and/or the Crew which the Owners need in order to demonstrate compliance with the ISM Code and STCW 95 or to defend a claim against a third party.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2de078f8bcfb49e2b87359f8a3c196f0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">General Administration</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b2b1d0ec3f8499ba7f03581e8df49ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">13.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Managers shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners informed regarding any incident of which the Managers become aware which gives or may give rise to
              claims or disputes involving third parties.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd8d541733584c9fadbd4961be55110b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">13.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Managers shall, as instructed by the Owners, bring or defend actions, suits or proceedings in connection with matters entrusted to the Managers according to this Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z900c46d3d35446b9ad40a5072c4c4ab4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">13.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Managers shall also have power to obtain legal or technical or other outside expert advice in relation to the handling and settlement of claims and disputes or all other matters affecting the interests of the
              Owners in respect of the Vessel.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z399069e9fd5c423b81ceb19eb8149bb4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">13.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The Owners shall arrange for the provision of any necessary guarantee bond or other security.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb83594aae2244f27b8e0b177d9de3ffa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">13.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Any costs reasonably incurred by the Managers in carrying out their obligations according to this Clause 13 shall be reimbursed by the Owners.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5ba8a37907d408c947a1cb31a75f3c1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Auditing</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by the Owners at such times as may be
      mutually agreed. On the termination, for whatever reasons, of this Agreement, the Managers shall release to the Owners, if so requested, the originals where possible, or otherwise certified copies, of all such accounts and all documents specifically
      relating to the Vessel and her operation.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z861cc518f53a452c98ad3c79a1339640" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Inspection of Vessel</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Owners shall have the right at any time after giving reasonable notice to the Managers to inspect the Vessel for any reason they consider necessary.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda164e43a03844fa87250751d7095f95" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">16.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Compliance with Laws and Regulations</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The Managers will not do or permit to be done anything which might cause any breach or infringement of the laws and regulations of the Vessel's flag, or of the places where she
      trades.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z274e7643584e4e1ca67d07a54af68bce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">17.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Duration of the Agreement</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">This Agreement shall come into effect on the day and year stated in Box 4 and shall continue </font><font style="color: #0000FF;"><strike>until the date stated in
          Box 17. Thereafter it shall continue</strike>&#160;</font>until terminated <font style="color: #0000FF;">(i) pursuant to Clause 18 or (ii) </font>by either party giving to the other notice in writing, in which event the Agreement shall terminate
      upon the expiration of a period of two months from the date upon which such notice was given. <font style="color: #0000FF;">In all events, Clause 8.4 shall apply in full</font>.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f43bcd8ac9d47aab3ba383159891894" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Termination</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15f5887bd194444ab8d6e318cdf11747" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">18.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Owners' default</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">(i) The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys </font><font style="color: #0000FF;">and/or
        Emission Allowances </font><font style="color: #000000;">payable by the Owners under this Agreement </font><font style="color: #0000FF;"><strike>and/or the owners of any associated vessel, details of which are listed in Annex "D"</strike></font><font style="color: #000000;">, shall not have been received in the Managers' nominated account within ten running days of receipt by the Owners of the Managers&#8217; written request </font><font style="color: #0000FF;"><strike>or if the Vessel is
          repossessed by the Mortgagees</strike></font><font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">(ii) If the Owners:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 42.55pt;"><font style="color: #000000;">(a) fail to meet their obligations under </font><font style="color: #0000FF;"><strike>sub-clauses 5.2 and 5.3 of</strike></font><font style="color: #000000;"> this
        Agreement for any reason within their control, or</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 42.55pt; color: #000000;">(b) proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable
      opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time
      to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6fbc8d598c246669d21e6ed6b065c51" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">18.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Managers' Default</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers
      of the default, requiring them to remedy it as soon as practically possible. In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate the Agreement with
      immediate effect by notice in writing.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4ba09f7746a483e97bde8a498ea1882" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top;">18.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Extraordinary Termination</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;">This Agreement shall be deemed to be terminated <font style="color: #0000FF;">with immediate effect upon</font>&#160;<font style="color: #0000FF;"><strike>in the case of</strike></font> the sale <font style="color: #0000FF;">or otherwise disposal</font> of the Vessel <font style="color: #0000FF;">in a bona fide transaction</font> or if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is
      requisitioned.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69535de51221454c8e9e2033f2e801a2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top;">18.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For the purpose of sub-clause 18.3 hereof</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;">(i) the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date on which the Owners cease to be registered as Owners of the Vessel <font style="color: #0000FF;">in a bona fide transaction</font>;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;">(ii) the Vessel shall not be deemed to be lost unless either she has become an actual total loss or agreement has been reached with her underwriters in respect of her constructive, compromised or
      arranged total loss or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ec059e1b5b84954a5e541beb7a6718d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">18.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">This Agreement shall terminate forthwith in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of
              reconstruction or amalgamation) or if a receiver is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2317245ce4e14152ba0490d76fc52a81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;">18.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;">The Managers shall have the right to terminate this agreement at their absolute discretion provided that the requisite notice under Clause 17 is given in writing to the Owners within six months following a Change of
              Control event.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd1800a5400ed4ebeb49b579186a6a997" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top;"><font style="color: #000000;">18.</font><font style="color: #0000FF;"><strike>6</strike>7</font></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The termination of this Agreement shall be without prejudice to all rights accrued due between the parties prior to the date of termination.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcc4c749cf7364e0fbd1d6f3d8c934e20" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;">18.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;">In the event of the appointment of the Managers being terminated:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(i) by the Owners giving notice to the Managers in accordance with the provisions of Clause 17;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(ii) by the Managers giving notice to the Owners in accordance with the provisions of Clause 18.6; or</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">PART II<br>
                    SHIPMAN 98 STANDARD SHIP MANAGEMENT AGREEMENT</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">(iii) by reason of Owners&#8217; default as per Clause 18.1;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;">the Termination Fee shall also be due and payable.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z349a460fde8941148a798fb0b01adf2b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">19.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Law and Arbitration</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9bc5e58ee40e4523b26764452a706c78" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">19.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the
              Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: #000000;">The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time </font><font style="color: #0000FF;"><strike>when</strike></font><font style="color: #000000;"> the arbitration </font><font style="color: #0000FF;"><strike>proceedings are</strike></font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;">is</font><font style="color: #000000;"> commenced.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the
      other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it
      has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any
      further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000;">In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance
      with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4fde5fb538534070bc76bd477812499a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;"><strike>19.2</strike></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;"><strike>This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute arising out of or in connection with this
                Agreement shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any
                award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.</strike></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #0000FF;"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in
        accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.</strike></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8928542f44a046edaced2e56ccfdea59" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #0000FF;"><strike>19.3</strike></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #0000FF;"><strike>This Agreement shall be governed by and construed in accordance with the laws of the place mutually agreed by the parties and any dispute arising out of or in connection with this Agreement shall be referred
                to arbitration at a mutually agreed place, subject to the procedures applicable there.</strike></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za08535aa795a4c15bb356ff9743553ec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">19.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">If Box 18 in Part I is not appropriately filled in, sub-clause 19.1 of this Clause shall apply.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.35pt; color: #000000; font-style: italic;">Note: 19.1, 19.2 and 19.3 are alternatives; indicate alternative agreed in Box 18.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3fbcf17bbde04049b7a0fe1843cc020c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000; font-weight: bold;">20.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-weight: bold;">Notices</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6a1d55916d4432baf28478154dd7856" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">20.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb6917fb10b674989ace26e86dc2f926a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; color: #000000;">20.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">The address of the Parties for service of such communication shall be as stated in Boxes 19 and 20, respectively.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
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              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      <div class="BRPFPageHeader" style="width: 100%;"></div>
    </div>
    <div style="text-align: justify; color: #000000;">ANNEX &#8220;A&#8221; (DETAILS OF VESSEL OR VESSELS) TO</div>
    <div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: SHIPMAN 98</div>
    </div>
    <div>
      <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;"> </font>
      <table id="zb3f9379e22fb4448993faab2dd3d54c8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 20%;"><font style="color: #000000;">Date of Agreement:</font></td>
            <td style="width: 80%;"><font style="color: #0000FF;">[&#8226;]</font></td>
          </tr>
          <tr>
            <td style="width: 20%;">
              <div>&#160;</div>
            </td>
            <td style="width: 80%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%;"><font style="color: #000000;">Name of Vessel(s):</font></td>
            <td style="width: 80%;"><font style="color: #0000FF;">[&#8226;]</font></td>
          </tr>
          <tr>
            <td style="width: 20%;">
              <div>&#160;</div>
            </td>
            <td style="width: 80%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%;">Particulars of Vessel(s):</td>
            <td style="width: 80%;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 20%;"><font style="color: #000000;">IMO Number</font></td>
            <td style="width: 80%;"><font style="color: #0000FF;">[&#8226;]</font></td>
          </tr>
          <tr>
            <td style="width: 20%;"><font style="color: #000000;">Year Built</font></td>
            <td style="width: 80%;"><font style="color: #0000FF;">[&#8226;]</font></td>
          </tr>
          <tr>
            <td style="width: 20%;"><font style="color: #000000;">GT</font></td>
            <td style="width: 80%;"><font style="color: #0000FF;">[&#8226;]</font></td>
          </tr>
          <tr>
            <td style="width: 20%;"><font style="color: #000000;">NT</font></td>
            <td style="width: 80%;"><font style="color: #0000FF;">[&#8226;]</font></td>
          </tr>
          <tr>
            <td style="width: 20%;"><font style="color: #000000;">LOA</font></td>
            <td style="width: 80%;"><font style="color: #0000FF;">[&#8226;]</font></td>
          </tr>

      </table>
    </div>
    <br>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
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              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      <div class="BRPFPageHeader" style="width: 100%;"></div>
    </div>
    <div style="text-align: justify; color: #000000;">ANNEX &#8220;B&#8221; (DETAILS OF CREW) TO</div>
    <div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: SHIPMAN 98</div>
    </div>
    <div>
      <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Date of Agreement:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Details of Crew:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Numbers Rank Nationality</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      <div class="BRPFPageHeader" style="width: 100%;"></div>
    </div>
    <div style="text-align: justify; color: #000000;">ANNEX &#8220;C&#8221; (BUDGET) TO</div>
    <div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: SHIPMAN 98</div>
    </div>
    <div>
      <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Date of Agreement:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Managers&#180; Budget for the first year with effect from the Commencement Date of this Agreement:</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageFooter" style="width: 100%;">
        <div>
          <div><br>
          </div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      <div class="BRPFPageHeader" style="width: 100%;"></div>
    </div>
    <div style="text-align: justify; color: #0000FF;"><strike>ANNEX &#8220;D&#8221; (ASSOCIATED VESSELS) TO</strike></div>
    <div>
      <div style="text-align: justify; color: #0000FF; font-weight: bold;"><strike>STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: SHIPMAN 98</strike></div>
    </div>
    <div>
      <hr style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="text-align: justify; color: #0000FF;"><strike> <br>
      </strike></div>
    <div style="text-align: justify; color: #0000FF;"><strike>NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX &#8220;D&#8221; THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.</strike></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #0000FF;"><strike>Date of Agreement:</strike></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #0000FF;"><strike>Details of Associated Vessels:</strike></div>
    <br>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.85pt; color: #000000; font-size: 8pt;">Copyright &#169; 1998 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <font style="font-weight: bold;">BIMCO

                SmartCon </font>document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 1988. Revised 1998.</div>
          </td>
        </tr>

    </table>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>12
<FILENAME>ny20040020x3_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 24.12.1.5274
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<body style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.4</font><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;"><font style="color: rgb(0, 0, 0);">Dated </font>16 September 2024</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">TERM LOAN FACILITY</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">POSITANO MARINE INC.</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">REEF SHIPTRADE LTD</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">as joint and several Initial Borrowers</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">and</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">MAUI SHIPPING CO.</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">as Guarantor</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">and</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">THE FINANCIAL INSTITUTIONS</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">listed in Part B of Schedule 1<br>
        as Original Lenders</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">and</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">as Arranger</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">and</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">as Facility Agent</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">and</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">as Security Agent</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">FACILITY AGREEMENT</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">relating to a committed facility of up to $16,500,000 for<br>
        re-financing m.v. "ALFA" and financing part of the acquisition cost of m.v. "BELLEMAR" (tbr "BRAVO") <br>
        and an uncommitted facility of up to $75,000,000</div>
      <div style="text-align: center; color: rgb(0, 0, 0);"> <br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center;"> <img src="ny20040020x3_ex10-4img01.jpg"><br>
        <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Index</div>
      <div>&#160;</div>
      <table id="z993b2bd67cfd4f1db8800a2086e6c61d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="font-weight: bold; color: rgb(0, 0, 0);">Clause</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Page</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 1 Interpretation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">5</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">1</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Definitions and Interpretation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">5</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 2 The Facility</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">33</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">2</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">The Facility</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">33</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">3</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Purpose</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">35</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">4</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Conditions of Utilisation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">35</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 3 Utilisation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">37</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">5</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Utilisation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">37</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 4 Repayment, Prepayment and Cancellation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">39</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">6</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Repayment</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">39</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">7</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Prepayment and Cancellation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">39</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 5 Costs of Utilisation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">42</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">8</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Interest</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">42</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">The Facility Agent shall promptly notify the Borrowers and the Lenders of the determination of a rate of interest under this Agreement Interest Periods.</font></div>
            </td>
            <td style="width: 10%; vertical-align: bottom; text-align: right;">
              <div><font style="color: rgb(0, 0, 0);">44</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">9</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Interest Periods</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">44</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">10</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Changes to the Calculation of Interest</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">45</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">11</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Fees</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">46</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 6 Additional Payment Obligations</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">48</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">12</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Tax Gross Up and Indemnities</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">48</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">13</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Increased Costs</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">51</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">14</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Other Indemnities</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">53</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">15</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Mitigation by the Finance Parties</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">56</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">16</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Costs and Expenses</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">56</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 7 Guarantees and Joint and Several Liability of Borrowers</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">58</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">17</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Guarantee and Indemnity</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">58</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">18</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Joint and Several Liability of the Borrowers</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">60</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 8 Representations, Undertakings and Events of Default</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">63</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">19</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Representations</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">63</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">20</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Information Undertakings</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">69</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">21</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">General Undertakings</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">73</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">22</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Insurance Undertakings</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">79</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">23</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Ship Undertakings</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">84</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">24</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Loan Value ratio</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">90</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">25</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Accounts, Application of Earnings</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">92</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">26</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Events of Default</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">94</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 9 Changes to Parties</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">98</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">27</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Changes to the Lenders</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">98</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">28</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Changes to the Transaction Obligors</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">102</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 10 The Finance Parties</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">104</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">29</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">The Facility Agent and the Arranger</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">104</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">30</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">The Security Agent</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">113</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">31</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Conduct of Business by the Finance Parties</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">127</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">32</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Sharing among the Finance Parties</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">127</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: rgb(0, 0, 0);">Section 11 Administration</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">129</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">33</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: rgb(0, 0, 0);">Payment Mechanics</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">129</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">34</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: rgb(0, 0, 0);">Set-Off</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">132</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <table id="z0d59a4520dd54eac9f6d3258f62b45e7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">35</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Bail-In</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">132</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: #000000;">36</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Notices</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">133</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">37</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Calculations and Certificates</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">134</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: #000000;">38</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Partial Invalidity</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">135</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">39</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Remedies and Waivers</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">135</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: #000000;">40</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Settlement or Discharge Conditional</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">135</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">41</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Irrevocable Payment</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">135</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: #000000;">42</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Amendments and Waivers</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">136</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">43</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Confidential Information</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">140</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: #000000;">44</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Confidentiality of Funding Rates</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">144</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">45</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Counterparts</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">145</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: #000000;">Section 12 Governing Law and Enforcement</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">146</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">46</font></div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Governing Law</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">146</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><font style="color: #000000;">47</font></div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Enforcement</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">146</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table id="z37c525d01279456b8ff38fa36ca7be8a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="font-weight: bold; color: #000000;">Schedules</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;"><br>
            </td>
            <td style="width: 84%; vertical-align: top;"><br>
            </td>
            <td style="width: 10%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: #000000;">Schedule 1 The Parties</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">147</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;"><br>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Part A The Obligors</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: #000000;">147</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);"><br>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Part B The Original Lenders</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: #000000;">148</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;"><br>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Part C The Servicing Parties</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: #000000;">149</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: #000000;">Schedule 2 Conditions Precedent and Subsequent</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">150</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div><br>
              </div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Part A Conditions Precedent to Initial Utilisation Request</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: #000000;">150</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>&#160;</div>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Part B Conditions Precedent to Utilisation of the Initial Advances</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: #000000;">153</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;"><br>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Part C Conditions Precedent to Utilisation&#160; of any Upsize Advance</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: #000000;">155</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);"><br>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Part D Conditions Subsequent for each Advance</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: #000000;">159</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: #000000;">Schedule 3 Utilisation Request</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">160</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: #000000;">Schedule 4 Form of Transfer Certificate</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">162</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: #000000;">Schedule 5 Form of Assignment Agreement</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">164</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: #000000;">Schedule 6 Timetables</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">167</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: #000000;">Schedule 7 Details of the Initial Ships</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">168</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: #000000;">Schedule 8 Repayment Schedule</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">169</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: #000000;">Schedule 9 Form of Accession Deed</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">170</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: #000000;">Schedule 10</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">173</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;"><br>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div><font style="color: #000000;">Part A Form of Upsize Notice</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;"><font style="color: #000000;">173</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top; background-color: rgb(204, 238, 255);"><br>
            </td>
            <td style="width: 84%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Part B Form of Upsize Confirmation</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;"><font style="color: #000000;">174</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="color: #000000;">Schedule 11 Term SOFR CME Licence Disclaimer</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">175</font></div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div><font style="color: #000000;">Schedule 12 Form of Compliance Certificate</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">176</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Execution</div>
      <div><br>
      </div>
      <table id="zace89b4b1abd49fa85ae2659e18f716c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><font style="color: #000000;">Execution Pages</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; text-indent: -35.45pt; margin-left: 35.45pt;"><font style="color: #000000;">177</font></div>
            </td>
          </tr>

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      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <!--PROfilePageNumberReset%Num%4%%%-->
      <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">THIS AGREEMENT </font><font style="color: #000000;">is made on </font>16 September 2024</div>
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      <div style="text-align: justify; color: #000000; font-weight: bold;">PARTIES</div>
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          <tr>
            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;">POSITANO MARINE INC.</font><font style="color: #000000;">, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at </font>Trust Company Complex, Ajeltake Road,<font style="color: #000000;"> Ajeltake Island, Majuro MH96960, Marshall Islands as borrower ("</font><font style="font-weight: bold; color: #000000;">Initial Borrower</font><font style="color: #000000;">&#160;</font><font style="font-weight: bold; color: #000000;">A</font><font style="color: #000000;">")</font></div>
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      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(2)</td>
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              <div><font style="font-weight: bold;">REEF SHIPTRADE LTD</font>,<font style="color: #000000;"> a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake
                  Island, Majuro MH96960, Marshall Islands as borrower ("</font><font style="font-weight: bold; color: #000000;">Initial Borrower</font><font style="color: #000000;">&#160;</font><font style="font-weight: bold; color: #000000;">B</font><font style="color: #000000;">")</font></div>
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      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(3)</td>
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              <div><font style="font-weight: bold;"> MAUI SHIPPING CO.</font>,<font style="color: #000000;"> a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake
                  Island, Majuro MH96960, Marshall Islands as guarantor (the "</font><font style="font-weight: bold; color: #000000;">Guarantor</font><font style="color: #000000;">")</font></div>
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      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</font>, as arranger (the "<font style="font-weight: bold;">Arranger</font>")</div>
            </td>
          </tr>

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      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(5)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;">THE FINANCIAL INSTITUTIONS</font> listed in Part B of Schedule 1 (<font style="font-style: italic;">The Parties</font>) as lenders (the "<font style="font-weight: bold;">Original
                  Lenders</font>")</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(6)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</font>, as agent of the other Finance Parties (the "<font style="font-weight: bold;">Facility</font>&#160;<font style="font-weight: bold;">Agent</font>")</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(7)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</font>, as security agent for the Secured Parties (the "<font style="font-weight: bold;">Security Agent</font>")</div>
            </td>
          </tr>

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      <div>&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">BACKGROUND</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">The Lenders (hereinafter defined) have agreed to make available to the Initial Borrowers a committed facility of up to $16,500,000 in two Initial Advances for the purposes of:</div>
      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">re-financing Initial Ship A;</div>
            </td>
          </tr>

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      <div>&#160;</div>
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            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">financing part of the acquisition cost of Initial Ship B;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
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          <tr>
            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(C)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">funding the Restricted Cash Accounts and, if required, the Earnings Accounts and the Dry Dock Reserve Accounts of the Initial Borrowers; and</div>
            </td>
          </tr>

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      <div>&#160;</div>
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          <tr>
            <td style="width: 35.45pt; vertical-align: top; color: #000000;">(D)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">paying fees under the Finance Documents.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">The Lenders have further agreed to make available to the Borrowers an uncommitted facility of $75,000,000 (or such higher amount as may be agreed between the Facility Agent and the Borrowers) for the
        purpose of, amongst other matters, financing or re-financing part of the acquisition cost of any Additional Ships.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">OPERATIVE PROVISIONS</div>
      <div>&#160;<br>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
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        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 1</div>
        <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">INTERPRETATION</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">DEFINITIONS AND INTERPRETATION</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Definitions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In this Agreement:</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Accession Deed</font>" means an accession deed substantially in the form set out in Schedule 9 (<font style="font-style: italic;">Form of
            Accession Deed</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="color: #000000;">"</font><font style="font-weight: bold; color: #000000;">Account Bank</font><font style="color: #000000;">" means (i) in relation to the Earnings Accounts, </font>Joh.



          Berenberg, Gossler &amp; Co. KG<font style="color: #000000;"> acting through its office at </font>Hamburg, Germany<font style="color: #000000;"> and (ii) in relation to the Restricted Cash Accounts and the Dry Dock Reserve Accounts, Macquarie
            Bank Limited acting through its London branch at Ropemaker Place, 28 Ropemaker Street, London EC2Y 9HD or any replacement bank or other financial institution as may be approved by the Facility Agent acting with the authorisation of the Majority
            Lenders.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Account Security</font>" means a document creating Security over any Account in agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Accounts</font>" means the Earnings Accounts, the Restricted Cash Accounts and the Dry Dock Reserve Accounts.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Additional Borrower</font>" means, any company which is a wholly directly owned Subsidiary of the Guarantor, approved by the Lenders and which
          becomes an Additional Borrower in accordance with Clause 2.2 (<font style="font-style: italic;">Upsize option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Additional Ship</font>" means any vessel which is a Qualifying Ship and is refinanced or financed in part by an increase in the Commitment
          pursuant to Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) and which becomes subject to a Mortgage, a General Assignment, a Deed of Covenant (if applicable) and any other relevant Security Document required by the Facility
          Agent.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Advance</font>" means an Initial Advance or an Upsize Advance.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Affiliate</font>" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of
          that Holding Company.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">AIS</font>" means a Ship's automatic identification system.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Broker</font>" means any firm or firms of insurance brokers approved in writing by the Facility Agent, acting with the authorisation of
          the Majority Lenders.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Capex Budget</font>" has the meaning given to it in sub-paragraph (iv) of paragraph (a) of Clause 20.2 (<font style="font-style: italic;">Financial information</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Classification</font>" means in relation to an Initial Ship, as at the date of this Agreement, the classification in relation to that
          Initial Ship specified in Schedule 7 (<font style="font-style: italic;">Details of the Initial Ships</font>) or, in the case of an Additional Ship, as notified to the Facility Agent pursuant to sub-paragraph (iii) of paragraph (a) of Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) or, in either case, the equivalent classification with another Approved Classification Society.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Classification Society</font>" means in relation to an Initial Ship, as at the date of this Agreement, the Classification Society in
          relation to that Initial Ship specified in Schedule 7 (<font style="font-style: italic;">Details of the Initial Ships</font>) or, in the case of an Additional Ship, as notified to the Facility Agent pursuant to sub-paragraph (iii) of paragraph
          (a) of Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) or, in either case, any other classification society approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
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            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Commercial Manager</font>" means in relation to an Initial Ship, as at the date of this Agreement, the manager specified as the approved
          commercial manager in relation to that Initial Ship in Schedule 7 (<font style="font-style: italic;">Details of the Initial Ships</font>) or, in the case of an Additional Ship, as notified to the Facility Agent pursuant to sub-paragraph (iii) of
          paragraph (a) of Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>), or, in either case, any other person approved in writing by the Facility Agent acting with the authorisation of the Lenders as the commercial manager of that
          Ship.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Flag</font>" means in relation to an Initial Ship, as at the date of this Agreement, the flag in relation to that Ship specified in
          Schedule 7 (<font style="font-style: italic;">Details of the Initial Ships</font>) or, in the case of an Additional Ship, as notified to the Facility Agent pursuant to sub-paragraph (iii) of paragraph (a) of Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) or, in either case, any other flag approved in writing by the Facility Agent acting with the authorisation of the Lenders.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Insurers</font>" means insurance companies and/or underwriters rated BBB+ or higher by Standard &amp; Poor's Rating Services or Fitch
          Ratings Ltd or Baa1 or higher by Moody's Investors Service Limited or with a comparable rating from an internationally recognised credit rating agency and, in the case of protection and indemnity risks, such insurance company or companies and/or
          underwriters being in the International Group of P&amp;I Clubs.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Manager</font>" means, in relation to a Ship, the Approved Commercial Manager or the Approved Technical Manager of that Ship.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Opex Budget</font>" has the meaning given to it in sub-paragraph (iii) of paragraph (a) of Clause 20.2 (<font style="font-style: italic;">Financial information</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Approved Technical Manager</font>" means in relation to an Initial Ship, as at the date of this Agreement, the manager specified as the approved
          technical manager in relation to that Initial Ship in Schedule 7 (<font style="font-style: italic;">Details of the Initial Ships</font>) or, in the case of an Additional Ship, as notified to the Facility Agent pursuant to sub-paragraph (iii) of
          paragraph (a) of Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) or, in either case, any other person approved in writing by the Facility Agent acting with the authorisation of the Lenders as the technical manager of that
          Ship.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="color: #000000;">"</font><font style="font-weight: bold; color: #000000;">Approved Valuer</font><font style="color: #000000;">" </font>means Clarksons, Braemar ACM, SSY,
          VesselsValue.com and Arrow (or any Affiliate of such <font style="color: #000000;">person through which valuations are commonly issued or any successor firm) and any other firm or firms of independent sale and purchase shipbrokers agreed between
            the Borrowers and the Facility Agent, acting with the authorisation of the Majority Lenders.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Article 55 BRRD</font>" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions
          and investment firms.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Assignable Charter</font>" means any Charter in respect of a Ship of at least 12 consecutive months or capable of exceeding 12 months including
          any optional extensions but excluding any customary redelivery windows of up to 45 days;</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Assignment Agreement</font>" means an agreement substantially in the form set out in Schedule 5 (<font style="font-style: italic;">Form of
            Assignment Agreement</font>) or any other form agreed between the relevant assignor and assignee.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Authorisation</font>" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or
          registration.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Availability Period</font>" means:</div>
        <div>&#160;</div>
        <table id="zf5199a50926d4be6a91c9706fb34f9bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to the Commitment as at the date of this Agreement, the period from and including the date of this Agreement to and including the date falling 60 days after the date of this Agreement;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z3903470215ca4e1c8362e6f4eac97869" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to the Commitment in respect of an Upsize, the period determined by the Facility Agent and specified in the Upsize Confirmation,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">or, in either case, any such later date as may be agreed in writing between the Borrowers and the Facility Agent.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Available Commitment</font>" means a Lender's Commitment minus:</div>
        <div>&#160;</div>
        <table id="z576d1c7756b04322abe88bb714508b7e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amount of its participation in the outstanding Loan; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z8fb13080094b458789e8fccabe37b87d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any proposed Utilisation, the amount of its participation in any Advance that is due to be made on or before the proposed Utilisation Date.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Available Facility</font>" means the aggregate for the time being of each Lender's Available Commitment (which, for the avoidance of doubt, shall
          include such amount of the Upsize Amount as has become available in accordance with Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) at any relevant time).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Bail-In Action</font>" means the exercise of any Write-down and Conversion Powers.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Bail-In Legislation</font>" means:</div>
        <div>&#160;</div>
        <table id="z41e49f0f9b4143789b9186a5a0349847" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BBRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from
                  time to time; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf1700edcac0a45f4bb9a895c1a27f1e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any state other than such an EEA Member Country or the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion
                  Powers contained in that law or regulation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Bill of Sale</font>" means the bill of sale to be delivered by the relevant Seller to the relevant Borrower under the terms of the relevant MOA.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">BMP5</font>" means the Best Management Practice guide jointly released on 28 June 2018 by BIMCO, the International Chamber of Shipping, the
          International Group of P&amp;I Clubs, INTERTANKO and the Oil Companies International Marine Forum.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Borrower</font>" means the Initial Borrowers or any Additional Borrower and "<font style="font-weight: bold;">Borrowers</font>" means all of
          them.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Break Costs</font>" means:</div>
        <div>&#160;</div>
        <table id="zbe2b93c3a30740508a9a6effda19f00d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">where a Fixed Rate does not apply in respect of an Advance:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z7d9234b57b2d484c8654e08f1f4042c1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the interest (excluding Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or that Unpaid Sum to the last day of the current
                  Interest Period in relation to the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">exceeds</div>
        <div>&#160;</div>
        <table id="zf36601a222954d37816f5435ffcb7855" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day
                  following receipt or recovery and ending on the last day of the current Interest Period; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z6832fffd4ccd4276bcbeb8bdcf0af551" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of an Advance to which a Fixed Rate applies at the time, the amount of any expenses which a Lender is charged by its treasury department as a result of (i) that Advance being repaid or prepaid either
                  in whole or in part other than in accordance with the relevant Repayment Schedule or (ii) an Unfixing.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Business Day</font>" means a day (other than a Saturday or Sunday) on which banks are open for general business in London and New York and in
          relation to the fixing of an interest rate which is a RFR Banking Day.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">BWM Convention</font>" means the International Convention for the Control and Management of Ships' Ballast Water and Sediments, 2004, as the same
          may be amended or supplemented from time to time.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Charter</font>" means in relation to a Ship, any charter including without limitation an Assignable Charter relating to that Ship, or other
          contract for its employment, whether or not already in existence.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Charterparty Assignment</font>" means in relation to a Ship, the assignment creating security over the rights of the relevant Borrower under any
          Assignable Charter and any Charter Guarantee relative thereto in agreed form which shall be notified to, and acknowledged by, the relevant charterer.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Charter Guarantee</font>" means any guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting a Charter.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Code</font>" means the US Internal Revenue Code of 1986.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Commercial Management Agreement</font>" means each agreement entered into between a Borrower and the Approved Commercial Manager regarding the
          commercial management of a Ship.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Commitment</font>" means:</div>
        <div>&#160;</div>
        <table id="z460ef971739a4b9cabf727506bd04236" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to an Original Lender, the amount set opposite its name under the heading "Commitment" in Part B of Schedule 1 (<font style="font-style: italic;">The Parties</font>) and the amount of any other
                  Commitment transferred to it under this Agreement; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z6c6e9cea89c24aa0b5c8d03263f718fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">in each case as may be increased by the amount of the Upsize that that Lender has committed to make available pursuant to Clause 2.2 (<font style="font-style: italic;">Upsize
            Option</font>) and to the extent not cancelled, reduced or transferred by it under this Agreement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Compliance Certificate</font>" means a compliance certificate in the form set out in Schedule 12 (<font style="font-style: italic;">Form of
            Compliance Certificate</font>).</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Confidential Information</font>" means all information relating to any Transaction Obligor, the Finance Documents or the Facility of which a
          Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility
          from either:</div>
        <div>&#160;</div>
        <table id="zf7fabab1005f49ceab8194debd224cd4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Transaction Obligor or any of its advisers; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zdcb3087165c240548a91063bbc47aaa8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any Transaction Obligor or any of its advisers,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived
          or copied from such information but excludes:</div>
        <div>&#160;</div>
        <table id="z569f825b5855409392ecc4bf69688a8f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">information that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zcd121b8c01fc4158a6bbddd142604cfe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 43 (<font style="font-style: italic;">Confidential Information</font>); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z5fd5d5216a9f486a8325768a77f31169" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is identified in writing at the time of delivery as non-confidential by any Obligor or any of its advisers; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z2e4573609d7a42d78f298a77f10a809d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(C)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source
                  which, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z23f8d5dec4fc40f3bd17db648e6fd65d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Funding Rate.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Confidentiality Undertaking</font>" means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to
          time or in any other form agreed between the Borrowers and the Facility Agent.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Corresponding Debt</font>" means any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection with
          the Finance Documents.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Deed of Covenant</font>" means in relation to a Ship and where (in the opinion of the Facility Agent) it is appropriate in the context of the
          relevant Approved Flag, the Deed of Covenant collateral to the Mortgage over that Ship and creating Security over that Ship in agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Default</font>" means an Event of Default or a Potential Event of Default.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Delegate</font>" means any delegate, agent, attorney or co-trustee appointed by the Security Agent.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Delivery Date</font>" means, in respect of a relevant Ship, the date on which that Ship is delivered from the relevant Seller to the relevant
          Borrower (as buyer) pursuant to the terms of the MOA.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Disruption Event</font>" means either or both of:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or
                  otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties or, if applicable, any Transaction Obligor; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
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        </div>
        <table id="zdf593bd6810e4f53a0dba9dbd31296af" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party or, if applicable, any Transaction Obligor preventing
                  that, or any other, Party or, if applicable, any Transaction Obligor:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z74a00ab9b175483b878363bbd0b6473c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">from performing its payment obligations under the Finance Documents; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">from communicating with other Parties or, if applicable, any Transaction Obligor in accordance with the terms of the Finance Documents,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and which (in either such case) is not caused by, and is beyond the control of, the Party or, if applicable, any Transaction Obligor whose operations are disrupted.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Document of Compliance</font>" has the meaning given to it in the ISM Code.</div>
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        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">dollars</font>" and "<font style="font-weight: bold;">$</font>" mean the lawful currency, for the time being, of the United States of America.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Dry Dock Reserve Account</font>" means, in relation to a Borrower, an account in the name of that Borrower with the relevant Account Bank and
          designated "[<font style="font-style: italic;">name of Borrower</font>] - Dry Dock Reserve Account".</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Earnings</font>" means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to a
          Borrower or the Security Agent and which arise out of or in connection with or relate to the use or operation of that Ship, including (but not limited to):</div>
        <div>&#160;</div>
        <table id="ze75ef4ee98274ec08cd70a69b5587260" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the following, save to the extent that any of them is, with the prior written consent of the Facility Agent, pooled or shared with any other person:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z2a07ca75497c4c3b8f8c1e1879019cad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all freight, hire and passage moneys including, without limitation, all moneys payable under, arising out of or in connection with a Charter or a Charter Guarantee;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zbfd0e43bca9345be8495a9a97c425a1a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the proceeds of the exercise of any lien on sub-freights;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z13f2c1a3314b421db4d34b758e5c3c11" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">compensation payable to a Borrower or the Security Agent in the event of requisition of that Ship for hire or use;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zc927fc2f531346feb6e41aa030e6e886" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">remuneration for salvage and towage services;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">demurrage and detention moneys;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zee25fcd2f25347c7917a147654f51781" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">without prejudice to the generality of sub-paragraph (i) above, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zeb34c423002040e1a22f880d5e816199" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(vii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all moneys which are at any time payable under any Insurances in relation to loss of hire;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z6bb1ed11d3334788af6b365a5b15ee58" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(viii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all monies which are at any time payable to a Borrower in relation to general average contribution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z01d2cd95bb274e09b5fdbd056152f949" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if and whenever that Ship is employed on terms whereby any moneys falling within sub-paragraphs (i) to (viii) of paragraph (a) above are pooled or shared with any other person, that proportion of the net
                  receipts of the relevant pooling or sharing arrangement which is attributable to that Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Earnings Account</font>" means, in relation to a Borrower:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an account in the name of that Borrower with the relevant Account Bank designated "[<font style="font-style: italic;">name of Borrower</font>] - Earnings Account";</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zd5cc28520f80442999e76ea5b08b8979" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other account in the name of that Borrower with the relevant Account Bank which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a)
                  above, irrespective of the number or designation of such replacement account; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zd4a0a6342e0b43d3b87115e3bc60f4d7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any sub-account of any account referred to in paragraphs (a) or (b) above.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">EEA Member Country</font>" means any member state of the European Union, Iceland, Liechtenstein and Norway.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Environmental Approval</font>" means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Environmental Claim</font>" means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an
          Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, "<font style="font-weight: bold;">claim</font>" includes a claim for damages, compensation, contribution, injury, fines,
          losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain
          action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Environmental Incident</font>" means:</div>
        <div>&#160;</div>
        <table id="zb2caf2251168416baf9db0d95c7fc67a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any release, emission, spill or discharge of Environmentally Sensitive Material whether within a Group Ship or from a Group Ship into any other vessel or into or upon the air, sea, land or soils (including the
                  seabed) or surface water; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z8e926608273c4b3ba3cd4a05ca1ac9bb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed) or surface water from a vessel other than any
                  Group Ship and which involves a collision between any Group Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Group Ship is actually or potentially liable to be
                  arrested, attached, detained or injuncted and/or a Group Ship and/or any Transaction Obligor and/or any operator or manager of a Group Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zd30697454ca7429a92fec0dcc6ca5b2c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed) or surface water otherwise than from a
                  Group Ship and in connection with which a Group Ship is actually or potentially liable to be arrested and/or where any Transaction Obligor and/or any operator or manager of a Group Ship is at fault or allegedly at fault or otherwise
                  liable to any legal or administrative action.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Environmental Law</font>" means any present or future law relating to pollution or protection of human health or the environment, to conditions
          in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
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        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Environmentally Sensitive Material</font>" means and includes all contaminants, oil, oil products, toxic substances and any other substance
          (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">EU Bail-In Legislation Schedule</font>" means the document described as such and published by the LMA from time to time.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Event of Default</font>" means any event or circumstance specified as such in Clause 26 (<font style="font-style: italic;">Events of Default</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Facility</font>" means the term loan facility made available under this Agreement as described in Clause 2 (<font style="font-style: italic;">The
            Facility</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Facility Office</font>" means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a
          Lender (or, following that date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">FATCA</font>" means:</div>
        <div>&#160;</div>
        <table id="z3f53f12cadbc4b1f89e2ef0852f8b619" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">sections 1471 to 1474 of the Code or any associated regulations;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf1dbea7719ce4373a8f3c2984682c576" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law
                  or regulation referred to in paragraph (a) above; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zdba03af1037947c39c8c4e2bc77356e9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
                  authority in any other jurisdiction.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">FATCA Application Date</font>" means:</div>
        <div>&#160;</div>
        <table id="zd1ee02849bed4e62b65c42b0d061e3fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
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              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding
                  required by FATCA.</div>
              </td>
            </tr>

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        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">FATCA Deduction</font>" means a deduction or withholding from a payment under a Finance Document required by FATCA.</div>
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        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">FATCA Exempt Party</font>" means a Party that is entitled to receive payments free from any FATCA Deduction.</div>
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        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Fee Letter</font>" means any letter or letters dated on or about the date of this Agreement between any of the Arranger, the Facility Agent and
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        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Finance Document</font>" means:</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">this Agreement (including each Repayment Schedule);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each Fee Letter;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each Utilisation Request;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each Security Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(e)</td>
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                <div style="color: #000000;">any Subordination Agreement;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document which is executed for the purpose of establishing any priority or subordination arrangement in relation to the Secured Liabilities;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Accession Deed;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document which is executed for the purpose of an Upsize; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document designated as such by the Facility Agent and the Borrowers.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Finance Party</font>" means the Facility Agent, the Security Agent, the Arranger, the Account Bank in respect of the Restricted Cash Accounts and
          the Dry Dock Reserve Accounts or a Lender.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Financial Indebtedness</font>" means any indebtedness for or in relation to:</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">moneys borrowed;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zeae340da98e24e7583772c089222cb71" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z4e1ac508b3d44e31a62571b4dc525687" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amount of any liability in relation to any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z5588e01724184abc9587bdd48c8d22c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z616a2fecf9694a4ba62e52999168d210" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any amount raised under any other transaction (including any forward sale or purchase agreement or trade credit) of a type not referred to in any other paragraph of this definition having the commercial effect
                  of a borrowing;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to
                  market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="ze54eadd6925f4b9b9a96d5366c415c02" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amount of any prospective or contingent liability in relation to any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Fixed Rate</font>" has the meaning given to that term in paragraph (d) of Clause 8.2 (<font style="font-style: italic;">Fixed Rate Option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Fixed Rate Option</font>" has the meaning given to that term in paragraph (a) of Clause 8.2 (<font style="font-style: italic;">Fixed Rate Option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Fixed Rate Period</font>" has the meaning given to that term in paragraph (a) of Clause 8.2 (<font style="font-style: italic;">Fixed Rate Option</font>).</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Funding Rate</font>" means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (ii) of paragraph (a) of
          Clause 10.3 (<font style="font-style: italic;">Cost of funds</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="color: #000000;">"</font><font style="font-weight: bold; color: #000000;">GAAP</font><font style="color: #000000;">" means generally accepted accounting principles in </font>the
          United States and IFRS.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">General Assignment</font>" means, in relation to a Ship, the general assignment creating Security over that Ship's Earnings, its Insurances and
          any Requisition Compensation in relation to that Ship in agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Group</font>" means Icon Energy and its Subsidiaries from time to time and <font style="font-weight: bold;">"member of the Group"</font> shall
          be construed accordingly.</div>
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        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Group Ship</font>" means any vessel that is owned or operated by a member of the Group.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Holding Company</font>" means, in relation to a person, any other person in relation to which it is a Subsidiary.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Hong Kong Convention</font>" means the International Maritime Organisation's convention for the Safe and Environmentally Sound Recycling of
          Ships, 2009 together with the guidelines to be issued by the International Maritime Organisation in connection with such convention.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="color: #000000;">"</font><font style="font-weight: bold; color: #000000;">Icon Energy</font><font style="color: #000000;">" means </font>ICON ENERGY CORP., a corporation
          incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands<font style="color: #000000;">.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">IFRS</font>" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant
          financial statements.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Indemnified Person</font>" has the meaning given to it in Clause 14.2 (<font style="font-style: italic;">Other indemnities</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Indicative Fixed Rate</font>" has the meaning given to that term in paragraph (b) of Clause 8.2 (<font style="font-style: italic;">Fixed Rate
            Option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Advance</font>" means a borrowing of all or part of the Facility (other than an Upsize Amount) under this Agreement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Advance A</font>" means the borrowing of part of the Facility in respect of Initial Ship A.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Advance B</font>" means the borrowing of part of the Facility in respect of Initial Ship B.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Borrower</font>" means each of Initial Borrower A and Initial Borrower B and in the plural means both of them.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Market Value</font>" means, in relation to a Ship, the Market Value of that Ship calculated in accordance with the valuations relative
          thereto referred to in paragraph 2.5 of Part B of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>) or paragraph 5.5 of Part C of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and
            Subsequent</font>) (as applicable).</div>
        <div>&#160;</div>
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          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
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        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial</font>&#160;<font style="font-weight: bold;">Permitted Distribution</font>" means a payment by the Initial Borrowers to the Guarantor or as
          directed by the Guarantor in an amount equal to the balance of Initial Advance A remaining after applications and payments of:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amount required to fund the Earnings Accounts, Dry Dock Reserve Accounts and Restricted Cash Accounts pursuant to Clause 25 (<font style="font-style: italic;">Accounts, Application of Earnings</font>); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z68268f77f6fb44e8a84109ae3c811a1e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any fees, commissions, costs and expenses due and payable by the Borrowers pursuant to Clause 11 (<font style="font-style: italic;">Fees</font>) and Clause 16 (<font style="font-style: italic;">Costs and
                    Expenses</font>) on the relevant Utilisation Date,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">plus any amount received by Initial Borrower B from charterers for bunkers at the time of the sale of Ship B.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial</font>&#160;<font style="font-weight: bold;">Permitted Distribution Criteria</font>" means, in relation to the Initial Permitted Distribution,
          the following conditions:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">such Initial Permitted Distribution is made (i) in respect of Borrower A, no later than 14 days after the relevant Utilisation Date and (ii) in respect of Borrower B, no later than 30 days after the relevant
                  Utilisation Date;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z7ad761f71bf54e98bc4487448b2a1140" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent has confirmed in writing before the payment of such Initial Permitted Distribution that it is satisfied that the aggregate balance on the relevant Earnings Accounts less any Net Trade Payables
                  will be at least the amount required pursuant to Clause 25.2(b) (<font style="font-style: italic;">Payment of Earnings, starting working capital amount</font>) immediately following the making or payment of such Initial Permitted
                  Distribution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default has occurred and is continuing or would occur as a result of the making or payment of such Initial Permitted Distribution.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Ship</font>&#160;<font style="font-weight: bold;">A</font>" means m.v. "ALFA", details of which are set out opposite its name in Schedule 7 (<font style="font-style: italic;">Details of the Ships</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Ship</font>&#160;<font style="font-weight: bold;">B</font>" means m.v. "BELLEMAR" (tbr "BRAVO") details of which are set out opposite its name
          in Schedule 7 (<font style="font-style: italic;">Details of the Ships</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Initial Ships</font>" means each of Initial Ship A and Initial Ship B and in the plural means both of them.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Insurances</font>" means, in relation to a Ship:</div>
        <div>&#160;</div>
        <table id="z4815a4f45cc440aaa6f0ca9b54aea0ff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, effected in relation to that Ship, that Ship's Earnings or otherwise in relation
                  to that Ship whether before, on or after the date of this Agreement; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="za39d08185c094655be732954ee596df0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including any rights to a return of premium and any rights in relation to any claim whether or not the
                  relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Interest Period</font>" means, in relation to the Loan or any part of the Loan, each period determined in accordance with Clause 9 (<font style="font-style: italic;">Interest Periods</font>) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.4 (<font style="font-style: italic;">Default interest</font>).</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">15</font></div>
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            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Interpolated Term SOFR</font>" means, in relation to an Advance or any part of it (as the case may be), the rate (rounded to the same number of
          decimal places as Term SOFR) which results from interpolating on a linear basis between:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">either:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z7a43a97801544c8fb7e5e4a64201e1b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the applicable Term SOFR (as of the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Advance or any part of it (as the case may be); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="za704fb2f551143d6b91b300f062d7966" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if no such Term SOFR is available for a period which is less than the Interest Period of that Advance or any part of it (as the case may be), RFR for the day which is two RFR Banking Days before the relevant
                  Quotation Day; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z69baed5ba41f4c14b514da35c8a249f6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the applicable Term SOFR (as of the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds that Interest Period of that Advance or any part of it (as the case may be).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Inventory of Hazardous Materials</font>" means a statement of compliance issued by a classification society being a member of the International
          Association of Classification Societies (IACS) which includes a list of any and all materials known to be potentially hazardous utilised in the construction of a Ship together with their respective location and approximate quantities as required
          by Regulation 5 (<font style="font-style: italic;">Inventory of Hazardous Materials</font>) of the Hong Kong Convention (or any similar statement of compliance required under any other applicable recycling regulations).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">ISM Code</font>" means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the
          guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">ISPS Code</font>" means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's
          (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">ISSC</font>" means an International Ship Security Certificate issued under the ISPS Code.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Lender</font>" means:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Original Lender; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zcfae4ab20d8c450f989576dcc42e8844" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with Clause 27 (<font style="font-style: italic;">Changes to the Lenders</font>),</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">which in each case has not ceased to be a Party in accordance with this Agreement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Limitation Acts</font>" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">LMA</font>" means the Loan Market Association or any successor organisation.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Loan</font>" means the loan to be made available under the Facility or the aggregate principal amount outstanding for the time being of the
          borrowings under the Facility and a "<font style="font-weight: bold;">part of the Loan</font>" means an Advance or any other part of the Loan as the context may require.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">16</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Loan Value Ratio</font>" means the percentage ratio of:</div>
        <div>&#160;</div>
        <table id="z8fb52a3f558b4dfca95618a0995be4db" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amount of the Loan then outstanding (plus, during a Fixed Rate Period only, any Break Costs that would be payable if the whole of the Loan were to be repaid or prepaid at that time) less any amount held in
                  the Restricted Cash Accounts which has been provided under paragraph (b) of Clause 24.2 (<font style="font-style: italic;">Provision of additional security; prepayment</font>);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">to</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the aggregate of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z14b14fc754b14355bf9956f36d888c87" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Market Value of the Ships then subject to a Mortgage;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z27853875e64649e3b18c3c357850a00a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amounts standing to the credit of the Restricted Cash Accounts (but excluding any amount held in the Restricted Cash Accounts which has been provided under paragraph (b) of Clause 24.2 (<font style="font-style: italic;">Provision of additional security; prepayment</font>)); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf31205099d2e427ca0256dfa57d14b7d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the net realisable value of additional Security previously provided under Clause&#160;24 (<font style="font-style: italic;">Loan Value Ratio</font>) (but excluding any amount held in the Restricted Cash Account which
                  has been provided under paragraph (b) of Clause 24.2 (<font style="font-style: italic;">Provision of additional security; prepayment</font>)).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="color: #000000;">"</font><font style="font-weight: bold; color: #000000;">Major Casualty</font><font style="color: #000000;">" means in relation to a Ship any casualty to that Ship
            in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $</font>750,000<font style="color: #000000;"> or the equivalent in any other currency.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Majority Lenders</font>" means:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if no Advance has yet been made, a Lender or Lenders whose Commitments aggregate more than 66&#8532; per cent. of the Total Commitments; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zc39a286154584398aadf327a45dbe04f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66&#8532; per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender
                  or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than 66&#8532; per cent. of the Loan immediately before such repayment.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Management Agreement</font>" means a Technical Management Agreement or a Commercial Management Agreement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Manager's Undertaking</font>" means the letter of undertaking from the Approved Technical Manager and the letter of undertaking from the Approved
          Commercial Manager subordinating the rights of the Approved Technical Manager and the Approved Commercial Manager respectively against each Ship and each Borrower to the rights of the Finance Parties and assigning the rights of the Approved
          Technical Manager and the Approved Commercial Manager respectively in the Insurances of each Ship to the Finance Parties in agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Margin</font>" means:</div>
        <div>&#160;</div>
        <table id="z3444e984479746d58c63f7815a6954bd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">in relation to each Initial Advance, </font>3.95 per cent.<font style="color: #000000;"> per annum; and</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zc383e6750cdd4fedb12a4e168c74235c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to each Upsize Advance, the rate notified by the Facility Agent to the Borrowers pursuant to paragraph (c) of Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) in connection with
                  the relevant Upsize.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">17</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Market Disruption Rate</font>" means the Reference Rate.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Market Value</font>" means, in relation to a Ship or any other vessel, at any date, an amount in dollars determined by the Facility Agent as
          being an amount equal to:</div>
        <div>&#160;</div>
        <table id="z13bb84fac669453591819a2db8017ff9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the market value of that Ship or vessel conclusively determined by the arithmetic average of two valuations prepared for and addressed to the Facility Agent:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zbee1b7dbb4074373b3e918bd7b3cdb32" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as at a date not more than 15 Business Days previously;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="za440e91a121a42f397a56ff1262ddff2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by two Approved Valuers selected by the Facility Agent;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z76264b2aa4084a21890f4668f9f0ac26" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in dollars;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z1a6f185e117c4f6aa1c410a87689c652" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">with or without (as the Facility Agent may require):</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z8bd5616a6bd94ec79e81a12cf8142a5b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">physical inspection of that Ship or vessel; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z1fe0849df2f3434d9880ceea1aaaa1a5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">regard to any physical inspection report provided by the Facility Agent to the Approved Valuer; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z2fd1a4638aa944ab98b8ec508ec13ac9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any Charter,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">less</div>
        <div>&#160;</div>
        <table id="zb6324c8c70af447bb6bfa926979bb4ba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an amount determined by the Facility Agent acting with the authorisation of the Majority Lenders as being an amount equal to the amount of the usual and reasonable expenses which would be reasonably likely to be
                  incurred in connection with a sale described in sub-paragraph (v) of paragraph (a) above (capped at one per cent. of such arithmetic average) (provided that no such deduction shall be made in determining the market value of a Ship for the
                  purposes of calculating the amount of the Loan in accordance with paragraph (b) of Clause 5.3 (<font style="font-style: italic;">Currency and amount</font>),</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and, where a valuation is presented as a range of values, the mid-point of the range shall be used for the purposes of calculating such arithmetic average.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Material Adverse Effect</font>" means a material adverse effect on:</div>
        <div>&#160;</div>
        <table id="zeec7ce8a309e4800a0f023ec4e528c89" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the business, operations, property, condition (financial or otherwise) or prospects of any Obligor; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z515704c7be834de9885f9fb9b082b5e0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the ability of any Obligor to perform its obligations under any Finance Document; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zb3db82ed76154e8fa6f1c5678ef59a9c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under
                  any of the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">MOA</font>" means:</div>
        <div>&#160;</div>
        <table id="z3c240cdaffd24a788f334c6267b8fa2a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">in respect of Initial Ship B, the memorandum of agreement dated </font>2 August 2024<font style="color: #000000;"> and entered into by (i) Initial Borrower B as buyer and (ii) the relevant Seller as
                    seller for the sale and purchase of Initial Ship B, and any relevant addenda, if applicable; and</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z477ac27f04534808984914ce64ef90c8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of any relevant Additional Ship, a memorandum of agreement entered or to be entered into between the relevant Additional Borrower as buyer and the relevant Seller as seller for the sale and purchase
                  of the relevant Additional Ship, and any relevant addenda, if applicable.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">18</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Month</font>" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month,
          except that:</div>
        <div>&#160;</div>
        <table id="z5504dbb62d284cdd9eb7afcbe351ab2c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one,
                  or if there is not, on the immediately preceding Business Day;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z72f1006f39fa4be690f2dbed5041616c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z5a5e94b423614dc68be7fb195635b8c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">The above rules will only apply to the last Month of any period.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Mortgage</font>" means, in relation to a Ship, the first priority or preferred (as the case may be) ship mortgage on that Ship in agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Net Trade Payables</font>" means the difference between the aggregate trade payables in respect of a Ship and the aggregate trade receivables in
          respect of a Ship (each as determined by the Facility Agent based on information provided by the Borrowers) provided, however that if the aggregate trade receivables in respect of a Ship exceed the aggregate trade payables in respect of that
          Ship, the Net Trade Payables in respect of such Ship shall be deemed to be zero.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Non-Indemnified Tax</font>" has the meaning given to it in sub-paragraph (i) of paragraph (b) of Clause 12.3 (<font style="font-style: italic;">Tax



            indemnity</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Obligor</font>" means a Borrower or the Guarantor and "<font style="font-weight: bold;">Obligors</font>" means all of them.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="color: #000000;">"</font><font style="font-weight: bold; color: #000000;">Original Financial Statements</font><font style="color: #000000;">" means, in relation to Initial Borrower
            A, its unaudited financial statements for the financial half year ended 30 June 20</font>24<font style="color: #000000;">.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Original Jurisdiction</font>" means:</div>
        <div>&#160;</div>
        <table id="z48b57b870b4e447f85b18c599dc559d6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to an Obligor other than an Additional Borrower, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zeae4aaf6edec40c193ab1a1856c059d7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to an Additional Borrower, the jurisdiction under whose laws that Additional Borrower is incorporated as at the date of the Accession Deed pursuant to which that Additional Borrower becomes a
                  Borrower.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Overseas Regulations</font>" means the Overseas Companies Regulations 2009 (SI 2009/1801).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Parallel Debt</font>" means any amount which an Obligor owes to the Security Agent under Clause&#160;30.2 (<font style="font-style: italic;">Parallel
            Debt (Covenant to pay the Security Agent)</font>) or under that Clause as incorporated by reference or in full in any other Finance Document.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Participating Member State</font>" means any member state of the European Union that has the euro as its lawful currency in accordance with
          legislation of the European Union relating to Economic and Monetary Union.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">19</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Party</font>" means a party to this Agreement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Permitted Charter</font>" means, in relation to a Ship, a Charter:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">which is a time, voyage or consecutive voyage charter;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z5d49f547fddd4b228764d662a50f0992" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the duration of which is not equal to, or does not exceed and is not capable of exceeding, by virtue of any optional extensions, 12 months excluding any customary redelivery allowance of not more than 45 days;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z94c8daf997524874b1e7a194b3225bbc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">which is entered into on <font style="font-style: italic;">bona fide</font> arm's length terms at the time at which that Ship is fixed; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z225975bf943e44319a823ea13430c8a5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to which not more than two months' hire is payable in advance,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and any other Charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Permitted Distribution</font>" means the Initial Permitted Distribution or a withdrawal of an amount standing to the credit of the Earnings
          Accounts made in accordance with paragraph (e) of Clause 25.3 (<font style="font-style: italic;">Application from Earnings Accounts</font>) (which may be used for any purpose including the payment of dividends and the making of distributions).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Permitted Distribution Criteria</font>" means, in relation to a dividend or distribution by a Borrower (other than the Initial Permitted
          Distribution), that:</div>
        <div>&#160;</div>
        <table id="z53c05a9be1f64d2c8b03ca85338dfc6c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent has confirmed to the Borrowers in writing before the making or payment of such dividend or distribution that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zb541fb6c88844b5eb1aa98949cf1d718" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">the Loan Value Ratio is less than </font>55<font style="color: #000000;"> per cent. immediately before the proposed dividend or distribution is made;</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z5fe75d6daf964757b003078c9ba9d490" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent is satisfied that the Ships are forecasted to be trading at levels such that (A) the sum of (1) the aggregate starting balance of the Earnings Accounts, (2) the projected Earnings for the next
                  12 months less (3) the Net Trade Payables less (4) the proposed dividend or distribution, is sufficient to fund all projected opex, capex reserving and debt service of the Borrowers and the Ships for the next 12 months and (B) the
                  Borrowers will not have any future liquidity issues for the next 12 months if the proposed dividend or distribution is made; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z9868fd219b704ddcabb13179a518b3a9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">immediately after the making or payment of such dividend or distribution, the aggregate balance standing to the credit of the Earnings Accounts less aggregate Net Trade Payables in respect of the Ships is
                    not less than $</font>250,000 per Ship<font style="color: #000000;">;</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z71efbcf8270643f395a344f42b570c05" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Borrower is due to make any repayment of a balloon instalment within 6 months from the date of the proposed dividend or distribution unless a refinancing plan satisfactory to the Facility Agent in all
                  respects is in place; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z9a961c20ef9548fdb75e10d6a7fd59b1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default has occurred and is continuing or would occur as a result of the making or payment of such dividend or distribution.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">For the purpose of the calculation under (a)(ii):</div>
        <div>&#160;</div>
        <table id="zebfe43fd71534ee994ac0b99036338e5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">projected earnings shall be determined by the Facility Agent using the rates of any contracted employment and otherwise the prevailing 1 year time charter rates for vessels similar to the Ships as quoted by
                  Clarksons or other reputable market sources reasonably selected by the Facility Agent if Clarksons is not available;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">20</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table id="zf76a614b9f9c4aadb7df91fad4d33248" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">projected opex and capex reserving shall be determined by the Facility Agent by reference to the Approved Opex Budget and the Approved Capex Budget, respectively;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="ze7f90b2023e94c26afe8d10a5dd0c2df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">projected debt service shall be determined by the Facility Agent by reference to this Agreement; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zffc5527d9c054583891aec5aa1b5b2d9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent shall be deemed to be reasonably satisfied that the Borrowers will not have any future liquidity issues if throughout the next 12 months the net balance of the Earnings Accounts (after taking
                  into account each of the foregoing) is projected to be at least $250,000 per Ship at all times.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Permitted</font>&#160;<font style="font-weight: bold;">Financial</font>&#160;<font style="font-weight: bold;">Indebtedness</font>" means:</div>
        <div>&#160;</div>
        <table id="z00d363c4281e4735adafdc889e57dbb3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Financial Indebtedness incurred under the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z28dcccc4be5546629e0bbe01b125659b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination Agreement or otherwise and which is, in the case of any such
                  Financial Indebtedness of a Borrower, the subject of Subordinated Debt Security (including, without limitation, any intra-Borrower Financial Indebtedness incurred by a Borrower from the transfer of balances between the Earnings Accounts
                  pursuant to Clause 25.2(c) (<font style="font-style: italic;">Payment of Earnings, starting working capital amount</font>)); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z0dc3921bc39b4401b7763b9c29a9f818" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">in respect of a Ship, any Financial Indebtedness in the form of a trade credit incurred by a relevant Borrower in the ordinary course of business up to, in aggregate $</font>500,000 (or such higher amount
                  as may be agreed by the Facility Agent from time to time)<font style="color: #000000;"> and which is paid promptly and in accordance with trade creditor's terms.</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Permitted Security</font>" means:</div>
        <div>&#160;</div>
        <table id="zb55610780ec6485baeadcacb01976a7c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Security created by the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zc515331dba314372949ed5288f990d81" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any netting or set-off arrangement entered into by any Obligor in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances which are approved by the Facility Agent;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="ze9f4fa1c582b4fd9b6e8d535d101f02f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">liens for unpaid master's and crew's wages in accordance with first class ship ownership and management practice;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zcf50688acdbc46fdaaa1d8ddd245ed57" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">liens for salvage;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zd0cd7845fa694849bed8605438695c6f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">liens for master's disbursements incurred in the ordinary course of trading; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z00c41f07e4a747d1b6cc4fa741537b06" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of any Ship and not as a result of any default or omission by a Transaction Obligor,
                  provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 23.15 (<font style="font-style: italic;">Restrictions on chartering, appointment of managers etc.</font>).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Potential Event of Default</font>" means any event or circumstance specified in Clause 26 (<font style="font-style: italic;">Events of Default</font>)
          which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">21</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Prohibited Person</font>" means any person (whether designated by name or by reason of being included in a class of persons) against whom
          Sanctions are directed.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Protected Party</font>" has the meaning given to it in Clause 12.1 (<font style="font-style: italic;">Definitions</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Protocol of Delivery and Acceptance</font>" means a protocol of delivery and acceptance to be executed by the relevant Borrower and the relevant
          Seller pursuant to the terms of the relevant MOA.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Qualifying Ship</font>" means any vessel which has been or will be acquired and financed or refinanced by a Utilisation under any increase in the
          Commitment made pursuant to Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>), and which satisfies the following criteria:</div>
        <div>&#160;</div>
        <table id="zc6da3a5bc5a040f1b4ac2f9150ca8714" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">it shall be registered in the name of an Additional Borrower on an Approved Flag and classed with the highest applicable class notation with an Approved Classification Society and retains full class certificates
                  free of overdue conditions and/or recommendations affecting class; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z35f1c5051bb74a0584179f7b9db83ee4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is otherwise acceptable to the Facility Agent (acting on the instructions of the Lenders, each acting in its absolute discretion).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Quarter End Date</font>" means each of 31 March, 30 June, 30 September and 31 December in each calendar year.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Quotation Day</font>" means, in relation to any period for which an interest rate is to be determined, two RFR Banking Days before the first day
          of that period unless market practice differs in the relevant syndicated loan market in which case the relevant Quotation Day will be determined by the Facility Agent in accordance with that market practice (and if quotations would normally be
          given on more than one day, the relevant Quotation Day will be the last of those days).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Receiver</font>" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Reference Rate</font>" means, in relation to an Advance, any part of the Loan or any Unpaid Sum, the applicable Term SOFR as of the Quotation Day
          and for a period equal in length to the Interest Period of that Advance, that part of that Advance or the relevant Unpaid Sum or as otherwise determined pursuant to Clause 10.1 (<font style="font-style: italic;">Unavailability of Term SOFR</font>),



          and if, in either case, that rate is less than zero, the Reference Rate shall be deemed to be zero.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Related Fund</font>" in relation to a Lender, means a fund which is managed or advised by the same Lender or, if it is managed by a different
          investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the Lender.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Relevant Date</font>" shall have the meaning given in Clause 7.4 (<font style="font-style: italic;">Mandatory prepayment on sale, arrest,
            detention or Total Loss</font>)</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Relevant Documents</font>" means:</div>
        <div>&#160;</div>
        <table id="zaa07d8f4833b42708ac65517236df139" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any MOA;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="ze49adc2abb634fd7bdf91a802a03df36" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Charter; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zb4a2b0efbbd04961aaaa887bced6c57c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document designated as such by the Facility Agent and a Borrower.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Relevant Market</font>" means the market for overnight cash borrowing collateralised by US Government securities.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">22</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Relevant Jurisdiction</font>" means, in relation to a Transaction Obligor:</div>
        <div>&#160;</div>
        <table id="zb5881b8e1a7447c595db3be0088353b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">its Original Jurisdiction;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z34ee879dac184ea09312f5e1573edc47" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security created, or intended to be created, by it is situated;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z1211175cb0eb4827848270c98fa7d00c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any jurisdiction where it conducts its business; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zbfc9bb67e676434796a620c1a0dd6bdd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Repayment Date</font>" means each date on which a Repayment Instalment is required to be paid under Clause 6.1 (<font style="font-style: italic;">Repayment



            of Loan</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Repayment Instalment</font>" means each quarterly repayment instalment and each balloon repayment instalment of an Advance as specified in the
          Repayment Schedule for that Advance.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Repayment Schedule</font>" shall have the meaning given in Clause 6.1 (<font style="font-style: italic;">Repayment of Loan</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Repeating Representation</font>" means each of the representations set out in Clause 19 (<font style="font-style: italic;">Representations</font>)
          except Clause 19.10 (<font style="font-style: italic;">Insolvency</font>), Clause 19.11 (<font style="font-style: italic;">No filing or stamp taxes</font>) and Clause 19.12 (<font style="font-style: italic;">Deduction of Tax</font>) and any
          representation of any Transaction Obligor made in any other Finance Document that is expressed to be a "Repeating Representation" or is otherwise expressed to be repeated.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Representative</font>" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Requisition</font>" means in relation to a Ship:</div>
        <div>&#160;</div>
        <table id="zcd8aed14865446088a0eaa4323f98361" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve a requisition for title) or acquisition of that Ship, whether for full consideration, a consideration
                  less than its proper value, a nominal consideration or without any consideration, which is effected (whether <font style="font-style: italic;">de jure</font> or <font style="font-style: italic;">de facto</font>) by any government or
                  official authority or by any person or persons claiming to be or to represent a government or official authority; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any capture or seizure of that Ship (including any hijacking or theft) by any person whatsoever.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Requisition Compensation</font>" includes all compensation or other moneys payable to a Borrower by reason of any Requisition or any arrest or
          detention of a Ship in the exercise or purported exercise of any lien or claim.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Resolution Authority</font>" means any body which has authority to exercise any Write-down and Conversion Powers.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Restricted Cash Account</font>" means, in relation to each Borrower, an account in the name of that Borrower with the relevant Account Bank and
          designated "[<font style="font-style: italic;">name of Borrower</font>] - Restricted Cash Account".</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Restricted Cash Deposit</font>" means the cash deposit of not less than $250,000.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">RFR</font>" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which
          takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">23</font></div>
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            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">RFR Banking Day</font>" means any day other than:</div>
        <div>&#160;</div>
        <table id="z6c3f1129032145fcbe746974154f4d11" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Saturday or Sunday; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z30983f3d2e4942c8963089ef7484d4b8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of
                  trading in US Government securities.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Safety Management Certificate</font>" has the meaning given to it in the ISM Code.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Safety Management System</font>" has the meaning given to it in the ISM Code.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Sanctions</font>" means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business,
          investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">imposed by law or regulation of the United Kingdom, the Council of the European Union, the European Commission, the United Nations or its Security Council or the United States of America (including the Office of
                  Foreign Assets Control of the US Department of Treasury) or Australia regardless of whether the same is or is not binding on any Transaction Obligor, any Approved Manager or any member of the Group; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zbb00302d94ec4dacb3e80381e22612c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">otherwise imposed by any law or regulation binding on any Transaction Obligor, any Approved Manager or any member of the Group or to which any Transaction Obligor, any Approved Manager or any member of the Group
                  is subject (which shall include without limitation, any extra-territorial sanctions imposed by law or regulation of the United States of America),</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">against any state, natural or legal person, body or entity.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Sanctioned Country</font>" means a country or territory that is, or whose government is, the subject or target of any comprehensive, country-wide
          or territory-wide Sanctions (which, as at the date of this Agreement, includes Cuba, Iran, Syria, North Korea, Venezuela, Belarus, Afghanistan, Burma (Myammar) and the following Russian occupied oblasts of Ukraine, Crimea, Donetsk, Kherson,
          Luhansk and Zaporizhzhia).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Scheduled Event</font>" means an expected drydocking, special survey or ballast water works to be undertaken to a Ship in respect of which there
          is the required cash reserve in the relevant Dry Dock Reserve Account in accordance with Clause 25.5 (<font style="font-style: italic;">Dry Dock Reserve Accounts</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Secured Liabilities</font>" means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or
          severally or in any other capacity whatsoever) of each Transaction Obligor to any Secured Party under or in connection with each Finance Document.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Secured Party</font>" means each Finance Party from time to time party to this Agreement, a Receiver or any Delegate.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Security</font>" means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement
          having the effect of conferring security.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">24</font></div>
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        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Security Assets</font>" means all of the assets of the Transaction Obligors which from time to time are, or are expressed to be, the subject of
          the Transaction Security.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Security Document</font>" means:</div>
        <div>&#160;</div>
        <table id="z5e3aa13bba7a4070bbf5c1e51a4db733" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Shares Security;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Mortgage;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z9ca32831682a473fa9ae854eda19e5be" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Deed of Covenant;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z39c18e54bdd7414ab999c70a6300e81d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any General Assignment;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z03da8475a10e401aaceb923d67d6ed76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Charterparty Assignment;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z8dda245fe23c4486b29e4806882d941b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Manager&#8217;s Undertaking;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z2c5890bd33d34492be5a3ee26ec014c7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Account Security;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zb2d6443d80a34093a312b81ceb9e66e7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Subordinated Debt Security;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z562edcffd641489bb8a71721948d5a6b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document (whether or not it creates Security) which is executed as security for the Secured Liabilities; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document designated as such by the Facility Agent and the Borrowers.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Security Period</font>" means the period starting on the date of this Agreement and ending on the date on which the Facility Agent is satisfied
          that there is no outstanding Commitment and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Security Property</font>" means:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured Parties and all proceeds of that Transaction Security;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z3e4516d6fec7481c90a3c038e8a46db1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction
                  Security together with all representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the Security Agent as trustee for the Secured Parties;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z0a9850108af14c9cbd4d2c7116b8310f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Security Agent's interest in any turnover trust created under the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on
                  trust for the Secured Parties,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">except:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">rights intended for the sole benefit of the Security Agent; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled to do so) has retained in accordance with the provisions of this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Seller</font>" means:</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">25</font></div>
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            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table id="za5b8da1fb582410981e17828e77d0ec8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in respect of Initial Ship B, Marinako Shipping Company Ltd<font style="color: #000000;"> of </font>Cyprus<font style="color: #000000;"> whose registered address is at Archiepiskopou Makariou III 228, Ayios Pavlos Court, Block B, 4th
                    floor, flat/office 411/412, 3030 Limassol, Cyprus; and</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf268d68b27c648998142eafa78658643" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of any Additional Ship, any seller who enters into a MOA with the relevant Additional Borrower for the sale and purchase of that Additional Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Servicing Party</font>" means the Facility Agent or the Security Agent.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Shares Security</font>" means, in relation to a Borrower, a document creating Security over the shares in that Borrower, in agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Ship</font>" means any Initial Ship or any Additional Ship and in plural means all of them.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Social Claim</font>" means any claim or investigation by any governmental, judicial or regulatory authority or any other person which arises out
          of a Social Incident or an alleged Social Incident or which relates to any Social Law and, for this purpose, "claim" includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind;
          an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Social Incident</font>" means:</div>
        <div>&#160;</div>
        <table id="zba848468998b4560bf4a69ab03edae71" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an incident or accident related to a Ship, any Transaction Obligor or any member of the Group:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">resulting in death or serious injury; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="za39e643c1cf146d787f1f55c16ae21bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">which may, following completion of proper investigation by any relevant body or authority, be found to have occurred, wholly or partly, due to material breach or material non-compliance with any Social Law; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="za920702d7a5a496594a9ab1e6052323c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a significant community or worker related grievance or protest related to a Ship, any Transaction Obligor or any member of the Group.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Social Law</font>" means any applicable present or future law relating to human health and safety, labour (and/or the conditions of the
          workplace) or human rights issues.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Specified Time</font>" means a day or time determined in accordance with Schedule 6 (<font style="font-style: italic;">Timetables</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Subordinated Creditor</font>" means:</div>
        <div>&#160;</div>
        <table id="zb9b5bf16dc2e467aabcae8e5e64daa9f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Transaction Obligor; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z900a1172e56d42c7a35540462d0c4439" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other person who becomes a Subordinated Creditor in accordance with this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Subordinated Debt Security</font>" means a Security over Subordinated Liabilities entered into or to be entered into by a Subordinated Creditor
          in favour of the Security Agent in an agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Subordinated Finance Document</font>" means:</div>
        <div>&#160;</div>
        <table id="z73f8907377914640bd6ef55183c1150b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Subordinated Loan Agreement; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">26</font></div>
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            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table id="z7c9bf3167a924408ae0037ff9004aed6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document relating to or evidencing Subordinated Liabilities.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Subordinated Liabilities</font>" means all indebtedness owed or expressed to be owed by the Borrowers to the Subordinated Creditors whether under
          the Subordinated Finance Documents or otherwise.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Subordinated Loan Agreement</font>" means any loan agreement made between (i) a Borrower and (ii) a Subordinated Creditor.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Subordination Agreement</font>" means a subordination agreement entered into or to be entered into by each Subordinated Creditor and the Security
          Agent in agreed form.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;"><font style="font-weight: bold;">"Subsidiary</font>" means a subsidiary within the meaning of section 1159 of the Companies Act 2006.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Tax</font>" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in
          connection with any failure to pay or any delay in paying any of the same).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Tax Credit</font>" has the meaning given to it in Clause 12.1 (<font style="font-style: italic;">Definitions</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Tax Deduction</font>" has the meaning given to it in Clause 12.1 (<font style="font-style: italic;">Definitions</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Tax Payment</font>" has the meaning given to it in Clause 12.1 (<font style="font-style: italic;">Definitions</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Technical Management Agreement</font>" means each agreement entered into between a Borrower and the Approved Technical Manager regarding the
          technical management of a Ship.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Term SOFR</font>" means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes
          over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the
          publication of that rate). Note the disclaimer included at Schedule 11 (<font style="font-style: italic;">Term SOFR CME licence disclaimer</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Termination Date</font>" means:</div>
        <div>&#160;</div>
        <table id="z5cdc09c397264bf4bac450cf3f89a3ff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of the Initial Advances, 31 December 2028; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z0e7b4b51655f41ebb5861d39b36daae4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of any Upsize Advance, the date specified as such in the relevant Upsize Confirmation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Third Parties Act</font>" has the meaning given to it in Clause 1.5 (<font style="font-style: italic;">Third party rights</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="color: #000000;">"</font><font style="font-weight: bold; color: #000000;">Total Commitments</font><font style="color: #000000;">" means the aggregate of the Commitments, being $</font>16,500,000<font style="color: #000000;"> at the date of this Agreement as may be increased by any Upsize.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Total Loss</font>" means in relation to a Ship:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">actual, constructive, compromised, agreed or arranged total loss of that Ship; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zcd6ec551fc0546ec900ecab9c1e374cf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Requisition of that Ship unless that Ship is returned to the full control of the relevant Borrower within 30 days of such Requisition.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Total Loss Date</font>" means, in relation to the Total Loss of a Ship:</div>
        <div>&#160;</div>
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          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">27</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table id="zf943bc5efa0e4ad696f03e7b7767bc65" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of an actual loss of that Ship, the date on which it occurred or, if that is unknown, the date when that Ship was last heard of;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zec7b03128bab41348422b040112d0a62" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earlier of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z026908bb176c45a6ab07f0e15a847b89" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the date on which a notice of abandonment is given to the insurers; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z15c8f82d7394480bbb58fd45bfd935eb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the date of any compromise, arrangement or agreement made by or on behalf of the relevant Borrower with that Ship's insurers in which the insurers agree to treat that Ship as a total loss; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z411ec4a114d842f89a0f4118c9ad748e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of Requisition, 30 days after such Requisition provided that a Ship has not returned to the full control of the relevant Borrower within those 30 days.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Transaction Document</font>" means:</div>
        <div>&#160;</div>
        <table id="z8c7d23b5297e407187ae83e5cd31b454" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Finance Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z2209c1b309ee45aba068fb0ef74df201" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Subordinated Finance Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z6f12993441b648e9be4d5365d9ae0e37" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Charter; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zcf44493fd0a94d8d9d4486d3e5b1940c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document designated as such by the Facility Agent and a Borrower.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Transaction Obligor</font>" means an Obligor or an Approved Manager that is an Affiliate of the Obligors (it being acknowledged that the Approved
          Manager of the Initial Ships at the date of this Agreement is an Affiliate of the Obligors and therefore a Transaction Obligor).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Transaction Security"</font> means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Transfer Certificate</font>" means a certificate in the form set out in Schedule 4 (<font style="font-style: italic;">Form of Transfer
            Certificate</font>) or any other form agreed between the Facility Agent and the Borrowers.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Transfer Date</font>" means, in relation to an assignment or a transfer, the later of:</div>
        <div>&#160;</div>
        <table id="z3e267116bbe147d182a9655ac4a3f517" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z229c9589e55f43c1bfee3085c1325b38" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Unfixing</font>" has the meaning given to that term in paragraph (g) of Clause 8.2 (<font style="font-style: italic;">Fixed Rate Option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Unfixing Notice</font>" has the meaning given to that term in paragraph (g) of Clause 8.2 (<font style="font-style: italic;">Fixed Rate Option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">UK Bail-In Legislation</font>" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United
          Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">UK Establishment</font>" means a UK establishment as defined in the Overseas Regulations.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">28</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Unpaid Sum</font>" means any sum due and payable but unpaid by an Obligor under the Finance Documents.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Upsize</font>" has the meaning given to it in Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Upsize Advance</font>" means a borrowing of all or part of the part of the Facility representing an Upsize Amount under this Agreement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Upsize Amount</font>" means the amount notified by the Facility Agent to the Borrowers in accordance with Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Upsize Confirmation</font>" means a confirmation substantially in the form set out in Part B of Schedule 10 (<font style="font-style: italic;">Form



            of Upsize Confirmation</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Upsize Notice</font>" means a notice substantially in the form set out in Part A of Schedule 10 (<font style="font-style: italic;">Form of Upsize
            Notice</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">US</font>" means the United States of America.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Utilisation</font>" means a utilisation of the Facility.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Utilisation Date</font>" means the date of a Utilisation, being the date on which the relevant Advance is to be made.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Utilisation Request</font>" means a notice substantially in the form set out in Schedule 3 (<font style="font-style: italic;">Utilisation Request</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">VAT</font>" means:</div>
        <div>&#160;</div>
        <table id="zd798acf6d7264a808d3fd1fe206645ad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z808fcf457f224ddfa85c701b19d945e7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Write-down and Conversion Powers</font>" means:</div>
        <div>&#160;</div>
        <table id="z2bb73ef6566f47d889a365e218f3c6b9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation
                  Schedule; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z384e4db403534d7b9d01f63cf758f52d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any other applicable Bail-In Legislation:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zc9cdcc093509498da15036c7e94d1e73" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other
                  financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or
                  obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
                  under that Bail-In Legislation that are related to or ancillary to any of those powers; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z70822a30087248e99f695f4f707844ac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any similar or analogous powers under that Bail-In Legislation; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zbe43ac154b7741cf9fade2fdbee8c5c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any UK Bail-In Legislation:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">29</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table id="z3adb4240dfc44fcb94fa3e3b18fedd83" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or
                  other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or
                  obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
                  under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf693f04cef7444acb840e7bc45955000" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any similar or analogous powers under that UK Bail-In Legislation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zfbff7d7c8df14145973e396fc9ef49f1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Construction</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z0f51c6cd364e420eb6809fc1c5412eac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Unless a contrary indication appears, a reference in this Agreement to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zcc913696c0fd49dda840e637807164d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the "<font style="font-weight: bold;">Account</font>&#160;<font style="font-weight: bold;">Bank</font>", the "<font style="font-weight: bold;">Arranger</font>", the "<font style="font-weight: bold;">Borrower</font>",
                  the "<font style="font-weight: bold;">Facility</font>&#160;<font style="font-weight: bold;">Agent</font>", any "<font style="font-weight: bold;">Finance</font>&#160;<font style="font-weight: bold;">Party</font>", any "<font style="font-weight: bold;">Lender</font>", any "<font style="font-weight: bold;">Obligor</font>", any "<font style="font-weight: bold;">Party</font>", any "<font style="font-weight: bold;">Secured Party</font>", the "<font style="font-weight: bold;">Security</font>&#160;<font style="font-weight: bold;">Agent</font>", any "<font style="font-weight: bold;">Transaction</font>&#160;<font style="font-weight: bold;">Obligor</font>" or any other person shall be construed so as to include its successors in title,
                  permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zeae191d68e484b7d97e08667c5d7c3c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">assets</font>" includes present and future properties, revenues and rights of every description;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z1503138ad98d4f748d05ea8017edac9d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a liability which is "<font style="font-weight: bold;">contingent</font>" means a liability which is not certain to arise and/or the amount of which remains unascertained;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z7921590460e74bf58cdf3b36bb71b3dc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">control</font>" means, in relation to a Transaction Obligor, the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to cast, or control the
                  casting of, more than 50 per cent. of the maximum number of votes that might be cast at a general meeting of that Transaction Obligor; or appoint or remove all, or the majority, of the directors or other equivalent officers of that
                  Transaction Obligor; or give directions with respect to the operating and financial policies of that Transaction Obligor with which the directors or other equivalent officers of that Transaction Obligor are obliged to comply;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z4539dacde7e54e599272742f0b919d52" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">document</font>" includes a deed and also a letter;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zdf47d104b2dc4224b5a5782c784bc204" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">expense</font>" means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Tax including VAT;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z4d6a3a5a6a6a4602909325a94f7e0ee1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Lender's "<font style="font-weight: bold;">cost of funds</font>" in relation to its participation in the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a
                  notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan or that part of the Loan for a period equal in length to
                  the Interest Period of the Loan or that part of the Loan.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="ze5e308d970d34a0baa4050626a888af3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(viii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a "<font style="font-weight: bold;">Finance Document</font>", a "<font style="font-weight: bold;">Security Document</font>" or "<font style="font-weight: bold;">Transaction Document</font>" or any other
                  agreement, document or instrument is a reference to that Finance Document, Security Document or Transaction Document or other agreement, document or instrument as amended, novated, supplemented, extended or restated;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zc211e0de98254a32b0c19ad1e0e744b6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ix)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a "<font style="font-weight: bold;">group of Lenders</font>" includes all the Lenders;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">30</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table id="z787996cf747a41be96e8afd255f6e720" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(x)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">indebtedness</font>" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z299144ed035e45b69f0db3a0bc4a0f62" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">law</font>" includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the
                  European Union, the European Commission, the United Nations or its Security Council;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z55993b67428e445898200bf513b217b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">proceedings</font>" means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective
                  measure;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z38b5c09e1ad242ad80ed9f7d545d3216" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xiii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a "<font style="font-weight: bold;">person</font>" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or
                  other entity (whether or not having separate legal personality);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zca233fc8d263497a82bc2481e6a037d4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xiv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a "<font style="font-weight: bold;">regulation</font>" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or
                  supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z328d31fd600746bda806ba776843eda2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a provision of law is a reference to that provision as amended or re-enacted;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="ze83b6becb1c44358920be5b1f482ad8a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xvi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a time of day is a reference to London time;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xvii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England,
                  be deemed to include that which most nearly approximates in that jurisdiction to the English legal term;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z816ce3a204ce4ceeb90fc45a3883e365" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xviii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">words denoting the singular number shall include the plural and vice versa; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z0fd00000a9714cbe9534ed99899a8126" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xix)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">"<font style="font-weight: bold;">including</font>" and "<font style="font-weight: bold;">in particular</font>" (and other similar expressions) shall be construed as not limiting any general words or expressions
                  in connection with which they are used.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zed8fe8be3b274b4182d485d0438003f8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The determination of the extent to which a rate is "for a period equal in length" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined
                  pursuant to the terms of this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z1950e214f7b949e48d31ad267a08e6f4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes of construction or interpretation of the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z12a0512808a2457e9aa42c20d8d0eed9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under, or in connection with, any Finance Document has the same meaning in that Finance Document or notice
                  as in this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A Potential Event of Default is "<font style="font-weight: bold;">continuing</font>" if it has not been remedied or waived in writing and an Event of Default is "<font style="font-weight: bold;">continuing</font>"
                  if it has not been waived in writing.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zb5f316e2ec9441ed9c8443fb7666cadd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Construction of insurance terms</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In this Agreement:</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">approved</font>" means, for the purposes of Clause 22 (<font style="font-style: italic;">Insurance Undertakings</font>), approved in writing by
          the Facility Agent.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">excess risks</font>" means, in respect of a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under
          the hull and machinery policies in respect of that Ship in consequence of its insured value being less than the value at which that Ship is assessed for the purpose of such claims.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">31</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">obligatory insurances</font>" means all insurances effected, or which a Borrower is obliged to effect, under Clause 22 (<font style="font-style: italic;">Insurance Undertakings</font>) or any other provision of this Agreement or of another Finance Document.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">policy</font>" includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">protection and indemnity risks</font>" means the usual risks covered by a protection and indemnity association managed in London, including
          pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the
          International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">war risks</font>" includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause
          24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Agreed forms of Finance Documents</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">References in Clause 1.1 (<font style="font-style: italic;">Definitions</font>) to any Finance Document being in "agreed form" are to that Finance Document:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrowers and the Facility Agent); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zee49ed8d49e0427fa798c6c9f460352e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in any other form agreed in writing between the Borrowers and the Facility Agent acting with the authorisation of the Majority Lenders or, where Clause 42.2 (<font style="font-style: italic;">All Lender matters</font>)
                  applies, all the Lenders.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zcb9482fa0d2f465cb986a70eb8ffa042" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Third party rights</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z1e05b4c4ccbe4345883d58048491c04b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the "<font style="font-weight: bold;">Third
                    Parties</font>&#160;<font style="font-weight: bold;">Act</font>") to enforce or to enjoy the benefit of any term of this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zd067750087e64c2fbac128f720b6efb1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
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                <div style="color: #000000;">Any Receiver, Delegate, Affiliate or any other person described in paragraph (d) of Clause 14.2 (<font style="font-style: italic;">Other indemnities</font>), paragraph (b) of Clause 29.11 (<font style="font-style: italic;">Exclusion of liability</font>), or paragraph (b) of Clause 30.11 (<font style="font-style: italic;">Exclusion of liability</font>) may, subject to this Clause 1.5 (<font style="font-style: italic;">Third
                    party rights</font>) and the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">32</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 2</div>
        <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">THE FACILITY</div>
        <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
        </div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">THE FACILITY</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">The Facility</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Subject to the terms of this Agreement, the Lenders make available to the Borrowers a dollar term loan facility in:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">two separate Initial Advances (one Initial Advance for each Initial Ship); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if agreed pursuant to Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) further Upsize Advances (one Upsize Advance for each Additional Ship),</div>
              </td>
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        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">in the amounts set out in Clause 5.3 (<font style="font-style: italic;">Currency and Amount</font>), in an aggregate amount not exceeding the Total Commitments.</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Upsize Option</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z232f7d9a120d4a08875be64ecd3d0246" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to the terms of this Agreement, after the Initial Advances have been utilised, the Borrowers may request an upsize of the Facility for the purpose of part financing the acquisition of or refinancing of
                  any Qualifying Ship <font style="font-weight: bold;">provided that</font>:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z9aab3d0dfe1742cea5d4da99cf00fb9f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default has occurred and is continuing;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z9eacfc5f00dd479f900fde86bfc5e712" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrowers issue an Upsize Notice to the Facility Agent:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z30cb9ef34c7c406d887c59da71800dde" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">informing the Facility Agent that the Obligors wish to increase the Commitment by an amount specified in that Upsize Notice (and such amount shall be the "<font style="font-weight: bold;">Upsize</font>");</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z73ef25ddfa594c55b2e83bd3b68e8a7e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">stating the proposed date of the Upsize (which shall not be less than 20 Business Days' after the date of such notice);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z523f631d980d473d9348b5d4040a8382" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">inviting the then existing Lenders to increase their Commitments under this Agreement in an aggregate amount up to the Upsize pro rata to their existing Commitments; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z303fa8931f974351a407ad3b4464974a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">at the time of delivery of such Upsize Notice, the Borrowers shall deliver a schedule setting out such details in relation to the relevant Qualifying Ship as set out in Schedule 7 (<font style="font-style: italic;">Details of the Initial Ships</font>) in relation to the Ships;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z7368f2d1dc5f40d1a1ded1e9f66a5c92" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">An Upsize shall not exceed, when aggregated with all prior Advances, $91,000,000 (or such higher amount as agreed between the Facility Agent and the Borrowers).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Lender shall have any obligation to increase its Commitment or incur any other obligations under this Agreement and the Finance Documents in relation to an Upsize and any decision of and the terms upon which
                  any Upsize Advance shall be available under such increased Commitment (including, without limitation, in relation to pricing, the repayment profile, any adjustments to Permitted Distributions, restricted cash requirements and drydock
                  reserves relating to such Upsize Advance) shall be determined by the Lenders in their absolute discretion.&#160; Save for such terms as shall be specified in the relevant Upsize Confirmation, the terms upon which any Upsize Advance is made
                  available shall be the same as the terms upon which the Initial Advances have been made available.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">33</font></div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If a Lender in its absolute discretion decides to increase its Commitment in response to an Upsize Notice, it shall notify the Facility Agent accordingly, together with the Lender's commercial terms for the
                  Upsize by completion of an Upsize Confirmation, which the Facility Agent shall promptly upon receipt forward to the Borrowers.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers must notify the Facility Agent within 5 Business Days of the date of the Upsize Confirmation if they decide to not proceed with the increase to the Commitment on the terms of the Upsize
                  Confirmation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
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                <div style="color: #000000;">Unless the Borrowers give notice under paragraph (e), a Lender's Commitment shall be increased by the amount specified in the Upsize Confirmation executed by it on the date falling 5 Business Days after the
                  Upsize Confirmation and from such date its increased Commitment shall become available for utilisation by the Borrowers upon the same terms and conditions as the Advances (other than as set out in the Upsize Confirmation) provided that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf06c2b33a5174a818491d8680e43cfb0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the relevant Additional Borrower accedes to this Agreement as a Borrower pursuant to an Accession Deed;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z30afb473971f49ddb3b8fba188d34250" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the existing Obligors confirm that no Default is continuing or would occur as a result of that Additional Borrower becoming a Borrower;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z92b9c22efec94e3a9ccf010a22f8b948" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any amendment to the Finance Documents required in connection with that Upsize including without limitation any amendments to any Security Document which is expressed to secure a maximum liability is completed;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z20ab15ffece8422dafcc0ccd512344f5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the relevant conditions referred to in Clause 4 (<font style="font-style: italic;">Conditions of Utilisation</font>) and Clause 5 (<font style="font-style: italic;">Utilisation</font>) are satisfied; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zbfe3a6cad8344bdab2fc5791a25fb022" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrowers have provided any additional documents or information requested by the Facility Agent in connection with that Upsize.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z1bf59cb2a9294e10b9fd578e9a46155b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Finance Parties' rights and obligations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zac4bb7c81f264c658060571b01153ee1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The obligations of each Finance Party under the Finance Documents are several.&#160; Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other
                  Party under the Finance Documents.&#160; No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z3dd5df16e6bb4a2d8748aee914dfc9d9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from a Transaction
                  Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph&#160;(c) below.&#160; The rights of each Finance Party include any debt owing to that Finance Party
                  under the Finance Documents and, for the avoidance of doubt, any part of the Loan or any other amount owed by a Transaction Obligor which relates to a Finance Party's participation in the Facility or its role under a Finance Document
                  (including any such amount payable to the Facility Agent on its behalf) is a debt owing to that Finance Party by that Transaction Obligor.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z3c89d8c170554c378137d6478072df9a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A Finance Party may not, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">34</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table id="ze694cd5dbc7545c59556a865ef7cfe47" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">PURPOSE</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zb14a7c1f3bad40f380fa209d02671bdf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Purpose</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall apply all amounts borrowed by it under the Facility only for the purpose of:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of the Initial Advances:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z451142ac48df4b028d5a8e16030c9502" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of Initial Advance A, re-financing Initial Ship A and paying the Initial Permitted Distribution;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z43d0fb1a681642279f31600db868e20e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of Initial Advance B, financing part of the acquisition cost of Initial Ship B;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf3ded1ed83094938baeda35066183daa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">funding the Restricted Cash Accounts and, if required, the Earnings Accounts and the Dry Dock Reserve Accounts of the Borrowers;&#160; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zdcf967445e574bf8961d842f7a588df2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">paying fees under the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of any Upsize Advance to part finance or refinance the acquisition cost of any Additional Ship and such other purposes as shall be set out in the relevant Upsize Confirmation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z4b83f724331f41d68fd78af0c9cdf294" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Monitoring</div>
              </td>
            </tr>

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        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">CONDITIONS OF UTILISATION</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z5d34eb0e96654d3eb607cd68805c6d1e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Initial conditions precedent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Borrowers may not deliver a Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part A of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>) in form and substance satisfactory to the Facility Agent.</div>
        <div>&#160;</div>
        <table id="zf92217b3e3ca432ab6dea2ed2d64c867" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Further conditions precedent</div>
              </td>
            </tr>

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        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Lenders will only be obliged to comply with Clause 5.4 (<font style="font-style: italic;">Lenders' participation</font>) if:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">on the date of the relevant Utilisation Request and on the relevant proposed Utilisation Date and before the relevant Advance is made available:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z168c9f25cdfb4b6db318ce5c4569a64c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default is continuing or would result from the relevant proposed Advance; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z967390c171974b9a9bc1c7b919e4237d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Repeating Representations to be made by each Transaction Obligor are true;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z289eeba7a3b74b0fb52573f0b4887158" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of an Advance (other than an Advance in respect of an Additional Ship), the Facility Agent has received on or before the relevant Utilisation Date, or is satisfied it will receive when the Advance is
                  made available, all of the documents and other evidence listed in Part B of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>) in form and substance satisfactory to the Facility Agent; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="zf2bd3be46205464b8956467a0342632d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of an Advance in respect of any Additional Ship, the Facility Agent has received on or before the relevant Utilisation Date, or is satisfied it will received when the Advance is made available, all
                  of the documents and other evidence listed in Part C of Schedule 2 (<font style="font-style: italic;">Conditions precedent and subsequent</font>) in form and substance satisfactory to the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">35</font></div>
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        </div>
        <table id="z4dd497240b374aa0b58cbf3614c3e188" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Conditions Subsequent</div>
              </td>
            </tr>

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        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Borrowers undertake to deliver or cause to be delivered to the Facility Agent within five Business Days after each Utilisation Date or such other period specified in Part D
          of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>) (including in respect of an Additional Ship), the additional documents and other evidence listed in Part D of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>) in form and substance satisfactory to the Facility Agent.</div>
        <div>&#160;</div>
        <table id="zb372011677104f7ea79c736cd06e727f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Waiver of conditions precedent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If the Lenders, at their discretion, permit an Advance to be borrowed before any of the conditions precedent referred to in Clause 4.1 (<font style="font-style: italic;">Initial



            conditions precedent</font>) or Clause&#160;4.2 (<font style="font-style: italic;">Further conditions precedent</font>) has been satisfied, the Borrowers shall ensure that that condition is satisfied within five Business Days after the relevant
          Utilisation Date or such later date as the Facility Agent, acting with the authorisation of the Lenders, may agree in writing with the Borrowers.</div>
        <div>&#160;<br>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">36</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 3</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">UTILISATION</div>
          <div>&#160;</div>
          <table id="za13f11330b1740e6b60755c3f25da366" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">UTILISATION</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za1bfb4b90fcb4870b65c5310057380df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Delivery of a Utilisation Request</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8520d5ad69d9499e9927d835485fa2fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers may utilise the Facility by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd4faeacdad694328bb2d0c62b63d6923" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers may not deliver more than one Utilisation Request in respect of an Advance.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z175fa178b6cc453fab3ef4b3202a8555" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Completion of a Utilisation Request</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless the proposed Utilisation Date is a Business Day within the Availability
            Period.</div>
          <div>&#160;</div>
          <table id="ze7f2beb91fb54768acc0704349f547e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Currency and amount</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdfa4e623b0b54be1b7d849d1c77df0e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The currency specified in a Utilisation Request must be dollars.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7b6373f69a8f4542bcb4d03487c57631" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The amount of a proposed Advance must be:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z00226bf75e8b4b4694a5efe294065f88" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">in respect of an Initial Advance for Initial Ship A, in a principal amount not exceeding the lesser of (A) </font>60<font style="color: #000000;"> per cent. of the Initial Market Value of Initial Ship
                      A, (B) $</font>7,500,000 and (C) an amount which, when aggregated with the amount utilised under any other Advance, would result in a Loan Value Ratio of 60 per cent.<font style="color: #000000;">; and</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd859fb49be04487b9387f1df4673513b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">in respect of an Initial Advance for Initial Ship B, in a principal amount not exceeding the lesser of (A) </font>60<font style="color: #000000;"> per cent. of the Initial Market Value of Initial Ship
                      B, (B) $9,000,000</font> and (C) an amount which, when aggregated with the amount utilised under any other Advance, would result in a Loan Value Ratio of 60 per cent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za1b7db7515cd4824acd6999067e59394" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The amount of an Upsize Advance for an Additional Ship, must be in a principal amount not exceeding the amount set out in the relevant Upsize Confirmation.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb437a5fe0263492c9e50256a8f2debed" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Lenders' participation</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6549199c03ea444196a79ec8eb32d500" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Advance available by the relevant Utilisation Date through its Facility Office.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z00bbd2f31d1f4c27a1461d1564d346df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The amount of each Lender's participation in each Advance will be equal to the proportion borne by its Available Commitment to the Available Facility immediately before making that Advance.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1ea92e4f87aa44a1b95879a601eee51a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent shall notify each Lender of the amount of each Advance and the amount of its participation in that Advance by the Specified Time.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfd00c3465c054b1faa5a8c2279462073" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Cancellation of Commitments</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Commitments in respect of an Advance which are unutilised at the end of the Availability Period for that Advance shall be cancelled without any further act or omission on
            the part of the Lenders.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">37</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zb14085d09f7546b2bb2c44957ca54d09" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Payment to third parties</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower irrevocably authorises the Facility Agent on each Utilisation Date, to pay to, or for the account of, the Borrowers the amounts which the Facility Agent
            receives from the Lenders in respect of the Loan.&#160; That payment shall be made to such account or accounts which the Borrowers specify in the relevant Utilisation Request, provided that such account or accounts and the terms on which that
            payment will be held and released are acceptable to the Facility Agent.</div>
          <div>&#160;</div>
          <table id="z8c9c648175c541ddba7955323b3104e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Disbursement of Advance to third party</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Payment by the Facility Agent under Clause 5.6 (<font style="font-style: italic;">Payment to third parties</font>) to a person other than a Borrower shall constitute the
            making of the relevant Advance and the Borrowers shall at that time become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender's participation in that Advance.</div>
          <div>&#160;</div>
          <table id="z0419fa7316be4804bedaf80a4bb3563e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">5.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Prepositioning of funds</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If, in respect of any proposed Advance, the Lenders, at the request of the Borrowers and on terms (including, without limitation, the identity of the bank with which funds
            are prepositioned) acceptable to all the Lenders and the Facility Agent acting in their absolute discretion, preposition funds with any bank, for the avoidance of doubt such prepositioning shall constitute the Utilisation of that Advance and
            the Borrowers shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">38</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 4</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">REPAYMENT, PREPAYMENT AND CANCELLATION</div>
          <div>&#160;</div>
          <table id="z4482bb832f9f4c5b986fe7ed5d5e7105" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">REPAYMENT</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1177ecd171c743e78588684d403a40a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">6.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Repayment of Loan</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc8d3f43b0c914db79d9cb5fdc49e79c7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers shall repay the Loan as follows:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd0b1680d2dc64700b280eb7aab0b0865" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Initial Advances shall be repaid in the amounts and on the dates as set out in the repayment schedule in Schedule 8 (<font style="font-style: italic;">Repayment Schedule)</font> to this Agreement (as may
                    be replaced and updated from time to time, the "<font style="font-weight: bold;">Repayment Schedule</font>"); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4ac4f66fea5f47b998c19c8729e23312" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">each Upsize Advance shall be repaid in the amounts and on the dates determined by the Facility Agent and notified to the Borrowers before the relevant Utilisation Date </font>(as set out in a Repayment
                    Schedule for that Advance)<font style="color: #000000;">.</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z93557c90bad646caaad4c02ce4b0564f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">If the amount of an Advance is less than </font>the amount provided for at paragraph (b) of Clause 5.3 (<font style="font-style: italic;">Currency and amount</font>) or the relevant Upsize Confirmation<font style="color: #000000;">, then the Repayment Instalments (including the relevant balloon amount) shall be reduced pro-rata in proportion to the reduced amount of the relevant Advance and the Facility Agent shall deliver a replacement
                      Repayment Schedule for such Advance to the Borrowers within 10 Business Days of its Utilisation Date.</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze9de7d7167754cbe8865e070c231f1b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Upon delivery of any replacement Repayment Schedule to the Borrowers by the Facility Agent, such Repayment Schedule shall become an integral part of this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd996f993e72849b3b43c7f32d879952a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">6.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Effect of prepayment on scheduled repayments</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6379e4a3fb504162964dc390d44994cb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If any part of the Loan is prepaid then the Repayment Instalments for each Repayment Date falling after that prepayment (including any balloon instalments) will reduce in inverse order of maturity by the
                    amount of the Loan repaid or prepaid (and, except in respect of a prepayment made under Clause 7.4(a) (<font style="font-style: italic;">Mandatory prepayment on sale, arrest, detention or Total Loss</font>), pro rata between the
                    Advances and the Facility Agent shall promptly deliver a replacement Repayment Schedule for the Loan to the Borrowers.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z25984bd9dc4c400a87590825ca797e50" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Upon delivery of such replacement Repayment Schedule to the Borrowers by the Facility Agent, such Repayment Schedule shall become an integral part of this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">6.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Termination Date</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On the final Termination Date, the Borrowers shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under
            the Finance Documents.</div>
          <div>&#160;</div>
          <table id="z091f1dd54feb4c2a93fe629307ba1707" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">6.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Reborrowing</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower may reborrow any part of the Facility which is repaid.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">PREPAYMENT AND CANCELLATION</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z24cdba0e2a68408886c93b12aad47742" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">7.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Illegality</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its
            participation in an Advance or the Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">39</font></div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">that Lender shall promptly notify the Facility Agent upon becoming aware of that event;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z80b187c2af694aa29bc1b697726c6cbe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">upon the Facility Agent notifying the Borrowers, the Available Commitment of that Lender will be immediately cancelled; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf3fee0bdb6644b4cb04643c886181de4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Borrowers shall prepay that Lender's participation in the Loan on the last day of the Interest Period for the Loan occurring after the Facility Agent has notified the Borrowers or, if earlier, the date
                    specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding Commitment shall be cancelled in the amount of
                    the participation prepaid.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5c042eeae3254de1a366939ef790496c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">7.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Voluntary and automatic cancellation</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z16db29f325c84b1894ad3f6bb15b4414" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers may, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility.&#160; Any cancellation under this Clause 7.2 (<font style="font-style: italic;">Voluntary and
                      automatic cancellation</font>) shall be applied in inverse order against the Repayment Instalments, including any balloon instalment, pro rata between the Advances.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any unutilised Commitment shall be automatically cancelled at close of business on the last date of the Availability Period.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7d181f6068f54bc7a574e4668e1ba78d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">7.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Voluntary prepayment of Loan</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Borrowers may, if they give the Facility Agent not less than 10 days' (or such shorter period as the Facility Agent may agree) prior notice, prepay the whole or any part
            of any Advance or Advances of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $500,000).</div>
          <div>&#160;</div>
          <table id="zeadb2b03d1ca42f6b1c6236dc14fea22" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">7.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Mandatory prepayment on sale, arrest, detention or Total Loss</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze40a56086d7a4df4a68d3e70cedef0d2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If a Ship is sold, arrested, detained or becomes a Total Loss, the Borrowers shall on the Relevant Date prepay the outstanding amount in relation to the Advance relating to that Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8ca0514af619465b9697a3a8eacdea66" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">On the Relevant Date, the Borrowers shall also prepay such part of the Loan as shall return the Loan Value Ratio to its level immediately prior to the sale, arrest, detention or Total Loss.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2a73e2aa5d004aa0a7ad932ae939ebf2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any remaining proceeds of the sale or Total Loss of a Ship after the prepayments referred to in paragraph (a) and paragraph (b) above have been made together with all other amounts that are payable on any such
                    prepayment pursuant to the Finance Documents shall be paid to the remaining Earnings Accounts for application in accordance with Clause 25.3 (<font style="font-style: italic;">Application from the Earnings Accounts</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1b03d969b5a04d57ab768105e6c6f5af" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In this Clause 7.4 (<font style="font-style: italic;">Mandatory prepayment on sale, arrest, detention or Total Loss</font>):</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Relevant Date</font>" means:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of a sale of a Ship, on the date on which the sale is completed by delivery of that Ship to the buyer of that Ship;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z009aba00d5524c55932f780e32a4ce3f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of any arrest or detention of a Ship which has not been redelivered to the full control of the relevant Borrower within 45 days of such arrest or detention, 45 days after the date of the arrest or
                    detention; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2e8c5deb7a8b4c2da7dae512b4451890" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of a Total Loss of a Ship, on the earlier of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">40</font></div>
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          </div>
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              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the date falling 120 days (and, in the case of any Requisition, 90 days) after the Total Loss Date; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc32cc77e2f7f4c35bf76254816a82f01" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze1c02617047149e08f0dd51785041a53" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">7.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Restrictions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z670e1800f4614541925966f92e33d655" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any notice of cancellation or prepayment given by any Party under this Clause 7 (<font style="font-style: italic;">Prepayment and Cancellation</font>) shall be irrevocable and, unless a contrary indication
                    appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made, the amount of that cancellation or prepayment and, if relevant, the part of the Loan to be prepaid or
                    cancelled.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0ebf040d3a744b4bb44d1ef059c2745f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any prepayment under this Agreement shall be made together with:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb255dba915ba4905b0ea689a31ad5a83" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">accrued interest on the amount prepaid; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf27c9bd1c84f46cba753c086059a22f5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any fee provided for in Clause 11.3 (<font style="font-style: italic;">Prepayment fee</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf380900cf2f3458a8dd7bb1ee39c6e5c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Following any prepayment under this Agreement, the Facility Agent shall notify the Borrowers of any applicable Break Costs and promptly following such notification the Borrowers shall pay to the Facility Agent
                    such Break Costs in accordance with Clause 10.4 (<font style="font-style: italic;">Break Costs</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0eaf6d185251487aaf46805cee896c59" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any payments under this Clause 7.5 (<font style="font-style: italic;">Restrictions</font>) shall be made without premium or penalty.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6dac70137135440a9586002d5011bac6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">No Borrower may reborrow any part of the Facility which is prepaid.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf5fdc2de620144189acde867bd84aab5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">No Borrower shall repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za7b144cd026547ec9328af53f87cf3ac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb2d018af626a4f81a6d9eae737235789" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If the Facility Agent receives a notice under this Clause 7 (<font style="font-style: italic;">Prepayment and Cancellation</font>) it shall promptly forward a copy of that notice to either the Borrowers or the
                    affected Lenders, as appropriate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z82481e803ce848a9bd2bc1031bca47c2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If all or part of any Lender's participation in the Loan is repaid or prepaid, an amount of that Lender's Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be
                    cancelled on the date of repayment or prepayment.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1e24bc2cf97d4294b6fd2ff487779d03" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">7.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Application of prepayments between Lenders</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any prepayment of any part of the Loan (other than a prepayment pursuant to Clause 7.1 (<font style="font-style: italic;">Illegality</font>)) shall be applied pro rata to
            each Lender's participation in that part of the Loan.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">41</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">&#160;SECTION 5</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">COSTS OF UTILISATION</div>
          <div>&#160;</div>
          <table id="z974a080bf5e44257a7b70885d73d1df2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">INTEREST</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z11ce8deaac80408d9b582db086d2f766" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">8.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Calculation of interest</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Subject to Clause 8.2 (<font style="font-style: italic;">Fixed Rate Option</font>), the rate of interest on an Advance for an Interest Period is the percentage rate per annum
            which is the aggregate of:</div>
          <div>&#160;</div>
          <table id="z01caacb6b68a4a51ac1996cebf1d7117" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Margin for that Advance; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za553580176fc4a92b8e24ff1f29519c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Reference Rate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd9299a3ecf7e43f7b97d4da2cb9d4f26" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">8.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Fixed Rate Option</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zae06cac96a8947efb53c51e6d59c456c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Notwithstanding any other provisions of this Clause 8 (<font style="font-style: italic;">Interest</font>), the Borrowers may, no later than five Business Days prior to the Utilisation Date or the start of an
                    Interest Period in respect of an Advance, make a written request to the Facility Agent for a fixed base rate to apply to the whole of that Advance rather than the Reference Rate for a specific period starting on either the Utilisation
                    Date or a Quarter End Date and being no less than twelve Months (or such shorter period as the Facility Agent may agree) provided such period ends on a Quarter End Date or the Termination Date in respect of the relevant Advance (a "<font style="font-weight: bold;">Fixed Rate Period</font>").</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf86addccdb5a47c384746d819210a91b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In the event that the Borrowers request a Fixed Rate Option, the Facility Agent shall provide the Borrowers with an indicative fixed base rate to apply to that Advance for that Fixed Rate Period rather than
                    the Reference Rate (the "<font style="font-weight: bold;">Indicative Fixed Rate</font>").</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze2e969e3ad1943bfbaacb19b59806945" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Within one Business Day of receipt of such Indicative Fixed Rate in accordance with paragraph&#160;(b) above, the Borrowers shall, in writing to the Facility Agent, irrevocably accept or reject the offer of the
                    Indicative Fixed Rate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z328e8be41cc74615b004ca8e7b2e8f11" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If the Borrowers accept the offer of the Indicative Fixed Rate in accordance with paragraph (c) above:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z143559ad04034e86a4917d1a558019e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Fixed Rate Option shall apply to the relevant Advance and the Facility Agent shall proceed to fix the base rate for that Advance (a "<font style="font-weight: bold;">Fixed Rate</font>") and confirm that
                    Fixed Rate in writing to the Borrowers, and such Fixed Rate shall apply during the Fixed Rate Period for that Advance until the end of the Fixed Rate Period (subject to any Unfixing Notice being served in accordance with paragraph (g)
                    below);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze6563b0d9945414689e60dfa528d9d2c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the determination of the Fixed Rate by the Facility Agent shall be conclusive and binding on the Borrowers and the Lenders and, subject to paragraph (g) below, the Borrowers and the Lenders may not revoke
                    their acceptance of the Fixed Rate for any reason (including, but not limited to, due to the relevant Fixed Rate being different to the Indicative Fixed Rate); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf7fdd5636a2344c5999cfe543f8f19d7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the rate of interest on the relevant Advance for the Fixed Rate Period for that Advance, subject to paragraph (g) below, will be the percentage rate per annum which is the aggregate of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd6ee96da39134604bf3a5c33fe8b92a8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Margin; and</div>
                </td>
              </tr>

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

                <tr>
                  <td style="width: 70.9pt;"><br>
                  </td>
                  <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">the relevant Fixed Rate.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">42</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <div>&#160;</div>
          <table id="z9b432929c2fa48919f3147690f1761ce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If the Borrowers reject the Indicative Fixed Rate or fail to accept it within the time permitted for acceptance or do not exercise the Fixed Rate Option, the other provisions of this Clause 8 (<font style="font-style: italic;">Interest</font>) and Clause 9 (<font style="font-style: italic;">Interest Periods</font>) shall apply and the rate of interest on the relevant Advance shall be determined in accordance with paragraph (a)
                    and (b) of Clause 8.1 (<font style="font-style: italic;">Calculation of interest</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1c8f84a1034a4bbabe7ceed75ca58bb9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">At the end of the Fixed Rate Period for an Advance (other than where an Unfixing Notice has been issued by the Borrowers in accordance with paragraph (g) below):</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfcf0e87093ae473bb7256f87af968925" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Fixed Rate Option for that Advance shall end; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6cc4c392961f4163b51ce2add25650d6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the rate of interest on the relevant Advance for all Interest Periods commencing after the date on which the Fixed Rate Option ends shall be determined in accordance with paragraph (a) and (b) of Clause 8.1 (<font style="font-style: italic;">Calculation of interest</font>); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z178fd47ce28543fbadaa263ca984699a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the other provisions of this Clause 8 (<font style="font-style: italic;">Interest</font>) and Clause 9 (<font style="font-style: italic;">Interest Periods</font>) shall, subject to paragraph (h), apply to the
                    relevant Advance for the remainder of the Security Period.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6715605be220450187238d7eb556d381" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">At any time whilst the Fixed Rate Option applies to an Advance, the Borrowers may, with five Business Days written notice, notify the Facility Agent that they no longer wish for the Fixed Rate to apply to that
                    Advance (an "<font style="font-weight: bold;">Unfixing Notice</font>"), in which case:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4ee3b92a4a064c4cb02e3bf043d78423" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Fixed Rate Option and the Fixed Rate Period for that Advance shall end on the date specified in the Unfixing Notice;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1202d2a00ce84b5d802a9283bc8be76e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Facility Agent shall notify the Borrowers of any Break Costs together with any other losses (as determined by the Lenders) incurred by the Lenders as a result of the unfixing of the Fixed Rate and promptly
                    after such notification the Borrowers shall pay to the Facility Agent any such Break Costs and other losses;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf026ccf7c42142e18e8a81b50fcc8ee5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a stub interest period shall apply and shall start on the day immediately following the date on which the Fixed Rate Period ends and shall end on the next Quarter End Date and thereafter each subsequent
                    Interest Period shall be determined in accordance with the provisions of Clause 9 (<font style="font-style: italic;">Interest Periods</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4fc77bfb47104964a73b0aabe9ddcde9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the rate of interest on the relevant Advance for all Interest Periods commencing after the date on which the Fixed Rate Option ends shall be determined in accordance with paragraph (a) and (b) of Clause 8.1 (<font style="font-style: italic;">Calculation of interest</font>); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z705fffb5aeb04a09bcac9457809d3c03" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the other provisions of this Clause 8 (<font style="font-style: italic;">Interes</font>t) and Clause 9 (<font style="font-style: italic;">Interest Periods</font>) shall, subject to paragraph (h), apply to the
                    relevant Advance for the remainder of the Security Period,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">(an "<font style="font-weight: bold;">Unfixing</font>").</div>
          <div>&#160;</div>
          <table id="z0cfc7f1ddeec4d87b7ae751f522ea033" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If the Borrowers wish to request a fixed base interest rate for an Advance for any period after an Unfixing in respect of that Advance, such new fixed rate shall be determined again in accordance with
                    paragraphs (a) to (d).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">43</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zdbd8199a650c44bebee6ef64956d4a76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">8.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Payment of interest</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Subject to Clause 8.5 (<font style="font-style: italic;">Notifications</font>), the Borrowers shall pay accrued interest on the Loan or any part of the Loan on each Repayment
            Date.</div>
          <div>&#160;</div>
          <table id="z412f3af17ef549f3a0115d3edcc970e0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">8.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Default interest</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5c7d575f23c84ef5b7ba77c68faff47c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If an Event of Default has occurred, interest shall accrue on the Loan and any Unpaid Sum from the date of the occurrence of the relevant Event of Default up to the date such Event of Default has been waived
                    in writing by the Facility Agent at a rate which is 2 per cent. per annum higher than:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za4ba7f3562354441a025e1c5801a3459" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 36.55pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of the Loan the rate which would otherwise have been payable for the Loan under Clause 8.1 (<font style="font-style: italic;">Calculation of interest</font>) or Clause 8.2 (<font style="font-style: italic;">Fixed Rate Option</font>); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zedbd0d1174fa48059babd1e5b2aae5de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 36.55pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of any Unpaid Sum, the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive
                    Interest Periods, each of a duration selected by the Facility Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z47bfca7f91b94f82a29d284618154d5f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any interest accruing under this Clause 8.4 (<font style="font-style: italic;">Default interest</font>) shall be immediately payable by the Obligors on demand by the Facility Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3468a5fff4914b55a261c2fdd12adba8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Default interest (if unpaid) arising on the Loan or any Unpaid Sum will be compounded at the end of each Interest Period but will remain immediately due and payable.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf2cb09b02e7f40afa14849a8e3aee930" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">8.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Notifications</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Facility Agent shall promptly notify the Borrowers and the Lenders of the determination of a rate of interest under this Agreement.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">INTEREST PERIODS</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zeca11d134a4f4959bbf41f0f70bcef69" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">9.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Interest Periods</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z823144dccde3494b9fd576b7b3e7deed" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to this Clause 9 (<font style="font-style: italic;">Interest Periods</font>), each Interest Period for an Advance shall be three Months (or such other period of approximately three Months as is
                    necessary for the Interest Period to end on a Quarter End Date).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zaaf67bdc698e4244a4b23558bc471e08" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The first Interest Period for an Advance shall start on the Utilisation Date for that Advance and shall end on the first Quarter End Date after that Utilisation Date, and each subsequent Interest Period shall
                    start on the last day of the preceding Interest Period.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z695c1fd2ba494ecba7aec040ceb4deaf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to Clause 8.4 (<font style="font-style: italic;">Default Interest</font>), an Interest Period in respect of an Advance or any part of that Advance shall not extend beyond the Termination Date in
                    respect of that Advance.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">9.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Non-Business Days</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if
            there is one) or the preceding Business Day (if there is not).</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">44</font></div>
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              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">10</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">CHANGES TO THE CALCULATION OF INTEREST</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z22cc27682cf24d458c43b50d84389bb9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">10.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Unavailability of Term SOFR</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z20a9113588574280867b4c168140650b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Except during a Fixed Rate Period, if no Term SOFR is available on the relevant Quotation Day for the Interest Period of an Advance or any part of it, the applicable Reference Rate shall be the Interpolated
                    Term SOFR for a period equivalent in length to the Interest Period of that Advance or any relevant part of it.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z00c3edbc84a844f6b51f83224ac36380" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If paragraph (a) above applies, but it is not possible to calculate the Interpolated Term SOFR, there shall be no Reference Rate for the Advance or any part of it and Clause 10.3 (<font style="font-style: italic;">Cost of funds</font>) shall apply to that Advance or any part of it (as applicable) for that Interest Period.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd3f4b1889bd641fab1a66602ddb97281" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">10.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Market disruption</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If before close of business in London on the Quotation Day for the relevant Interest Period, the Facility Agent receives notifications from a Lender or Lenders (whose
            participations in the Loan or the relevant part of the Loan exceed 50 per cent. of the Loan or the relevant part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in
            excess of the Market Disruption Rate, then Clause 10.3 (<font style="font-style: italic;">Cost of funds</font>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">10.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Cost of funds</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z71719e14c26f43dfa08b7d37b5cdd0a4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If this Clause 10.3 (Cost of funds) applies to the Loan or part of the Loan for an Interest Period, paragraph (b) of Clause 8.1 (<font style="font-style: italic;">Calculation of interest</font>) shall not
                    apply to the Loan or that part of the Loan for that Interest Period and the rate of interest on each Lender's share of the Loan or that part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is
                    the sum of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8f91f9e934d149f289aaf64d61d9e415" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Margin; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the rate notified to the Facility Agent by that Lender as soon as practicable and in any event by within 1 Business Day of the first day of that Interest Period (or, if earlier, on the date falling 1 Business
                    Day before the date on which interest is due to be paid in respect of that Interest Period for the Loan or that part of the Loan to be that which expresses as a percentage rate per annum its cost of funds relating to its participation
                    in the Loan or that part of the Loan.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z72bfcc7bdd224c45bc6e74ef89943061" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If this Clause 10.3 (<font style="font-style: italic;">Cost of funds</font>) applies and the Facility Agent or the Borrowers so require, the Facility Agent and the Borrowers shall enter into negotiations (for
                    a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z98f09b9c6f6847cda25b57a5c2d98199" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to Clause 42.4 (<font style="font-style: italic;">Changes to reference rates</font>), any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the
                    Lenders and the Borrowers, be binding on all Parties.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8bc1333c82df4bd78979917c0c9b622a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If paragraph (e) below does not apply and any rate notified to the Facility Agent under sub-paragraph (ii) of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">45</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z5d94107375644c108250a618561867e4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If this Clause 10.3 (<font style="font-style: italic;">Cost of funds</font>) applies pursuant to Clause 10.2 (<font style="font-style: italic;">Market disruption</font>) and:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3f1a39c0daa7453b85795de38f1e3455" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Lender's Funding Rate is less than the Market Disruption Rate; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zde79f93879ca43b0a299328679413d93" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Lender does not notify a rate to the Facility Agent by the time specified in sub-paragraph (ii) of paragraph (a) above,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">that Lender's cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of
            sub-paragraph (ii) of paragraph (a) above, to be the Market Disruption Rate for the Loan or that part of the Loan.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If this Clause 10.3 (<font style="font-style: italic;">Cost of funds</font>) applies, the Facility Agent shall, as soon as is practicable, notify the Borrowers.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2ae4023707a34a0cafc79c99431d0ec8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">10.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Break Costs</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9df8a23ffa2b4f9b89e073868d993f64" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs (if any) attributable to:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc38f77b139674605be043f2c37ba535d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">where a Fixed Rate does not apply in respect of an Advance:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3b51efef4be943ca818893237a73b33d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">all or any part of the Loan or Unpaid Sum being paid by the Borrowers on a day other than the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb8cac61c9fa24ce2b6962027bd8754de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any part of the Total Commitments which is cancelled;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z78ea06adf62947c1b7e2598973a19cac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">where a Fixed Rate applies in respect of an Advance:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0e9b5d6079994134a7352bc917cd9688" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">all or any part of such Advance being paid other than in accordance with the Repayment Schedule for that Advance; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0f452dad72684e62a6edfbe01b27042e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any part of the Total Commitments which is cancelled; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z857af6371074491d998d1d828e6462d7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">an Unfixing for that Advance.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z52ea47df13e44746a3276c4b122306f3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period or Fixed Rate Period in respect
                    of which they become, or may become, payable.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2766ee788a4b4db59bc6cc8c16a42330" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">11</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">FEES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9437e55ddfeb45358de2647426b0b531" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">11.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Commitment fee</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za93688c8275f485a92711ae47538bda7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">The Borrowers shall pay to the Facility Agent (for the account of each Lender) a fee computed at the rate of </font>2.5<font style="color: #000000;"> per cent. per annum on that Lender's Available
                      Commitment during the Availability Period.</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zff5b32bda0f04cbeb52e5d7e9411f3ef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The accrued commitment fee is payable on the last day of the Availability Period in relation to the relevant part of the Commitment or if earlier on each Utilisation Date and, if cancelled, on the cancelled
                    amount of the relevant Lender's Commitment at the time the cancellation is effective.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">46</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z85c70d52557344c4b22bbf6ebb731e72" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">11.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Upfront fee</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Borrowers shall pay to the Arranger an upfront fee in the amount and at the times agreed in a Fee Letter.</div>
          <div>&#160;</div>
          <table id="z58e801aee420419b9ad31a8739f15b4d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">11.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Prepayment fee</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1e935f96ebb54509878b2f0d0516cb06" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to below, the Borrowers must pay to the Facility Agent for the account of each Lender a prepayment fee on the date of prepayment of all or any part of the Loan in the amount set out in paragraph (b)
                    below.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zaaec3abb9d2c4a9abcea4ce484673dd2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The amount of the prepayment fee is:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zaf74626ae2824ef1a5f8c5ae0cec9b84" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">if the prepayment occurs before the first anniversary of the relevant Utilisation Date, 3 per cent. of the amount prepaid (or if the prepayment relates to the sale of a Ship, 2 per cent. of the amount
                    prepaid);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z05c1068b088847b88bfbbbaabaf7df88" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">if the prepayment occurs on or after the first but before the second anniversary of the relevant Utilisation Date, 2 per cent. of the amount prepaid (or if the prepayment relates to the sale of a Ship, 1 per
                    cent. of the amount prepaid);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2c144b9fec294a4ca6f72acd485264d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">if the prepayment occurs on or after the second but before the third anniversary of the relevant Utilisation Date, 1 per cent. of the amount prepaid (or if the prepayment relates to the sale of a Ship, 0.50
                    per cent. of the amount prepaid); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z499ca58b33cb4906bd29b1b81d5f76fe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">none thereafter.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0ca33e4837db4e809d5afd1bdd137479" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">No prepayment fee shall be payable under this Clause if the prepayment is made (i) under Clause 7.1 (<font style="font-style: italic;">Illegality</font>), (ii) under Clause 7.4 (<font style="font-style: italic;">Mandatory prepayment on sale, arrest, detention or Total Loss</font>) following a Total Loss or (iii) under Clause 24 (<font style="font-style: italic;">Loan Value Ratio</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">11.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Cancellation fee</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9f7714379f5e427f8721bd47e4a621ce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers must pay to the Facility Agent for the account of each Lender a cancellation fee on the date of cancellation of any part of the Total Commitments.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z062f3183e13e48bf8fd179d632765c59" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to paragraphs (c) and (d) below, the amount of the cancellation fee is three per cent. of the cancelled or undrawn Available Commitment at the end of the Availability Period in respect of the relevant
                    part of the Commitment.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zec077fe4dcca48bca9f1050ad3154292" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">No cancellation fee shall be payable under this Clause if the cancellation is due to any Finance Party being in default under any provision of this Agreement or pursuant to Clause 7.1 (<font style="font-style: italic;">Illegality</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zec064b1cd655443c899e12d0566eb874" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">No cancellation fee shall be payable under this Clause on any amount of the Total Commitments up to $1,600,000 that is cancelled.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">47</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 6</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">ADDITIONAL PAYMENT OBLIGATIONS</div>
          <div>&#160;</div>
          <table id="z499031506fdd4d44bb5a5cfe6fc35b88" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">TAX GROSS UP AND INDEMNITIES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za4f89f4b4c0a496991a18efd9490f803" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Definitions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfc9a1fb712a54b7cbb5874e96d14ab42" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In this Agreement:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Protected Party</font>" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account
            of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.</div>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Tax Credit</font>" means a credit against, relief or remission for, or repayment of any Tax.</div>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Tax Deduction</font>" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA
            Deduction.</div>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Tax Payment</font>" means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (<font style="font-style: italic;">Tax gross-up</font>) or a payment under Clause 12.3 (<font style="font-style: italic;">Tax indemnity</font>).</div>
          <div>&#160;</div>
          <table id="z0f6f3712aa1f458e882d2a085b8cfbaa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Unless a contrary indication appears, in this Clause 12 (<font style="font-style: italic;">Tax Gross Up and Indemnities</font>) reference to "<font style="font-weight: bold;">determines</font>" or "<font style="font-weight: bold;">determined</font>" means a determination made in the absolute discretion of the person making the determination.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z083cb02a32074ef99ceb6a0d109f1539" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Tax gross-up</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z301c460309ed47ae8723c5e72d044215" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Obligors shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z79e8b41847d4453b877a85116220b821" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly.&#160;
                    Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender.&#160; If the Facility Agent receives such notification from a Lender it shall notify the Borrowers and that Obligor.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z88e6fe3e76d84373a7a5db3785bfbf30" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to
                    the payment which would have been due if no Tax Deduction had been required.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6171b84871a84d97ba3d72a74c830149" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount
                    required by law.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcf4efb4f53f841618331435f68cfcbc1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party
                    entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Tax indemnity</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za7b44f9c891341098d84cc5d24a5ad82" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Obligors shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been
                    (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">48</font></div>
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          </div>
          <div>
            <table class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">Paragraph (a) above shall not apply:</div>
                  </td>
                </tr>

            </table>
          </div>
          <div> <br>
          </div>
          <table id="z028d8ba1afcf4397aeda04b333fbede2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">with respect to any Tax assessed on a Finance Party:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc3c8d3f6176a4fde9499a44849496a88" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze4e3030fcaec4105b085f1f773e1ac45" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or</div>
          <div>&#160;</div>
          <table id="z256aaaa237a94396966f70e066c5644c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to the extent a loss, liability or cost:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8935eddfc6aa4e9187bde963f7f89550" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">is compensated for by an increased payment under Clause 12.2 (<font style="font-style: italic;">Tax gross-up</font>); or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1cf46cb35cda464190ec072c9b426896" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">relates to a FATCA Deduction required to be made by a Party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb0c94ac8074d458c965a5fce9648e263" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the
                    Facility Agent shall notify the Obligors.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zabcf304fb897400a87d389bd9bb465c3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3 (<font style="font-style: italic;">Tax indemnity</font>), notify the Facility Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd025ce3ea76c4025bb581a9b3f95a962" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Tax Credit</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</div>
          <div>&#160;</div>
          <table id="z295670f0f7aa4ce88bc684506103af0c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z83b6bf11a25c4fa5b1862dff007383b0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">that Finance Party has obtained and utilised that Tax Credit,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">the Finance Party shall pay an amount to each Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have
            been in had the Tax Payment not been required to be made by that Obligor.</div>
          <div>&#160;</div>
          <table id="ze02aa357e58f4efdb8d993c08bc86b1a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Stamp taxes</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Obligors shall pay and, within three Business Days of demand, indemnify each Secured Party against any cost, expense, loss or liability which that Secured Party incurs in
            relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</div>
        </div>
        <div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">49</font></div>
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          </div>
          <div>
            <table class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.6</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">VAT</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <table id="zc379b84bdcfd4a3badb0238ac2a6b990" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive
                    of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is
                    required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT
                    (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8404282d4dda45c58c3897888d879edf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If VAT is or becomes chargeable on any supply made by any Finance Party (the "<font style="font-weight: bold;">Supplier</font>") to any other Finance Party (the "<font style="font-weight: bold;">Recipient</font>")



                    under a Finance Document, and any Party other than the Recipient (the "<font style="font-weight: bold;">Relevant Party</font>") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply
                    to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc60f58c8f24c4182b27d08cf2857dbbc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount
                    equal to the amount of the VAT.&#160; The Recipient must (where this sub-paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the
                    Recipient reasonably determines relates to the VAT chargeable on that supply; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z809236a9df874b2cb432cc2b700b5a6b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to
                    the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2b429e83954544b680fb3ad6f3e78e09" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full
                    amount of such cost or expense, including such part of it as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax
                    authority.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9241567db4f54756993e410e3b65dd01" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any reference in this Clause 12.6 (<font style="font-style: italic;">VAT</font>) to any Party shall, at any time when that Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes,
                    include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in
                    Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal
                    unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf5feb5e57452488391889fb6c9333d94" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that
                    Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc2381b4e66c043e2bb7187fa10588762" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">FATCA Information</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z242c62d4ea694f4f936a3d2611720283" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd455acc4787d4da3b82f31f0fa148040" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">confirm to that other Party whether it is:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z88d43d0d8dd845b8a0ebc429a7aec3e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a FATCA Exempt Party; or</div>
                </td>
              </tr>

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

                <tr>
                  <td style="width: 70.9pt;"><br>
                  </td>
                  <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">not a FATCA Exempt Party; and</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">50</font></div>
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          </div>
          <div>&#160;</div>
          <table id="zff3145a7f18c4becae48a4af3afef4d5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with
                    FATCA; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9f58b823996f4dca869700d9796973fa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law,
                    regulation, or exchange of information regime.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf51f938dddcb4d82bd674c75a1dc83da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If a Party confirms to another Party pursuant to sub-paragraph (i) of paragraph (a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt
                    Party, that Party shall notify that other Party reasonably promptly.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfa18d45631574421805adb6c11b178ec" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Paragraph (a) above shall not oblige any Finance Party to do anything and sub-paragraph (iii) of paragraph (a) above shall not oblige any other Party to do anything which would or might in its reasonable
                    opinion constitute a breach of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze9e93418eb554cdf9ce74ce75e1363d0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
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                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any law or regulation;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any fiduciary duty; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8c14087d156540a2bbcc27160a616027" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any duty of confidentiality.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with sub-paragraphs (i) or (ii) of paragraph (a) above
                    (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them)&#160; as if it is not a FATCA Exempt Party until such time as
                    the Party in question provides the requested confirmation, forms, documentation or other information.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z24c849c911124b60ad497df0469e065f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">12.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">FATCA Deduction</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z587f6c1ce1754d5db9a8b7038fff28de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of
                    which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdb207f8b6e0a47f1925192d215db86c4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the
                    payment and, in addition, shall notify the Obligors and the Facility Agent and the Facility Agent shall notify the other Finance Parties.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">13</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">INCREASED COSTS</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">13.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Increased costs</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zab63b4efab6b4c879c2f2eb9dab72985" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to Clause 13.3 (<font style="font-style: italic;">Exceptions</font>), the Borrowers shall, within three Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the
                    amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z58468a6a1546403fa660812079761edb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4a9e629b0b1248d494bcf3f4d29fa955" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">compliance with any law or regulation made,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">in each case after the date of this Agreement; or</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">51</font></div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze6a9c17693e1469fa976fa9e1c1633d5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In this Agreement:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z953eed37c941447b93761d1d6f1097c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
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                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">"<font style="font-weight: bold;">Basel III</font>" means:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7306cb4c197d4fd2b2c7bc77a94ab8b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International
                    framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as
                    amended, supplemented or restated;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdb5ff5b589f24a44bc14b9e36120eb04" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text" published by the Basel
                    Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb4f53f34b1a34a92bb79de9d0c551ee5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zff80f0f477df428499e52c18c07b5e76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">"<font style="font-weight: bold;">CRD IV</font>" means:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z16138866a37a45fe90c5c9dc0e476cc2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012, as
                    amended by Regulation (EU) 2019/876;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z31e98e2d58e948f9b3b8190aa2649927" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms,
                    amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z849f8cc4520a40ff96eff87b97830446" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any other law or regulation which implements Basel III.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z86796771062742ce974b700ef4b46954" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">"<font style="font-weight: bold;">Increased Costs</font>" means:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3bb9f384e33e4e54aeac60ac5ba79c4a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall capital;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z543b3514a5934f6ea4ca93bacae0e658" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">an additional or increased cost; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2fc308e5363e4f09901a2955bc5ee96f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a reduction of any amount due and payable under any Finance Document,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or
            funding or performing its obligations under any Finance Document.</div>
          <div>&#160;</div>
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                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">13.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Increased cost claims</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5de7640c71424be6aa2a603efdae810b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A Finance Party intending to make a claim pursuant to Clause 13.1 (<font style="font-style: italic;">Increased costs</font>) shall notify the Facility Agent of the event giving rise to the claim, following
                    which the Facility Agent shall promptly notify the Borrowers.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">52</font></div>
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          </div>
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                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z55987878dfd045498eec2e93afd69e41" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">13.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Exceptions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Clause 13.1 (<font style="font-style: italic;">Increased costs</font>) does not apply to the extent any Increased Cost is:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">attributable to a Tax Deduction required by law to be made by an Obligor;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zbfd2720ae6704272b82c71931f6c2a92" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">attributable to a FATCA Deduction required to be made by a Party;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zea920bfe81e8421ba93db7714e11993f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">compensated for by Clause 12.3 (<font style="font-style: italic;">Tax indemnity</font>) (or would have been compensated for under Clause 12.3 (<font style="font-style: italic;">Tax indemnity</font>) but was
                    not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (<font style="font-style: italic;">Tax indemnity</font>) applied);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc9dbf41c49d74faea0054d9ebb42610c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">compensated for by any payment made pursuant to Clause 14.3 (<font style="font-style: italic;">Mandatory Cost</font>); or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb7921e0663d74871b3aec1182e4263fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2851f7706f594c1f8bbc824b1349d694" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">14</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">OTHER INDEMNITIES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8c380358d48f45a192856c2cd55fe032" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">14.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Currency indemnity</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5fc56fb50ee345cbb85a4c9ac5ac703c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If any sum due from an Obligor under the Finance Documents (a "<font style="font-weight: bold;">Sum</font>"), or any order, judgment or award given or made in relation to a Sum, has to be converted from the
                    currency (the "<font style="font-weight: bold;">First Currency</font>") in which that Sum is payable into another currency (the "<font style="font-weight: bold;">Second Currency</font>") for the purpose of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zeea091f0edf04b1f8afb1b04948819b3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">making or filing a claim or proof against that Obligor; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">that Obligor shall, as an independent obligation, on demand, indemnify each Secured Party to which that Sum is due against any cost, expense, loss or liability arising out of
            or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of
            its receipt of that Sum.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Obligors waive any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zec5861c0889d4523b550f05c0db2fdc2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">14.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other indemnities</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3568627d4a3942f1804789c7c6c6d3cb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Obligor shall, on demand, indemnify each Secured Party against any cost, expense, loss or liability incurred by it as a result of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z65507590065349f6acc2fcbf1095b3a7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the occurrence of any Event of Default;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdab111218ac14a50b4d4cd8c00561ef0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, expense, loss or liability arising as a result of Clause 32 (<font style="font-style: italic;">Sharing among the Finance Parties</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4720ddb204154709ab0f97ce44bebf30" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">funding, or making arrangements to fund, its participation in an Advance requested by the Borrowers in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this
                    Agreement (other than by reason of default or negligence by that Secured Party alone); or</div>
                </td>
              </tr>

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

                <tr>
                  <td style="width: 35.45pt;"><br>
                  </td>
                  <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">53</font></div>
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          </div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause
                    14.2 (<font style="font-style: italic;">Other indemnities</font>) an "<font style="font-weight: bold;">Indemnified Person</font>"), against any cost, expense, loss or liability incurred by that Indemnified Person pursuant to or in
                    connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated by the Finance Documents, having the benefit of any
                    Security constituted by the Finance Documents or which relates to the condition or operation of, or any incident occurring in relation to, any Ship unless such cost, expense, loss or liability is caused by the gross negligence or wilful
                    misconduct of that Indemnified Person.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z80f08c486668446ca5ca36764d6d07f8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in paragraph (b) above shall cover any cost, expense, loss or liability incurred by each Indemnified Person in any
                    jurisdiction:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law, Social Law or any Sanctions; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z21f3e85addf149b6beb09e2489b72c4f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in connection with any Environmental Claim or Social Claim.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this Clause 14.2 (<font style="font-style: italic;">Other indemnities</font>) subject to Clause 1.5 (<font style="font-style: italic;">Third party rights</font>) and the provisions of the Third Parties Act.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2d014ba0cc6149d3bdba304f5febb7b9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">14.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Mandatory Cost</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall, on demand by the Facility Agent, pay to the Facility Agent for the account of the relevant Lender, such amount which any Lender certifies in a notice to
            the Facility Agent to be its good faith determination of the amount necessary to compensate it for complying with:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of a Lender lending from a Facility Office in a Participating Member State, the minimum reserve requirements (or other requirements having the same or similar purpose) of the European Central Bank
                    or any other authority or agency which replaces all or any of its functions) in respect of loans made from that Facility Office; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6eff489efc434bafb9d6be2b81a4eee6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of any Lender lending from a Facility Office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or other requirements having the same or similar purpose) of the
                    Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any other governmental authority or agency which replaces all or
                    any of their functions),</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">which, in each case, is referable to that Lender's participation in the Loan.</div>
          <div>&#160;</div>
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                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">14.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Indemnity to the Facility Agent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall, on demand, indemnify the Facility Agent against:</div>
          <div>&#160;</div>
          <table id="zaffdb4b72d8c45c584af35db2ce98551" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any cost, expense, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">54</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z82008526f2e44e8e80ae321acb917769" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">investigating any event which it reasonably believes is a Default; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcb9223d4a6354610896ed078f1fbdf6a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z784ef88261414be88637c71c77b9644a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6daba9d4dec544e992f07ba275ab54ee" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any cost, expense, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or wilful misconduct) or, in the case of any cost, expense, loss or
                    liability pursuant to Clause 33.11 (<font style="font-style: italic;">Disruption to Payment Systems etc.</font>) notwithstanding the Facility Agent's negligence, gross negligence or any other category of liability whatsoever but not
                    including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z75f6f0383c69455c9bf76eb78577e3a5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">14.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Indemnity to the Security Agent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb51e7950ba6d4265b04575dff3467fd0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Obligor shall, on demand, indemnify the Security Agent and every Receiver and Delegate against any cost, expense, loss or liability incurred by any of them:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb068ca5d30ba4383b09ec6f23f39f3f5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in relation to or as a result of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc2d3eb416bcd465f8b1c56b0949560e7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any failure by a Borrower to comply with its obligations under Clause 16 (<font style="font-style: italic;">Costs and Expenses</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0daa15494a414a8794c4c9688fbbd1dd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z188755b672b54c64ba924cfa90b4d97f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the taking, holding, protection, perfection or enforcement of the Finance Documents and the Transaction Security;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcf01394e28f4415cbb210a8920a9abdc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(D)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb8da85304e58441bbce9e7e9e44ce7b1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(E)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb7914cc997a6443cbc0b108bf19b64d9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(F)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any action by any Transaction Obligor which vitiates, reduces the value of, or is otherwise prejudicial to, the Transaction Security; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z342f8f42ddd840589bd1e9b9e0643e25" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(G)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdef3e9d0296f449391bc0d6d8bd779ac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance
                    Documents (otherwise, in each case, than by reason of the relevant Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zbd4fa1c93c00494c9dd20271c9936276" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to
                    give effect to the indemnity in this Clause 14.5 (<font style="font-style: italic;">Indemnity to the Security Agent</font>) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction
                    Security for all monies payable to it.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">55</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zcbc26bc307b54f04acf11cab0c1d60dd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">15</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">MITIGATION BY THE FINANCE PARTIES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb9f86d2d33134ff9b2f3afb0ea40ec7f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">15.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Mitigation</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zacda33ea19424f3da2ce60deef3025c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or
                    cancelled pursuant to, any of Clause 7.1 (<font style="font-style: italic;">Illegality</font>), Clause&#160;12 (<font style="font-style: italic;">Tax Gross Up and Indemnities</font>), Clause 13 (<font style="font-style: italic;">Increased
                      Costs</font>) or paragraph (a) of Clause 14.3 (<font style="font-style: italic;">Mandatory Cost</font>) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or
                    Facility Office.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfe86e7128fa34a65af9f3f126a5a009c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Paragraph (a) above does not in any way limit the obligations of any Transaction Obligor under the Finance Documents.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf9ba3ed5aec34fbea744edae94cabe20" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">15.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Limitation of liability</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9b987e12c9c04cd0abe554bd4b37c100" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Obligors shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (<font style="font-style: italic;">Mitigation</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z344b6292fe854849bddebaca93e0b35f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A Finance Party is not obliged to take any steps under Clause 15.1 (<font style="font-style: italic;">Mitigation</font>) if either:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze206faa932c14724b2377147093942b9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Default has occurred and is continuing; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0e6f5c0dbf3547b689249c1f82660e12" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z87c98a4165f34264b06fe6465e45fcc3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">16</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">COSTS AND EXPENSES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfe7d4447a4834ec99565e0ff8931bd8d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">16.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Transaction expenses</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Obligors shall, on demand, pay the Facility Agent, the Security Agent and the Arranger the amount of all costs and expenses (including legal fees) incurred by any Secured
            Party in connection with the negotiation, preparation, printing, execution, syndication and perfection of:</div>
          <div>&#160;</div>
          <table id="zc24f80f309854168bc454cc899e0a13a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">this Agreement and any other documents referred to in this Agreement or in a Security Document; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z84b26a27a3e948f1995959151e492e55" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any other Finance Documents executed after the date of this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0ba5829a0dfa439bb11d4846181000a7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">16.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Upsize and Amendment costs</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If:</div>
          <div>&#160;</div>
          <table id="z8d4191a6863a4691ab4295599d88fdbf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Transaction Obligor requests an amendment, waiver or consent; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z41d07a732692430a9528e2caf84da36b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Borrowers request an Upsize pursuant to Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>); or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2f3fa88963264eda8a6a5d0b33e51a06" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">an amendment or other action is required pursuant to Clause 33.9 (<font style="font-style: italic;">Change of currency</font>) or as contemplated in Clause 42.4 (<font style="font-style: italic;">Changes to
                      reference rates</font>); or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9e325229a974480595f8332564bf26bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Transaction Obligor requests, and the Security Agent agrees to, the release of all or any part of the Security Assets from the Transaction Security,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">the Obligors shall, on demand, reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) incurred by each
            Secured Party in responding to, evaluating, negotiating or complying with that request or requirement.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">56</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z01584a93bd76478e933332f012a42359" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">16.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Enforcement and preservation costs</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall, on demand, pay to each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in connection with the
            enforcement of, or the preservation of any rights under, any Finance Document or the Transaction Security and with any proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document, taking or
            holding the Transaction Security, or enforcing those rights.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">57</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 7</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">GUARANTEES AND JOINT AND SEVERAL LIABILITY OF BORROWERS</div>
          <div>&#160;</div>
          <table id="zb76f3589bae745ee9640a7646d5c0123" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">GUARANTEE AND INDEMNITY</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4bc95ca52aa54ef697719f631348a62e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Guarantee and indemnity</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Guarantor irrevocably and unconditionally:</div>
          <div>&#160;</div>
          <table id="zc13641edbd2047a18680060f0f6e4f28" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">guarantees to each Finance Party due and punctual performance by each Borrower of all that Borrower's obligations under the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2c94660a58ce40ebbd908e44c74cfd79" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Finance Document, the Guarantor shall immediately on demand by the Facility Agent
                    pay that amount as if it were the principal obligor; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zaaabe9c696b546cb89751c0259ec6434" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party
                    immediately on demand by the Facility Agent against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it
                    under any Finance Document on the date when it would have been due.&#160; The amount payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 (<font style="font-style: italic;">Guarantee



                      and Indemnity</font>) if the amount claimed had been recoverable on the basis of a guarantee.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd77c94748c46408abb16936d4f95fe55" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Continuing guarantee</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Transaction Obligor under the Finance Documents, regardless of any
            intermediate payment or discharge in whole or in part.</div>
          <div>&#160;</div>
          <table id="z724f5040f4324977b68842710b942146" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Reinstatement</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If any discharge, release or arrangement (whether in respect of the obligations of any Transaction Obligor or any security for those obligations or otherwise) is made by a
            Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor
            under this Clause 17 (<font style="font-style: italic;">Guarantee and Indemnity</font>)will continue or be reinstated as if the discharge, release or arrangement had not occurred.</div>
          <div>&#160;</div>
          <table id="z5f6940d3c0f2499b82b2f75f14bed4f1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Waiver of defences</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The obligations of the Guarantor under this Clause 17 (<font style="font-style: italic;">Guarantee and Indemnity</font>) and in respect of any Transaction Security will not
            be affected or discharged by an act, omission, matter or thing which, but for this Clause 17.4 (<font style="font-style: italic;">Waiver of defences</font>), would reduce, release or prejudice any of its obligations under this Clause 17 (<font style="font-style: italic;">Guarantee and Indemnity</font>) or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including, without limitation:</div>
          <div>&#160;</div>
          <table id="z13518f032e994daf904fb9730c875b44" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any time, waiver or consent granted to, or composition with, any Transaction Obligor or other person;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">58</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z51bf2fca434241639312fde6e6cd40bb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the release of any other Transaction Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z80bf911e7bd742e09c3399035e417233" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any
                    rights against, or security over assets of, any Transaction Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of
                    any security;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4e285eb6a00c49588dfd595e51fdf145" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Transaction Obligor or any other person;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z17c7289b384742e997bdb00db6aea9b0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without
                    limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z248c94938eb14ef4aa742557fb097383" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb668ee7180e64c95b43146cccf180e4b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any insolvency or similar proceedings.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z298c7b4be4e24b469c79d6a7c85700dd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Immediate recourse</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3b291253a87843898106c2e8bbbc38b3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Guarantor waives any right it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any
                    person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 17 (<font style="font-style: italic;">Guarantee



                      and Indemnity</font>).&#160; This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zabddd4b25a66401d8d5f6c8d3e740620" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Guarantor acknowledges the right of the Facility Agent pursuant to Clause 26.20 (<font style="font-style: italic;">Acceleration</font>) to enforce or direct the Security Agent to enforce or exercise any or
                    all of its rights, remedies powers or discretions under any guarantee or indemnity contained in this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zbe7a7cacd80b4b8eb81987dd02b14573" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Appropriations</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Until all amounts which may be or become payable by the Transaction Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each
            Secured Party (or any trustee or agent on its behalf) may:</div>
          <div>&#160;</div>
          <table id="zfb33a62ebcc941a5bf3b9e93281b5f38" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same
                    in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za9417e28922344f3b1a97081b2d8ad0e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of the Guarantor's liability under this Clause 17 (<font style="font-style: italic;">Guarantee and Indemnity</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z99a3a6397d2f413eab1cab3110d93eb5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Deferral of Guarantor's rights</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">All rights which the Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against the Borrowers, any other Transaction
            Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise directs, the Guarantor will not
            exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being
            payable, or liability arising, under this Clause 17 (<font style="font-style: italic;">Guarantee and Indemnity</font>):</div>
          <div>&#160;
            <table class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">to be indemnified by a Transaction Obligor;</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">59</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <div>&#160;</div>
          <table id="zff2ac1be17154473899104384e5460a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to claim any contribution from any third party providing security for, or any other guarantor of, any Transaction Obligor's obligations under the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcbc23de3701c4e7cbb886669956b4cf5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant
                    to, or in connection with, the Finance Documents by any Secured Party;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4bc10df66a3d4ca2a53de6794fadfbe6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to bring legal or other proceedings for an order requiring any Transaction Obligor to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or
                    indemnity under Clause 17.1 (<font style="font-style: italic;">Guarantee and indemnity</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0929c5ac25d64a8e996c7c113d6e1280" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to exercise any right of set-off against any Transaction Obligor; and/or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za39a4d8496bf4df1a4b8a909ab6fe90c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to claim or prove as a creditor of any Transaction Obligor in competition with any Secured Party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to
            enable all amounts which may be or become payable to the Secured Parties by the Transaction Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the
            same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 33 (<font style="font-style: italic;">Payment Mechanics</font>).</div>
          <div>&#160;</div>
          <table id="z6e17c8ba9f9d442b92c815cfacf5a80e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Additional security</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">This guarantee and any other Security given by the Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security
            or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.</div>
          <div>&#160;</div>
          <table id="z8cd89e6c58e1400798ed0f73acb7e704" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">17.9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Applicability of provisions of Guarantee to other Security</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Clauses 17.2 (<font style="font-style: italic;">Continuing guarantee</font>), 17.3 (<font style="font-style: italic;">Reinstatement</font>), 17.4 (<font style="font-style: italic;">Waiver of defences</font>), 17.5 (<font style="font-style: italic;">Immediate recourse</font>), 17.6 (<font style="font-style: italic;">Appropriations</font>), 17.7 (<font style="font-style: italic;">Deferral of Guarantor's rights</font>)
            and 17.8 (<font style="font-style: italic;">Additional security</font>) shall apply, with any necessary modifications, to any Security which the Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to
            secure the Secured Liabilities or any part of them.</div>
          <div>&#160;</div>
          <table id="z20e582350fa84460a75eb947ae8a9719" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">18</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">JOINT AND SEVERAL LIABILITY OF THE BORROWERS</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z80d22fa0f8ed4641a88b709a4b811a5e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">18.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Joint and several liability</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.</div>
          <div>&#160;</div>
          <table id="z2d762036ed714837b7b95b3ea3590945" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">18.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Waiver of defences</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The liabilities and obligations of a Borrower shall not be impaired by:</div>
          <div>&#160;</div>
          <table id="zf1ffbe3a242843ffabd965b9b825fcb2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">this Agreement being or later becoming void, unenforceable or illegal as regards any other Borrower;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">60</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd0d99c96db244e6a2c7814d86dba647" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind with any other Borrower;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z314fc9e2b5104b268d42f245c2bcf2a0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Lender or the Security Agent releasing any other Borrower or any Security created by a Finance Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0473f5d3b946412fb5447de92ec5c779" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any time, waiver or consent granted to, or composition with any other Borrower or other person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1712b59214a04a76afd1abb6e3e43b7a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the release of any other Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf06f8014457e4827b4281f60902a9747" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any other Borrower or other person or any
                  non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f3ab5e19a5c4502a484f53b39728dbd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any other Borrower or any other person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a198ee8a83445238e4f346b66542175" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without
                  limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5dc407b10aab46d5a3ac094256f19ca9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75672f8f0ced427fa3de45da66060b88" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any insolvency or similar proceedings.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd198be4b293d42c8aad47a4c864f87a7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">18.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Principal Debtor</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and
          no Borrower shall, in any circumstances, be construed to be a surety for the obligations of any other Borrower under this Agreement.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c9271c3952541fab8434d56f3beaa13" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">18.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Borrower restrictions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10de9c08d5a841dfb2af872b16c9e260" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to paragraph (b) below, during the Security Period no Borrower shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda1a15d20035456d9abd27cfabf4dfb3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">claim any amount which may be due to it from any other Borrower whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this
                  Agreement or any Finance Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36eaf813e32440fe9134240f71442800" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">take or enforce any form of security from any other Borrower for such an amount, or in any way seek to have recourse in respect of such an amount against any asset of any other Borrower;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze82befd3e26348f3a2b43e13e35b3194" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">set off such an amount against any sum due from it to any other Borrower;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3c16885a1534c3bb422b1cde7c87a1e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving any other Borrower; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79bc40f9489f41fc82eba1e3b8424d73" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">exercise or assert any combination of the foregoing.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">61</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5fca77fe4a242b3801509c62f8b470a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If during the Security Period, the Facility Agent, by notice to a Borrower, requires it to take any action referred to in paragraph (a) above in relation to any other Borrower, that Borrower shall take that
                  action as soon as practicable after receiving the Facility Agent's notice.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ccc84978ea6458c8224508e74ce0bd6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">18.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Deferral of Borrowers' rights</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility
          Agent otherwise directs, no Borrower will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z828a8a2cb51f4ef89ef84ffdd0473538" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to be indemnified by any other Borrower; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf8bdf5ea4a0e41b08a5e84d7470e3a05" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to claim any contribution from any other Borrower in relation to any payment made by it under the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">62</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 8<br>
          <br>
          REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4124880fffe34d84aafe7c0fd3fb8871" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">REPRESENTATIONS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03e8fc5c5e354c5f8f3ad4c99397affb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor makes the representations and warranties set out in this Clause 19 (<font style="font-style: italic;">Representations</font>) to each Finance Party on the date of
          this Agreement.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74f9b74c05864c62a2c04a9bbc98cf6e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Status</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0bb7decdab54692829aeccf335275b6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It is a corporation, duly incorporated or established and validly existing in good standing under the law of its Original Jurisdiction.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z818f1841107d4f1f849710815e27c6da" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It and each Transaction Obligor has the power to own its assets and carry on its business as it is being conducted.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75b7241cf90445c183b88e325340f414" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Share capital and ownership</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc91dc010477e400e9200f66f0b0638c9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">Initial Borrower A is authorised to issue </font>500 <font style="color: #000000;">registered shares without par value, all of which shares have been issued in registered form and are fully paid and
                    non-assessable.</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeacd13c139e84630b3a57465822d02c7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Initial Borrower B is authorised to issue 500 registered shares without par value, of which shares have been issued in registered form and are fully paid and non-assessable.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z123da941e8234966899e87c75f3de038" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Guarantor is authorised to issue 1000 registered shares with a par value of $1 per share, all of which shares have been issued in registered form and are fully paid and non-assessable.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c5aee8399f9448c95f60fc84983f428" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The legal title to and beneficial interest in the shares in each Borrower is held by the Guarantor free of any Security or any other claim (other than Permitted Security).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa6f8860b19649f28d98906979ee61c5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The legal title to and beneficial interest in the shares of the Guarantor is held by Icon Energy free of any Security or other claim.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83529af20cda473b89fe1ce6dea9f486" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">None of the shares in any Borrower is subject to any option to purchase, pre-emption rights or similar rights.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z98664ea8ce6d4656bf7d83015ad5e3ea" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Binding obligations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The obligations expressed to be assumed by it and in each Transaction Document are legal, valid, binding and enforceable obligations.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zabf38dd0194b4bad89a88c9aafe90ff5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Validity, effectiveness and ranking of Security</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78a1dbf664dd48a99ef083829cff4f66" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Finance Document does now or, as the case may be, will upon execution and delivery create the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security
                  will, when created or intended to be created, be valid and effective.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa1def138fc44694bb52e46998aee6b2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No third party has or will have any Security over any assets that are the subject of any Transaction Security granted by it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">63</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z342bae81a73143169a0e98f9f7544c6e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Transaction Security granted by it to the Security Agent or any other Secured Party has or will when created or intended to be created have first ranking priority or such other priority it is expressed to
                  have in the Finance Documents and is not subject to any prior ranking or <font style="font-style: italic;">pari passu</font> ranking security.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57bafd72db7146298f2697e7c5bc75dc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No concurrence, consent or authorisation of any person is required for the creation of or otherwise in connection with any Transaction Security.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9605fab8e35e41eea3f70e3908614d3b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Non-conflict with other obligations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The entry into and performance by it of, and the transactions contemplated by, each Transaction Document do not and will not conflict with:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c77c88a39014cc0a08061b44941db4d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any law or regulation applicable to it;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f7a1553567c4049abed96cc489de87d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">its constitutional documents; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10c113cdd5a64dc38d2b7b5cc3e16807" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any agreement or instrument binding upon it or constitute a default or termination event (however described) under any such agreement or instrument.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d82f3e956634ff1b48c400f23615d9e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Power and authority</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c97945035434a8fb8ff7bc5471801b6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e24f9456f234617be306aadfebf2c84" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">its entry into, performance and delivery of, each Transaction Document to which it is or will be a party and the transactions contemplated by those Transaction Documents; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2221eb4560e04b5ca2410bc922fd1b0c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of each Borrower, its registration of the Ship owned by it under the Approved Flag.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd0eb7a0c7a140eca76bb58a4b6246ea" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of guarantees or indemnities contemplated by the Transaction Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8433ae2e347b4222ac701a75e5acef96" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Validity and admissibility in evidence</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">All Authorisations required or desirable:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65c01c20385d422681eb1fdb85564b30" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z59b3dd2999eb44af8d3e13a98a0e2da9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to make the Transaction Documents enforceable and admissible in evidence in its Relevant Jurisdictions,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">have been obtained or effected and are in full force and effect.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf35824ffeb99415f8bcb07f0c525414e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">19.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Governing law and enforcement</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0cbab5e97b341ffa5257e35852782ad" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The choice of governing law of each Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8a1c2fff6c844238765bd634ea9e866" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any judgment obtained in relation to a Transaction Document in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">64</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71ba54a869be4891a81d55a25fa32cf4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Insolvency</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc6def5f948564e72adef7407d36af264" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause 26.8 (<font style="font-style: italic;">Insolvency proceedings</font>); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4aba88f7b414f7a8556714a5da1193b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">creditors' process described in Clause 26.9 (<font style="font-style: italic;">Creditors' process</font>),</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">has been taken or, to its knowledge, threatened in relation to any Transaction Obligor, and none of the circumstances described in Clause 26.7 (<font style="font-style: italic;">Insolvency</font>) applies to a Transaction Obligor.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c4cb6bb655d4e4bb4592b6aa3036b02" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No filing or stamp taxes</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Under the laws of its Relevant Jurisdictions it is not necessary that any Finance Documents be registered, filed, recorded, notarised or enrolled with any court or other
          authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to any Finance Documents or the transactions contemplated by those Finance Documents except:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4a15c46deb5e43e389b284c99e29fc87" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">registration of each Ship under the Approved Flag, which registration and related fees shall be made and paid promptly and in accordance with the terms of the relevant Finance Documents; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6e620cd6b394a01849626ade8a9e9d2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">such filings or registrations as the legal counsels to the Lenders may consider appropriate or desirable, which shall be arranged by the relevant legal counsel to the Lenders and any fees in relation thereto
                  shall be paid promptly by the Obligors on demand.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf14a7a28bfe84372b282789664fc81c8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Deduction of Tax</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">It is not required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd040ee2fd574cd8afd4bc31d353d445" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No default</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8eb4c590434e4e65a4cff7dcaa507cbe" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Event of Default and, on the date of this Agreement and on each Utilisation Date, no Default has occurred and is continuing or might reasonably be expected to result from the making of any Utilisation or the
                  entry into, the performance of, or any transaction contemplated by, any Transaction Document.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z40ed9f93f4f048fe821dd93c41fad3a2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No other event or circumstance is outstanding which constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are
                  subject.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73b06c47c2c04370806b4166816e4427" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No misleading information</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34faa9a817094642b4d02ccdb4354128" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any factual information provided by any Obligor for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbb48cb429e54a3dadae56382988e8de" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The financial projections contained in any such information have been prepared on the basis of recent historical information and on the basis of reasonable assumptions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc99d47de1a94e5a85834978451f7219" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing has occurred or been omitted from any such information and no information has been given or withheld that results in any such information being untrue or misleading in any material respect.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">65</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc670ea4bf3804154922dc33e34ce2996" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Financial Statements</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z250f9a8ab9f54e69b2c097e7f2e0db9b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In respect of Initial Borrower A, its Original Financial Statements were prepared on the basis of reasonable assumptions and in accordance with GAAP consistently applied unless expressly disclosed to the
                  Facility Agent in writing to the contrary before the date of this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc51b1565491a43098676c5a0cdb1e129" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In respect of Initial Borrower A, its Original Financial Statements give a true and fair view (if audited) or fairly represent (if unaudited) of its financial condition as at the date of its Original Financial
                  Statements and results of operations during the relevant financial year-to-date period.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9da5fd785ea14e57a754d7547e5ea97e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">In respect of Initial Borrower A, there has been no material adverse change in its assets, business or financial condition since the date of its</font> Original Financial Statements<font style="color: #000000;">.</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41722c10016e4711ab77fe23e9ef5d36" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Its most recent financial statements and/or its managements accounts, delivered pursuant to Clause 20.2 (<font style="font-style: italic;">Financial information</font>):</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a6dac93d9c546c2ac83a069c10d5351" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">have been prepared in accordance with Clause 20.3 (<font style="font-style: italic;">Requirements as to financial statements</font>); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd4457914ecf046e1a0124406fbc67012" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition as at the end of the relevant financial year and operations during the relevant financial year.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd072bd751b764c8e900bdd1af322e53f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Since the date of the most recent financial statements delivered pursuant to Clause 20.2 (<font style="font-style: italic;">Financial information</font>) there has been no material adverse change in its
                  business, assets or financial condition.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdea0c7f1c6754b79a07b035234e60082" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Pari passu ranking</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Its payment obligations under the Finance Documents to which it is a party rank at least <font style="font-style: italic;">pari passu</font> with the claims of all its other
          unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b6f89be38094eb0b8577ac18a92878a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No proceedings pending or threatened</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd03a9cef2eeb49e0882af57b7a1da47d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">To its knowledge, having made due and careful enquiries, no litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual
                  breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency have been started or threatened against it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07bd9ce6892d42d2a5462e0c08f4e364" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body has been made against it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5775d0d793c4fe6b3b97547ced24765" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No rebates etc.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">There is no agreement or understanding to allow or pay any rebate, premium, inducement, commission discount or other benefit or payment (however described) to Initial Borrower
          B, the Seller, at any relevant time, an Additional Borrower or a third party in connection with the purchase by Initial Borrower B of Initial Ship B or by any relevant Additional Borrower of any relevant Additional Ship other than as disclosed to
          the Facility Agent in writing on or before the date of this Agreement or, in the case of any Additional Ship, at the relevant time of its financing or refinancing pursuant to the terms of this Agreement.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">66</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1cb6265ff574d92a59b95a33082f249" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Valuations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze306094d766d4ec4958d223cd9825521" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was
                  supplied or (if appropriate) as at the date (if any) at which it is stated to be given.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb953e37d19cd45f18dd95f4c2b59c67d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely affect any valuation prepared by such Approved Valuer in any material respect.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9103bf723941485fb685adb1645a0f2e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">There has been no change to the factual information provided pursuant to paragraph (a) above in relation to any valuation between the date such information was provided and the date of that valuation which, in
                  either case, renders that information untrue or misleading in any material respect.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z374c1f5943d2484eae5d5696f1c97c71" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No breach of laws</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Transaction Obligor has breached any applicable law or regulation.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf597415e23d43799e278945bf76f567" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Compliance with Environmental Laws</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">All Environmental Laws and other applicable laws relating to the ownership, operation and management of each Group Ship and the business of each Transaction Obligor (as now
          conducted and as reasonably anticipated to be conducted in the future) and the terms of all Environmental Approvals have been complied with.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dd1829072a54e49ad7e22dc9cf3f1fd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No Environmental Claim</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Environmental Claim has been made or threatened against any Transaction Obligor or any Group Ship.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac68015fa82040188041017259071c89" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No Environmental Incident</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c3ba1c57dac4bc480b7190c9c25e287" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">ISM and ISPS Code compliance</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">All requirements of the ISM Code and the ISPS Code as they relate to each Transaction Obligor and each Ship have been complied with.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd2eed6ec604458590601527df206366" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No Charter</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Except as disclosed by the Borrowers to the Security Agent in writing on or before the date of this Agreement, no Ship is subject to any Charter other than a Permitted Charter
          in relation to that Ship.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d56876c63dc454ea34319f185214601" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Taxes paid</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zecf63639b46e44b9bf5e80ab9e52b22d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It is not materially overdue in the filing of any Tax returns and it is not overdue in the payment of any amount in respect of Tax.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z20060e3914df4b3a944b8e301548eea7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No claims or investigations are being, or are reasonably likely to be, made or conducted against it with respect to Taxes.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f2691f26842433eb0558eeb7f19d42a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Financial Indebtedness</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower has any indebtedness other than Permitted Financial Indebtedness.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">67</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0650f4924c6a439397f86c867b4ac786" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Overseas companies</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">It has not delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the Registrar of Companies as required under
          the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders at the Companies Registry.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z000d4434b6014048a9b68b8407ddd1ff" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Good title to assets</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as
          presently conducted.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbe5786b7e10e4f07a2f8e0f52354feba" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.30</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Ownership</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z564d0492b5384cd0a00c1507b1a0d5bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower is the sole legal and beneficial owner of the Ship owned by it, its Earnings and its Insurances.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d8c3daff14a4b4991f57e86b75b26c8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">With effect on and from the date of its creation or intended creation, each Obligor will be the sole legal and beneficial owner of any asset that is the subject of any Transaction Security created or intended to
                  be created by such Obligor.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d73a3d665a8434b98fe824ee395296e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The constitutional documents of each Obligor do not and could not restrict or inhibit any transfer of the shares in a Borrower on creation or enforcement of the security conferred by the Security Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z562278a4a44c4c8ea477f558a21949b1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.31</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Centre of main interests and establishments</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;"><font style="color: #000000;">For the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency Proceedings (recast) (the "</font><font style="font-weight: bold; color: #000000;">Regulation</font><font style="color: #000000;">"), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in </font>Greece<font style="color: #000000;"> and it has no "establishment"
            (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.</font></div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbb70a374fe748e595d9542d77b4b3a3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.32</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Place of business and tax residency</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z13202b2bc01940018448f1727fbe9319" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It does not have a place of business in the United States of America or the United Kingdom.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46fd3c929ee74aff88b27e169adbf26d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It is subject to the provisions of Greek Law 27 of 1975 (as amended from time to time) and is not a tax resident in any other jurisdiction.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ef78d72213d487581a25a0129824f6b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.33</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No employee or pension arrangements</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">It does not have any employees or any liabilities under any pension scheme.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e7518d1675543f0bcb3c87ce9e54ade" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.34</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Anti-corruption</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">It and each other Transaction Obligor has conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures
          designed to promote and achieve compliance with such laws.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdfc33d0b7b5f4b7d8663dcd753e92650" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.35</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Sanctions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96c2c6724687484280623a5b4155a163" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Transaction Obligor nor any other member of the Group:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4798e029c0244a08fd328dd0315eb84" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is a Prohibited Person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1cdb952beac042469819e13773a67c52" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">68</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7c552d826824d5a8dbf2cd290c3f2b4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">owns or controls a Prohibited Person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19763dc48ec643c5b6ad8d2331af9674" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">has a Prohibited Person serving as a director, officer or employee.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82ae03f3a82b4a82a7dfe58cb26e5bde" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No proceeds of any Advance or the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person nor shall they be otherwise directly or indirectly, applied in a manner or for
                  a purpose prohibited by Sanctions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca3c8709547e4e90a7cf71b9ff7f27d6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Group Ship is being used by or for the benefit of a Prohibited Person.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2ea0fa193214d98a2d683ab80128f2d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Group Ship is being used in trading in any manner contrary to Sanctions (or which could be contrary to Sanctions if Sanctions were binding on a Transaction Obligor, Approved Manager or another member of the
                  Group) or has called at any port in a Sanctioned Country.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8afe785f335c4c959964f826b195bb0b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Group Ship is being traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze6d35f9785684512af78d7d805cc93b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Group Ship is chartered or subject to any agreement pursuant to which it is required or may be required to call at any port in a Sanctioned Country.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4dd8d7ac68164553aff32c2287bf5f21" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">All charterparties for a Ship existing contain, for the benefit of the relevant Borrower, language which gives effect to the provisions of paragraph (c) of Clause 23.9 (<font style="font-style: italic;">Compliance




                    with laws etc.</font>) as regards Sanctions and Clause 23.11 (<font style="font-style: italic;">Sanctions and Ship trading</font>) and shall permit refusal of employment or voyage orders if compliance would result in a breach of
                  Sanctions (regardless of whether the same is or is not binding on the charterer) (or which would result in a breach of Sanctions if Sanctions were binding on each Transaction Obligor) or would require a Ship to call at a port in a
                  Sanctioned Country.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ec112763d064531a4cb5598ec80d804" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">19.36</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Repetition</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Repeating Representations are deemed to be made by the Obligors by reference to the facts and circumstances then existing on the date of each Utilisation Request, each
          Utilisation Date and the last day of every month.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd31f54369b974e19bce5c84455a5bf21" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">INFORMATION UNDERTAKINGS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07f1ed591199409a957cb980f855c9a2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The undertakings in this Clause 20 (<font style="font-style: italic;">Information Undertakings</font>) remain in force throughout the Security Period unless the Facility Agent,
          acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1f42923a9084d4a956ff84cfbbedaf9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Financial information</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03afd96437434e3db30f5bb5cc06536b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Obligors shall supply to the Facility Agent in sufficient copies for all the Lenders:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad2e630b87ab49ef8425d9e7d76ed8cf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as soon as they become available, but in any event within 90 days after the end of Icon Energy's financial years its audited consolidated financial statements for that financial year provided that if Icon Energy
                  establishes a new direct subsidiary other than the Guarantor, separate audited consolidated financial statements for the Guarantor shall instead be required;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z036059f13b664429947613518b42305a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as soon as possible, but in no event later than 45 days after each Quarter End Date, the unaudited quarterly management accounts of the Guarantor and each Borrower for that Quarter End Date which shall also
                  include the results of the operation of each Ship during the year-to-date period then ended;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">69</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42b7901693a245978f70162454e0d3ac" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as soon as possible, but in no event later than the first Utilisation Date and then no later than 45 days before the end of each calendar year, a budget in a format approved by the Facility Agent which shows all
                  anticipated operating costs and expenses of each Ship during the next 12-month period including management fees. If the content of such budget is acceptable to the Facility Agent, acting on the instructions of the Majority Lenders, acting
                  reasonably and without undue delay, the Facility Agent shall approve such budget in writing (an "<font style="font-weight: bold;">Approved Opex Budget</font>"); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71ba28aa5e7c41f49e5c40f74dc62059" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as soon as possible and no later than 10 months before any dry docking, special survey or ballast water event in respect of a Ship, a budget in a format approved by the Facility Agent which shows all anticipated
                  capital expenditure in respect of such Ship (including all anticipated dry docking, special survey and ballast water expenses) for the next 10-month period. If the content of such budget is acceptable to the Facility Agent, acting on the
                  instructions of the Majority Lenders, acting reasonably and without undue delay, the Facility Agent shall approve such budget in writing (an "<font style="font-weight: bold;">Approved Capex Budget</font>").</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32b7dfa90539491a858e85caf0877c6a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall promptly provide such further financial information as may be reasonably requested by the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za93ced2a275a4527af09108d1bce23a5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Requirements as to financial statements</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a29d9b8cd2145f9bbe4ea808722b56a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each set of financial statements and/or management accounts delivered by an Obligor pursuant to Clause 20.2 (<font style="font-style: italic;">Financial information</font>) shall be certified by a director of
                  the company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements and/or management accounts were drawn up.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb97cf0cd2c5345338a2301f519145747" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall procure that each set of financial statements and/or management accounts delivered pursuant to Clause&#160;20.2 (<font style="font-style: italic;">Financial information</font>) is prepared using
                  GAAP.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ec6610b79c043679d1ac301fa725d0f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Compliance Certificate</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc66237b974bd44218c9e7b0d6acc6df7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall supply a Compliance Certificate to the Facility Agent with each set of financial statements and/or management accounts provided pursuant to sub-paragraphs(i) and (ii) of paragraph (a)
                  Clause&#160;20.2 (<font style="font-style: italic;">Financial information</font>).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94308c53dd364028917306976d7e640f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Compliance Certificate shall be signed by an officer of that Obligor.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zadcadfcbba8e490dbc9dfea4c4ec5962" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">DAC6</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f1dfa09c0f143d59bb445befbf251f2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In this Clause 20.5 (<font style="font-style: italic;">DAC6</font>), "<font style="font-weight: bold;">DAC6</font>" means the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU or any
                  replacement legislation for DAC 6 applicable in the UK.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5c349d8cf254e349235b3702a30116c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e9684efabba456dbbcf1fb7e3354f1f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Transaction Documents or any transaction carried out
                  (or to be carried out) in connection with any transaction contemplated by the Transaction Documents contains a hallmark as set out in Annex IV of DAC6; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">70</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49a0b093e0f548758daa111477d7988e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of a Transaction Obligor or
                  by any adviser to such Transaction Obligor in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made (if
                  available).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze526f9d398794f4b87db116c94e78779" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Information: miscellaneous</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bc969d06eaa4befbf6ad806dcd0b26f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to being reasonably relevant to the Finance Documents, all documents dispatched by it to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd79ad4296b6f43d9aaf1acf4d428b02d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach
                  of the ISM Code or of the ISPS Code) which are current, threatened or pending against any Transaction Obligor;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z041aec6b81a1409e93c96af037f2d2a6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which is made
                  against any Transaction Obligor;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36b6791d46a3410fb9dcceff68eb0b5d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">promptly, its constitutional documents where these have been amended, varied, restated or replaced;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e7845fff4834ae98223f64e33bbe387" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">promptly, such further information and/or documents regarding:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z55499a54faa5404f8e97044c9a8215c4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each Ship, goods transported on each Ship, its Earnings or its Insurances;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z325d50b9693d4974bef89570c37e56f2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Security Assets;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z477ee5c9f18444a0bc9763e8a6a4db10" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">compliance of the Transaction Obligors with the terms of the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76878d694f97431387f7ff105524fdf1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the financial condition of any Transaction Obligor (other than any Approved Manager) or the business and operations of any Transaction Obligor,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">as any Finance Party (through the Facility Agent) may reasonably request; and</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zed2f6036ac564631a306faae10fd2d61" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">promptly, such further information and/or documents as any Finance Party (through the Facility Agent) may request so as to enable such Finance Party to comply with any laws applicable to it or as may be required
                  by any regulatory authority.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7847810f47654c52a2912254bd2ae824" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Notification of Default</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5464ed1cb1e64030954aa572175dcfec" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has
                  already been provided by another Obligor).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd19688c204f748698cf842c19adce454" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate signed by a senior officer on its behalf certifying that no Default is continuing (or if a Default is
                  continuing, specifying the Default and the steps, if any, being taken to remedy it).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">71</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79ea57a413654c269a7ec106ca95fca1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Use of websites</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z801f922be7ef4ec3b450cb8513623de4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Transaction Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver any information in relation to those Lenders (the "<font style="font-weight: bold;">Website
                    Lenders</font>") which accept this method of communication by posting this information onto an electronic website designated by the Obligors and the Facility Agent (the "<font style="font-weight: bold;">Designated Website</font>") if:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c460057a4394728bbfa60ece397e210" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3aa122af766c4436b00c84e53deb3ee9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba53cb2ecb3544668ab00a1606a967de" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the information is in a format previously agreed between the relevant Obligor and the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If any Lender (a "<font style="font-weight: bold;">Paper Form Lender</font>") does not agree to the delivery of information electronically then the Facility Agent shall notify
          that Transaction Obligor accordingly and that Transaction Obligor shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form.&#160; In any event each Transaction Obligor shall supply the Facility
          Agent with at least one copy in paper form of any information required to be provided by it.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd339aedbdc6e4ddc934243e64a2589b2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by an Obligor or any of them and
                  the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1cc6f9bea8d49cb939b9ac0fa679249" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A Transaction Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58946d69528a4d8181c0e63c91e590f9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Designated Website cannot be accessed due to technical failure;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ff6eeed8a744289a9252bbdcf6d56e4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the password specifications for the Designated Website change;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92372fd918a7449e851e30b2718e67e5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any new information which is required to be provided under this Agreement is posted onto the Designated Website;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zccab60c8f2094a989c1a790b43282d0b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24cdd6fd08a54c18a96fa27771493786" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if that Obligor becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If an Obligor notifies the Facility Agent under sub-paragraph (i) or (v) of paragraph (c) above, all information to be provided by that Obligor under this Agreement after the
          date of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z13f14ddb9c464b2386914ba044f4bbf1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website.&#160; Each Obligor shall comply
                  with any such request within 10 Business Days.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">72</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf658a900482d46fbad7ef8f5bed5de3b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">20.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">"Know your customer" checks</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c1dd89d33664a7d9c6a1bf2eb23264e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3e53432f36043ae893e782bc09d843f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f7f3df6fcd74fa69aa73afedee085d6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any change in the status of an Obligor (or of a Holding Company of that Obligor) (including, without limitation, a change of ultimate beneficial ownership of an Obligor or of a Holding Company of that Obligor)
                  (other than any changes in the shareholders of the publicly listed Icon Energy for so long as it remains publicly listed) after the date of this Agreement; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc5ef4a93a2349b2a91eebd7baa538e1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">obliges a Finance Party (or, in the case of sub-paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in
          circumstances where the necessary information is not already available to it, that Obligor shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by
          a Servicing Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in sub-paragraph (iii) above, on behalf of any prospective new Lender) in order for such Finance Party or, in
          the case of the event described in sub-paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations
          pursuant to the transactions contemplated in the Finance Documents.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d42777d36ee4854930e71ea8d4b9208" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order
                  for that Servicing Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance
                  Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z97bf9f6dd3af4d76bf7c530489557661" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">GENERAL UNDERTAKINGS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe959f34a4264b58967552c94b897b07" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The undertakings in this Clause 21 (<font style="font-style: italic;">General Undertakings</font>) remain in force throughout the Security Period except as the Facility Agent,
          acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19c8cb0d327f40f8901affbb3c1fea49" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Authorisations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall promptly:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z615747b7d2f942bab1ddb33af32ad791" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">obtain, comply with and do all that is necessary to maintain in full force and effect; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62e4bd5df742415ab60a0a2c78730566" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">supply certified copies to the Facility Agent of,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">any Authorisation required under any law or regulation of a Relevant Jurisdiction or Approved Flag to enable it to:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b4dbfc72f8c49efb532261e07b26880" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">perform its obligations under the Transaction Documents to which it is a party;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73cab986824843fabc8c3a8e709b5aae" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">ensure the legality, validity, enforceability (including priority ranking) or admissibility in evidence in any Relevant Jurisdiction or the Approved Flag of any Transaction Document to which it is a party; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">73</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd610d735c23649738951be9d8e5a8a85" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">own and operate each Ship (in the case of each Borrower).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2c16147b0174200a252d71929b169bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Compliance with laws</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall, and shall procure that each other Transaction Obligor will, comply in all respects with all laws and regulations to which it may be subject.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1820b660fec4eb1a8088b4f99e730a3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Anti-corruption Law</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6ad3e7a170042b5bd483095512e195e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Obligor shall directly or indirectly use the proceeds of the Loan for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation
                  in other jurisdictions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z996c445ffac24315a434867f0bf73b1a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall and shall procure that each other Transaction Obligor shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11b9798054b7479fb1da3d679a286e76" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">conduct its business in compliance with applicable anti-corruption laws; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z876db054330140e88aafe1f111459f6d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">maintain policies and procedures designed to promote and achieve compliance with such laws.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35351aacc3da4787828d07c5b3ea1f78" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Environmental compliance</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall, and shall procure that each other Transaction Obligor and each Group Ship shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4e76e679599456aa0f1534a63fcf624" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">comply with all Environmental Laws;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a036f3d641a48f09d9fd09fd6de1d68" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">obtain, maintain and ensure compliance with all requisite Environmental Approvals;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za28e37c120ae487d80191efc1230986f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">implement procedures to monitor compliance with and to prevent liability under any Environmental Law.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e086a1b43cd40268b0fcdef7fa33059" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Environmental claims and social claims</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall, and shall procure that each other Transaction Obligor shall, promptly upon becoming aware of the same, inform the Facility Agent in writing of:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8fe2fa832a284b8d80e7b08e780a0550" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Environmental Claim or any Social Claim against any Transaction Obligor or in relation to any Group Ship which is current, pending or threatened; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z772f371828124cad9d52aaf0405f9151" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any facts or circumstances which are reasonably likely to result in any Environmental Claim or Social Claim being commenced or threatened against any Transaction Obligor or in relation to any Group Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3e08f92caad4cacbdb63873454593fa" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Evidence of Good Standing</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor will from time to time if reasonably requested by the Facility Agent provide the Facility Agent with evidence in form and substance satisfactory to the Facility
          Agent that it remains in good standing.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za77b18b027104f239de57c4b04b0f394" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Taxation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfc9c52d66f8845d5840effd9f04f5075" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6115e50d34504f718236e03086c1f55f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">such payment is being contested in good faith;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">74</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64a7bb2ea3fe476db30414381a0dc60c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">adequate reserves are maintained for those Taxes and the costs required to contest them and both have been disclosed in its latest financial statements delivered to the Facility Agent under Clause 20.2 (<font style="font-style: italic;">Financial information</font>);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1879f40ea5141d59876b4ebfd109ec5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">such payment can be lawfully withheld; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z97972c8a0b5f44e7a41112742395b67e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">relevant details are provided to the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd865b7414188432d884b6ec58485bb31" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Obligor shall change its residence for Tax purposes.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb534e98902b4c8f8958cc36faa630a4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">21.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Overseas companies</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall promptly inform the Facility Agent if it delivers to the Registrar particulars required under the Overseas Regulations of any UK Establishment and it shall
          comply with any directions given to it by the Facility Agent regarding the recording of any Transaction Security on the register which it is required to maintain under The Overseas Companies (Execution of Documents and Registration of Charges)
          Regulations 2009.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31e05dee78b54aa1a588af5c165b92a5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: #000000; font-weight: bold;">21.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No change to centre of main interests</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Obligor shall change the location of its centre of main interest (as that term is used in Article 3(1) of the Regulation) from that stated in relation to it in Clause 19.31
          (<font style="font-style: italic;">Centre of main interests and establishments</font>) and it will create no "<font style="font-weight: bold;">establishment</font>" (as that term is used in Article 2(10) of the Regulation) in any other
          jurisdiction.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z864cdb2b474c4b58994570ae44fe36b0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: #000000; font-weight: bold;">21.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Pari passu ranking</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least <font style="font-style: italic;">pari passu</font> with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe7a9f23ae294680a0c40c768ed67230" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: #000000; font-weight: bold;">21.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Title</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaec449d417ee4aa6ab76539ffec29538" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall hold the legal title to, and own the entire beneficial interest in the Ship owned by it, its Earnings and its Insurances.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze22c21107c204f4ebe5e73aca1f74b72" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall, with effect on and from its creation or intended creation, hold the legal title to, and own the entire beneficial interest in, any other assets the subject of any Transaction Security created
                  or intended to be created by it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7113fc9d5ee4b26a72b3ba223377551" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: #000000; font-weight: bold;">21.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Negative pledge</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb35ce4b6004c41d289b3a395f26306ad" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall create or permit to subsist any Security over any of its assets.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z788445b20ed145bb82dfe92de414d7c8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca788b8054c248289db3bbd2360f6894" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by a Transaction Obligor;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ce4e0a72d0b42ffb46ed0c6f7c27a23" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">sell, transfer or otherwise dispose of any of its receivables on recourse terms;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b271ab3972e4c72825965202fabb073" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z507bf04ac52748edabdd0278fcf2a84e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">enter into any arrangement for any acquisitions; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">75</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6fc23fa0baa4704a174f08aba05449d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">enter into any other preferential arrangement having a similar effect,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">in circumstances where the arrangement or transaction raises Financial Indebtedness or finances the acquisition of an asset.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c1bba0835504f83b7bc6abb5b5913fd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Paragraphs (a) and (b) above do not apply to any Permitted Security.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f206018ad8c40deb8f859dd8b59503e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Disposals</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0d3f9ef0e224f2aa5d1bae62539dd23" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease (other than in respect of a Charter), transfer or
                  otherwise dispose of any asset (including without limitation each Ship, its Earnings or, its Insurances).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zce34e600de364c35b4170a30e87b3db7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The preceding paragraph does not apply to a voluntary sale of a Ship on normal arm&#8217;s length commercial terms with prior written notice to the Facility Agent <font style="font-weight: bold;">provided that</font>
                  no Event of Default has occurred and is continuing at the time of such sale, the Borrowers comply with Clause 7.4 (<font style="font-style: italic;">Mandatory prepayment on sale, arrest, detention or Total Loss</font>) and Clause 7.5 (<font style="font-style: italic;">Restrictions</font>), the proposed buyer is acceptable for the purposes of the Finance Parties&#8217; know your customer requirements and the closing and payment mechanics (including any escrow agent) are
                  acceptable to the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z880db4ef0aa147d3a21e0eb4c55c4123" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Merger</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Obligor shall enter into any amalgamation, demerger, merger, consolidation, corporate reconstruction or (in the case of the Borrowers only) joint venture arrangement without
          the written consent of the Facility Agent.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d6ad1faf6ca4517995684e94a196b5b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Change of business</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0482723912d846948087d4b194604234" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall procure that no substantial change is made to the general nature of the business of any Borrower from that carried on at the date of this Agreement or as at the relevant date in which it
                  becomes a Borrower pursuant to the terms of this Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcde6eb46622d4a0b8824032941efdc03" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall engage in any business other than the ownership and operation of its Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5f80a4ac496478fb8a3b19d9164aada" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Financial Indebtedness</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower shall incur or permit to be outstanding any Financial Indebtedness except Permitted Financial Indebtedness.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7f9ea24999a44ba967f21df7975e3ad" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Expenditure</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower shall incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating, maintaining and repairing the Ship owned by it.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z222921b2574d43daae14145a17094a7a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Share Capital</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad347236a68b438989140d74eb76a0f6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">purchase, cancel or redeem any of its issued shares;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc7a8b1f9c564a5abc95bce3f904eed4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">increase or reduce the number of shares that it is authorised to issue;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za564ad8238534569af5e08b16f6f75c3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">issue any further shares, except to the Guarantor and provided such new shares are made subject to the terms of the Shares Security applicable to that Borrower immediately upon the issue of such new shares in a
                  manner satisfactory to the Facility Agent and the terms of that Shares Security are complied with; and</div>
              </td>
            </tr>

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

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">appoint any further director or officer of that Borrower (unless the provisions of the Shares Security applicable to that Borrower are complied with).</div>
                </td>
              </tr>

          </table>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">76</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf04e4c21b38041c79b9c1b4edf377513" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Dividends</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower may make or pay any dividend or other distribution (in cash or in kind) provided such dividend or distribution meets the Permitted Distribution Criteria (or in
          the case of the Initial Permitted Distribution, the Initial Permitted Distribution Criteria) and is made or paid in accordance with paragraph (e) of Clause 25.3 (<font style="font-style: italic;">Application from Earnings Account</font>).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5928a1121e8a4910a8338b9c8e35c2d8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Other transactions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd702357f82834effa49095ccab151fcd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">be the creditor in respect of any loan or any form of credit to any person other than another Transaction Obligor and where such loan or form of credit is Permitted Financial Indebtedness;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c6e41c450f8462481cc743f9007e75a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which that Borrower assumes any
                  liability of any other person other than any guarantee or indemnity given under the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc61b4772448b43089962949555063db9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">enter into any material agreement other than:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf253bdc018354f9c9679193a0ff52220" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Transaction Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd598887d027e4648becda4bef372c5c5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other agreement expressly allowed under any other term of this Agreement; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39b71c0881404f038498a4fc34947808" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">enter into any transaction on terms which are, in any respect, less favourable to that Borrower than those which it could obtain at arms' length; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a99b063a1ee45acb5088f1f26b12e56" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">acquire any shares or other securities.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69acee27854446f2bc7f7e8c0fad9098" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Unlawfulness, invalidity and ranking; Security imperilled</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Obligor shall, and shall procure that no other Transaction Obligor will, do (or fail to do) or cause or permit another person to do (or omit to do) anything which is likely
          to:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8779496ce1e41fb9ffda9f04d95e26e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">make it unlawful for a Transaction Obligor to perform any of its obligations under the Transaction Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38e058df5d274828ad86bffaecd217f7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">cause any obligation of a Transaction Obligor under the Transaction Documents to cease to be legal, valid, binding or enforceable;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e44475efcbe4e159e1a2af862ccd160" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">cause any Transaction Document to cease to be in full force and effect;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd813e9aa451b4b5e8f3c30e7e1affabe" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">cause any Transaction Security to rank after, or lose its priority to, any other Security; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8fd0610b3c244e6fa409f62c217a21be" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">imperil or jeopardise the Transaction Security.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za91ca393110a4f9a888aae6a819c2149" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Inspection of Documents</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Borrowers will permit the inspection of its financial records and accounts from time to time by the Facility Agent or its nominee.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">77</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb17d6d8defa94874b7a3da9bd07bb0c5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No change in Relevant Documents</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Obligor shall and shall procure that no other Transaction Obligor shall amend, vary, novate, supplement, superseded, waive or terminate any term of any of the Relevant
          Documents which are not Finance Documents.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d4d0c1a3dd44afa90cb45423349ce41" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No immunity</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Obligor nor any of its respective assets and shall procure that no other Transaction Obligor is entitled to immunity on the grounds of sovereignty or otherwise from any
          legal action or proceedings (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf5abcff2f9a4831a0ee20d588affcf0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Further assurance</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd8e97f61d6f486690daf238510e02c9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall promptly, and in any event within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the
                  giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify
                  (and in such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ad2fe51030445f3b1358f34affbc4b4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right of any kind created or intended to be created under or evidenced by the Finance Documents (which may
                  include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of
                  any of the Secured Parties provided by or pursuant to the Finance Documents or by law;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb3b1bd792c847a294afdd34bc75318e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to confer on the Security Agent or confer on the Secured Parties Security over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred
                  by or pursuant to the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81ac8e8c42114bf2a50f0b53b6011f1d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the
                  Transaction Security or to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3d8cb17bde84a0cac55cf6bd6967c37" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action relating to any item of the Security Property.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4f4293403c24280b1abe117c6b18e47" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any
                  Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ac358c5b18f4f6f8f7470b517ca6eda" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">At the same time as an Obligor delivers to the Security Agent any document executed by itself pursuant to this Clause 21.26 (<font style="font-style: italic;">Further assurance</font>), that Obligor shall
                  deliver to the Security Agent a certificate signed by one of that Obligor&#8217;s officers which shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2f0e36989104c8aafadb46509a4e70f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">set out the text of a resolution of that Obligor&#8217;s directors specifically authorising the execution of the document specified by the Security Agent; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">78</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7891d93ebdaa4bc79482c521a47cee06" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">state that either the resolution was duly passed at a meeting of the directors validly convened and held, throughout which a quorum of directors entitled to vote on the resolution was present, or that the
                  resolution has been signed by all the directors or officers and is valid under that Obligor&#8217;s articles of incorporation or other constitutional documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8942e079261f4d99809e0588da2f346b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Icon Energy listing</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Obligors shall procure that, throughout the Security Period, Icon Energy will remain listed in the Nasdaq Stock Exchange and that its common shares will be quoted thereon.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf1f2d89fbf94fe2aa4da2499370c5d6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">21.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">MOA Undertakings</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0b8ef01b4ed4917835872e5f9ca3043" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall, whether by a document, by conduct, by acquiescence or in any other way:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf286a256d9c04e2d9d8cd9f7464042e9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">vary the MOA relevant to it; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6120f637142490cb989022ee777b71b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">release, waive, suspend, subordinate or permit to be lost or impaired any interest or right of any kind which that Borrower has at any time to, in or in connection with, the MOA or in relation to any matter
                  arising out of or in connection with the MOA relevant to it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb7d47c6bc2d460e9218574a2f84ab4b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The relevant Borrower shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z437447bb6ec04f7d84d512e3a2ac73b6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">immediately inform the Facility Agent if any breach of the MOA relevant to it occurs or a serious risk of such breach arises and of any other event or matter affecting the MOA which has or is reasonably likely
                  to have a Material Adverse Effect (including, without limitation, a Total Loss of the relevant Ship); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0f45e62a7214963b74a534662c31f78" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">upon the reasonable request of the Facility Agent, keep the Facility Agent informed as to any notice of readiness of delivery of the relevant Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e0ab577ae8a43e4b75263be3b0f3921" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Initial Borrower B shall not assign, novate, transfer or dispose of any of its rights or obligations under the MOA.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z795d63fdfb6643a585e6bddfe758cb18" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">INSURANCE UNDERTAKINGS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec86f6dc3a0f43638287efd2af532c6f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The undertakings in this Clause 22 (<font style="font-style: italic;">Insurance Undertakings</font>) in relation to a Ship remain in force from the date of this Agreement
          throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd76fc10732a24951af71d5010091a9c6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Maintenance of obligatory insurances</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall keep the Ship owned by it insured at its expense against:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z333422ab8f9a405ebbb95852c79be84a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">hull interest and/or freight interest;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf0a131152b642f3884b96b8b4a8c8d6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">fire and usual marine risks (including hull and machinery and excess risks);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z313d28a24f944140b09d1355c6b18fef" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">war risks (including acts of terrorism and piracy and the amended version of AHIS (April 1 1984) and London Blocking &amp; Trapping Addendum or similar);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd1e7ec72f8fd4ac59274794e8af67ee7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">protection and indemnity risks (including liability for oil pollution and excess war risk protection and indemnity cover);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">79</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16d9b63fa78e4c768108c80df16d8b11" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">freight, demurrage and defence risks; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc451022757e7402498bd4270f9cc637a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other risks against which the Facility Agent considers, having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for that Borrower to insure and which are
                  specified by the Facility Agent by notice to that Borrower.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1bac9ac2ad69491bbb6c626e46e6df82" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Terms of obligatory insurances</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall effect such insurances:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd2988d69b754af386b344ac16153588" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in dollars;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d18fb5de9eb4b6eb20365886c4757ff" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of fire and usual marine risks and war risks in respect of a Ship, in an amount on an agreed value basis at least the greater of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04bbcd8b908d49f6bf58d1c937582780" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">120 per cent. of the Advance applicable to it then outstanding; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za33e7613074f443b8ee6c5b32f18d52f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">100 per cent. of the Market Value of that Ship;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb90d13df37444a64aaaffcbfed0ae917" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international
                  marine insurance market and in any event not to be less than $1,000,000,000;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedfbdd451d224e6894e0f1db02551b35" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of protection and indemnity risks, in respect of the full tonnage of that Ship;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z217ae9c89d2249a2bfde8ecc82d2eac0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">on approved terms; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf493bad06d8e4736817e5d2e38978a6f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">through Approved Brokers and with Approved Insurers.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z719f8be0e31f46758becd811991d54af" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Further protections for the Finance Parties</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In addition to the terms set out in Clause 22.3 (<font style="font-style: italic;">Terms of obligatory insurances</font>), each Borrower shall procure that the obligatory
          insurances effected by it shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z529a75bd8b674c4c8212cb02566e9389" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">subject always to paragraph (b), name that Borrower as the sole named insured unless the interest of every other named insured is limited:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb279954416a942558ce56eedfbcc5057" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of any obligatory insurances for hull and machinery and war risks;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfc3fd91fd0074863aeebe1537596886b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcedbabe822d647b196bb9152e5971ba4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d709e46fe8d4efda780f0a89f1af27d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made
                  specifically against it;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and every other named insured has undertaken in writing to the Security Agent (in such form as it requires) that any deductible shall be apportioned between that Borrower and
          every other named insured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys
          which at any time become payable in respect of the obligatory insurances;</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">80</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb7eab61588f4f7aaca8b78a574aa3d2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">whenever the Facility Agent requires, name (or be amended to name) the Security Agent as additional named insured for its rights and interests, warranted no operational interest and with full waiver of rights of
                  subrogation against the Security Agent, but without the Security Agent being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2c4b384cd7f4f6c92760d23142d7076" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">name the Security Agent as loss payee with such directions for payment as the Facility Agent may specify;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb653afcd2334df1b7fcd5f0c795ae12" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Agent shall be made without set off, counterclaim or deductions or condition whatsoever;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d28d8ca895c415b98ada85f489d510e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Agent or any other Finance Party; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4fc7ede14d954695b3f2d689c844d821" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">provide that the Security Agent may make proof of loss if that Borrower fails to do so.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd89f750bf0e2444fa6d7da64c204cfd6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Renewal of obligatory insurances</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z544a15e73da949d8828b44518304df6d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">at least 21 days before the expiry of any obligatory insurance effected by it:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z822bcfca09444733936afc4af876dd8d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity or war risks association through or with which it proposes to renew that obligatory insurance and of the
                  proposed terms of renewal; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7b64b2cedd849f5821d376742786533" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">obtain the Facility Agents' approval to the matters referred to in sub-paragraph (i) above, unless the renewal referred to in sub-paragraph (i) above is made on terms substantially same with those on each
                  Utilisation Date and/or with those previously approved by the Facility Agent;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4269c940e72494fae79422e1843d9af" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Facility Agent's approval pursuant to paragraph (a) above; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ff2de5e16374e759c45b37d1ac1a6b8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">procure that the Approved Brokers and/or the approved war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in
                  writing of the terms and conditions of the renewal.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d3ddf0193374805b4a2c363d07cd072" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Copies of policies; letters of undertaking</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall ensure that the Approved Brokers provide the Security Agent with:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1607f04b8f534eccaea864b8f0715316" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-style: italic;">pro forma</font> copies of all policies relating to the obligatory insurances which they are to effect or renew; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73bd8890a5d543d0a939b4a46dfe7523" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the Approved Brokers that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb6748065570940e6958ebaa3119e109b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 22.4 (<font style="font-style: italic;">Further
                    protections for the Finance Parties</font>);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b73e4e1ed8d4c42aadc4d5ef9a110cd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in accordance with such loss payable clause;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">81</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb3b846ad9a254ef990c461ea9e3209b2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">they will advise the Security Agent immediately of any material change to the terms of the obligatory insurances;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1325bb55ee87410d90d493c33153b12f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">they will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z352302bd6c6e4192aa670212d68becf2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the terms of the instructions;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d2af493cd00465591ba9c6658d6f0b4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person
                  whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and they will not cancel such obligatory insurances by
                  reason of non-payment of such premiums or other amounts; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a2dcf43f86245bf89f75c256ae9a0dd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">they will arrange for a separate policy to be issued in respect of the Ship owned by that Borrower forthwith upon being so requested by the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z492bcebe50a4492587db127082a4889b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Copies of certificates of entry</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship owned by it is entered provide the Security Agent with:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9374acbbe7c4a24ba9648f138ea96a0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a certified copy of the certificate of entry for that Ship;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef0b4b8ff11245cba9cda0d9fbd5b0f3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the instructions of Majority Lenders; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5b2ab78992344388ad04a528fe2f4abf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06dd87161b3740858c922caa13b740f4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Deposit of original policies</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall ensure that all policies relating to obligatory insurances are deposited with the Approved Brokers through which the insurances are effected or renewed.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z670129ebf597451d953f4c5731789c52" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">22.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Payment of premiums</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required
          by the Facility Agent or the Security Agent.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8588d0fbc8e4e96abfc9a49c94c4f49" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">22.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Guarantees</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2985b49c32374da89d5ca9b5fdc7423c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">22.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Compliance with terms of insurances</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda2251998ab44b7a82532e8194290c69" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum
                  payable under an obligatory insurance repayable in whole or in part.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d240304123042d6993200d6217fc5c8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without limiting paragraph (a) above, each Borrower shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">82</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c8290a4f2964d799ef93a1be6bcea3d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of
                  paragraph (b) of Clause 22.6 (<font style="font-style: italic;">Copies of policies; letters of undertaking</font>)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Facility Agent
                  has not given its prior approval;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5916d12b6c0241ebbc099fbd4a4b52eb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not make any changes relating to the classification or classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0caca1e7c6e64d0186b3f1376ea36658" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which any Ship is entered to
                  maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation and, if requested by the Facility Agent, provide copies of
                  such declarations to the Facility Agent on an annual basis); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5beacceaf9e74463b59a037601d3d3c2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and
                  complying with any requirements (as to extra premium or otherwise) which the insurers specify.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa71f69a04d54e87a432e9473d6115cb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">22.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Alteration to terms of insurances</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf49fd35a47fa470fba7827367221efee" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">22.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Settlement of claims</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbfada29a0e54c70939e69271fa93096" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73957873e1d743389d27d5acb61d1a86" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a60567d7b4f4b0ea0133f8439d726c0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">22.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Provision of copies of communications</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall provide the Security Agent, at the time of each such communication, with copies of all written communications between that Borrower and:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z747b51a33fb84e3f992f3bcb2ff139a0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Approved Brokers;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f45062f32994cf0b4493b3cfdad5560" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the approved protection and indemnity and/or war risks associations; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3aacfedd726468084f517643e14c051" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the approved insurance companies and/or underwriters,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">which relate directly or indirectly to:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7869a5c30cc94f928c67fcc242a9e27d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">that Borrower's obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c38c167523f41d78a5fa2da6b9b04db" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any credit arrangements made between that Borrower and any of the persons referred to in paragraphs (a) or (b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">83</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d1e0576589b412485a2e243734b8f77" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">22.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Provision of information</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility Agent (or any such designated person)
          reasonably requests for the purpose of:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z172af36249514bd4b7a840694f3d4e27" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49ba8ec1aa604b3caa18d0c1c0767a05" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">effecting, maintaining or renewing any such insurances as are referred to in Clause 22.16 (<font style="font-style: italic;">Mortgagee's interest and, additional perils insurances</font>) or dealing with or
                  considering any matters relating to any such insurances,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and that Borrower shall, forthwith upon demand, indemnify the Security Agent in respect of all fees and other expenses incurred by or for the account of the Security Agent in
          connection with any such report as is referred to in paragraph (a) above.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z301fc3bef5464b209214c972398ba7cb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">22.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Mortgagee's interest and, additional perils insurances</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51dd25cdf28d477d9c088ea8976e1470" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee's interest marine insurance and a mortgagee's interest additional perils insurance in such amounts, on such terms,
                  for such value, through such insurers and generally in such manner as the Security Agent acting on the instructions of the Majority Lenders may from time to time consider appropriate.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd20c3e4f93074ce3b2fc813a28f4ac39" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall upon demand fully indemnify the Security Agent in respect of premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any
                  insurance referred to in paragraph (a) above with cover of up to the total amount insured under the Borrowers' Insurances or dealing with, or considering, any matter arising out of any such insurance.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2a48ca2cea1494c8ba522bfedd5dfdb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">SHIP UNDERTAKINGS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze562f67ccf604c30b969768789835c13" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The undertakings in this Clause 23 (<font style="font-style: italic;">Ship Undertakings</font>) in relation to a Ship remain in force on and from the date of this Agreement and
          throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a25df7882bd4c17bf037575366111d9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Ship's names and registration</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall, in respect of the Ship owned by it:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44cc670ed94746ca8dad94560956b5c5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">keep that Ship registered in its name under the Approved Flag from time to time at its port of registration;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z201444ff2e9c4ba3b2b2a3683bdda782" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not do or allow to be done anything as a result of which such registration might be suspended, cancelled or imperilled;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4993327d64fb4a70959c1a5a0c88c56a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not enter into any dual flagging arrangement in respect of that Ship; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45384e838f72475ca928df3a5b68d7e7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not change the name of that Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">84</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc57f017096504efcb53f9158e5c8dc21" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Repair and classification</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4091e352cb346849d80b96f012ddee1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf5774517395d4c79b09d5cce3f79aee7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">consistent with first class ship ownership and management practice; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0be57abc209a4e7d9a311d805d89ae7e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">so as to maintain the Approved Classification free of overdue recommendations and conditions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z162ead5b6fd440978a81135d7059d406" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Obligors shall provide the Facility Agent with a class status report in respect of each Ship subject to a Mortgage dated as at a date no more than 10 Business Days previously every six months commencing on
                  the second Quarter End Date following the first Utilisation Date.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z805dda5bf20f440e943849f0572f1c4e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Modifications</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower shall make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially alter the structure, type or
          performance characteristics of that Ship or materially reduce its value.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b92891901a5416fb5f7b79dabcc7fec" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Removal and installation of parts</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfcb6dca1ef5a4b86a791ed1bd9c6c949" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to paragraph (b) below, no Borrower shall remove any material part of a Ship, or any item of equipment installed on any Ship unless:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19ece061167e4496ad8b478e9612b0cc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z363bfbde07484edab3e9d4f37bee76bd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the replacement part or item is free from any Security in favour of any person other than the Security Agent; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76aaccfcb3f24bbabc07932e3284f4c0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the replacement part or item becomes, on installation on that Ship, the property of that Borrower and subject to the security constituted by the Mortgage and, if applicable, the related Deed of Covenant.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f2232599e6a4a9d8e7498eb57a057ab" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Borrower and such removal would not materially alter the structure,
                  type or performance characteristics if that Ship or materially reduce its value.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z709d9361b5474d929cd540c946d1a9bf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Surveys</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall submit the Ship owned by that Borrower regularly to all periodic or other surveys which may be required for classification purposes and, if so required by
          the Facility Agent, provide the Facility Agent, with copies of all survey reports.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4682a763dad46e7b1a0301d4aefe352" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Inspection</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za19fe2252bc941a785d694b3bb397231" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall permit (and shall procure that any Approved Manager and, on reasonable efforts basis, any charterer or operator of any Ship shall permit) the Security Agent (acting through surveyors or other
                  persons appointed by it for that purpose) to board the Ship owned by it at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such
                  inspections <font style="font-weight: bold;">provided that</font> the Security Agent shall give reasonable notice to that Borrower prior to such inspection and such inspection does not materially interfere with the trading of a Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">85</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ba7f400ec954d9ebd74527efa7a4d29" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall pay the costs of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdebc5e88710b47adab29f46148d3e939" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the inspection required to satisfy Clause 4.1 (<font style="font-style: italic;">Initial conditions precedent</font>);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0fb56788c1f493fa99d94ae6f31c286" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">up to one inspection and one survey of each Ship per year during the Security Period; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7bde46aec4f417caa22ba8fd18214b3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any inspection or ant survey which occurs after an Event of Default has occurred and is continuing or which evidences an Event of Default.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6de61e1605874661ad70f0e63e9b097b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Prevention of and release from arrest</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f18a4ed6c5047638eab101c3c208329" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall promptly discharge:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc5f9b2568fc4683895f6226fb257663" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship owned by it, its Earnings or its Insurances;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd748be35d1b4c7dac641fefc035840b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all Taxes, dues and other amounts charged in respect of the Ship owned by it, its Earnings or its Insurances; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5aa461dae804ff69466d293e8b3c322" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all other outgoings whatsoever in respect of the Ship owned by it, its Earnings or its Insurances.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf793bd3595944cc8b353610af92b4e67" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall immediately upon receiving notice of the arrest of the Ship owned by it or of its detention in exercise or purported exercise of any lien or claim, take all steps necessary to procure its
                  release by providing bail or otherwise as the circumstances may require.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeca90841f3474bf7af1c0c20cd1ee888" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">23.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Compliance with laws etc.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Obligor shall, and shall procure that each Transaction Obligor shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfdea3e3b0aa84b309085318e19a9f277" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">comply, or procure compliance with all laws or regulations:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19cbfb4e938740cf8552a0512b8193fc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">relating to its business generally; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3935487a4be34fe7a3c62648a605893e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">relating to the Ship owned by it, its ownership, employment, operation, management and registration,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">including, but not limited to, the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions, all labour laws and the laws of the relevant Approved Flag;</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94df2ea54a2e4e5bbdf3f5f4ec49a77f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental Approvals; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z907308ba4fb54a7b9284e9f4f5c9ff5e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">without limiting paragraph (a) above, not employ the Ship owned by it nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code,
                  the ISPS Code, all Environmental Laws, all labour laws and Sanctions (or which would be contrary to Sanctions if Sanctions were binding on the Transaction Obligors or any Approved Manager).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50085f2b0d854c50af8ada51baf96405" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">ISPS Code</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without limiting paragraph (a) of Clause 23.9 (<font style="font-style: italic;">Compliance with laws etc.</font>), each Borrower shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7e78f30c55d41e0b2006d82830f91f6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">procure that the Ship owned by it and the company responsible for that Ship's compliance with the ISPS Code comply with the ISPS Code; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">86</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z622b26d1451c49f39482da88c5294f15" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">maintain an ISSC for that Ship; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74d3dd987fb046ddae031d01061cf154" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">notify the Facility Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46869f6e7ec04af594b37d78cd2fdd1f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Sanctions and Ship trading</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without limiting Clause 23.9 (<font style="font-style: italic;">Compliance with laws etc.</font>), each Obligor shall and shall procure that each Transaction Obligor and each
          member of the Group will ensure that:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87f6807191c8496cad196de82eea1606" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Group Ship shall be used by or for the benefit of a Prohibited Person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0bee4a30fac147829fb578dead861af2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Group Ship shall be used in trading in any manner contrary to Sanctions (or which could be contrary to Sanctions if Sanctions were binding on the Transaction Obligors or any Approved Manager);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54f7b7267ccc49baa90329ddb9439136" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Group Ship shall call in a port in a Sanctioned Country;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2014a67c8990462ba77ad023141288a6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each Group Ship shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69afc6361b2249d59328e2ac1e0b9ad3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any charterparty in respect of each Ship shall contain, for the benefit of the Borrower that it is the owner of that Ship, language which gives effect to the provisions of paragraph (c) of Clause 23.9 (<font style="font-style: italic;">Compliance with laws etc.</font>) as regards Sanctions and of this Clause 23.11 (<font style="font-style: italic;">Sanctions and Ship trading</font>) and which permits refusal of employment or voyage orders
                  if compliance would result in a breach of Sanctions (or which would result in a breach of Sanctions if Sanctions were binding on each Transaction Obligor or any Approved Manager) or would require a Ship to call at a port in a Sanctioned
                  Country.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36d4c1a883b74b9c9a83fe56e5e92414" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Entering war zones and "listed" or "excluded" areas</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3dfd688e378c4a8a90e34238c16b1434" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall cause or permit the Ship owned by it to enter to any zone which is declared a war zone by any government.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf50d69fcb810437c91d99bb6336dadaf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to its obligations under sub-paragraph (iv) of paragraph (b) of Clause 22.11 (<font style="font-style: italic;">Compliance with terms of insurances</font>), no Borrower shall cause or permit
                  its Ship to enter any zone which is declared a "listed" or "excluded" area by the relevant insurer (or any other area in respect of which additional war risk premium is payable) without first effecting (at its expense) any special,
                  additional or modified insurance cover that the Borrowers' war risks insurers may require in respect of such entry and provided that such Borrower complies with BMP5 (or its successor) at all times when its Ship is in such areas.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e143f24c7084d27bc894c4cd33a5f0d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Provision of information</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without prejudice to Clause 20.6 (<font style="font-style: italic;">Information: miscellaneous</font>) each Borrower shall promptly provide the Facility Agent with any
          information which it reasonably requests regarding:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54cc103a528e4c3296910ed3218cbbb9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Ship owned by it, its employment, position and engagements;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z370d70fdcb954d9fa0d41ccc87f926d5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Earnings and payments and amounts due to its master and crew;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f69ddcd59144acc964d7dcbff170195" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made by it in respect of that Ship;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf80d56594f864877bb337d2cff26aaad" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any towages and salvages; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">87</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93aaef523bf0452c84592606714e1bce" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">its compliance, the Approved Manager's compliance and the compliance of that Ship with the ISM Code and the ISPS Code,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and, upon the Facility Agent's request, promptly provide copies of any current Charter relating to that Ship, of any current guarantee of any such Charter, that Ship's Safety
          Management Certificate, any relevant Document of Compliance and any fuel oil consumption reporting data provided to a Ship's Approved Classification Society and Approved Flag.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae0d6152a781417f830071e7581bea73" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Notification of certain events</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall, in respect of the Ship owned by it, immediately notify the Facility Agent of:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96139bdb9657471ab06f177ea8ce1ce4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any casualty to that Ship which is or is likely to be or to become a Major Casualty;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8735ea90b21f4c09954e28607f6eb943" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any occurrence as a result of which that Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc9ebe1cd07bd49008062744cf9b748e2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any requisition of that Ship for hire;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6c4c5e1d0c848dfb1fc50f8ff88bdb8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any requirement or recommendation made in relation to that Ship by any insurer or classification society or by any competent authority which is not immediately complied with;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4cc3915153d7403a843c59c5041fc519" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any arrest or detention of that Ship or any exercise or purported exercise of any lien on that Ship or the Earnings;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z996c1e7dd4a247088ffc3c6ad40c3201" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any dry docking of that Ship;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z809036349086464d90ea4ba793df524b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Environmental Claim made against that Borrower, or in connection with that Ship, or any Environmental Incident;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14b3cf410bfa4dccbf71081f7b161a39" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Social Claim made against that Borrower, or in connection with that Ship, or any Social Incident;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2612db01b51a4a87aff6ed2ac0a48f4f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an Approved Manager or otherwise in connection with that Ship; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19a5b98cdd8e4c0684c7e3814b879f93" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and each Borrower shall keep the Facility Agent advised in writing on a regular basis and in such detail as the Facility Agent shall require as to that Borrower's, any such
          Approved Manager's or any other person's response to any of those events or matters.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e52a019027b4bce9085f4414b7fbc3d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Restrictions on chartering, appointment of managers etc.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c46dea0614e41d096cd142e206919d9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Borrower shall, in relation to the Ship owned by it:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4950205930a24abab3cb72271509c1bc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">let that Ship on demise charter for any period;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79358951704d45d98c0ba1e72419ec34" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">enter into any time, voyage or consecutive voyage charter in respect of that Ship other than a Permitted Charter;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26b059c0f568410d99dc50672032b435" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">materially amend, supplement or terminate a Management Agreement ("material" amendments to include, without limitation, any amendments to terms in respect of the management fees, commissions, termination events,
                  Sanctions or duration of contract);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">88</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z429ed93c227749b09fb61e153b9545dc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">appoint a manager of that Ship other than the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of an Approved Manager's appointment;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1be533e932e84d5c9a4c3823d281909a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">de activate or lay up that Ship; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4f993cce59a4940b84c19a0d3f095c7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">other than in respect of a Scheduled Event, put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $750,000 (or the equivalent in
                  any other currency) unless that person has first given to the Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings or its Insurances for the cost of such work or for
                  any other reason.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z524bbf39882645749da5ca4df9098a19" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In the event of any Approved Manager that is not a Transaction Obligor:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc5c74d5dcf6640e2838843d6880e7581" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">becoming a Prohibited Person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc207419858db4bbb972e77bf347f5880" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">becoming owned and/or controlled (directly or indirectly) by, or acting on behalf of or for the benefit of, a Prohibited Person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd288482978ac4f41805b894da035a53b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">owning or controlling a Prohibited Person;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec9411ff410d4084b0ba438bda4e28aa" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">having a Prohibited Person serving as a director, officer or employee;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64a787e1e7cf432f9bcb1bdf8dbf0d9e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">acting contrary to Sanctions;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74daf231b20c4837bcb300c23116c19e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">doing anything which would cause a Finance Party to be in breach of Sanctions;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze52e673b334a41e6bf87fee2c6a6ecd3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">becoming subject to any circumstances described in Clause 26.7 (Insolvency) and 26.8 (<font style="font-style: italic;">Insolvency Proceedings</font>),</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">the Borrowers shall promptly:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4bc31106acf43d187921dc3b634e05a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">terminate the relevant Management Agreement(s);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65776b055f3048e9a2f149cd13efe7fd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">replace the relevant Approved Manager with another entity (approved in writing by the Security Agent as directed by the Majority Lenders (acting reasonably)) to manage and/or operate (as applicable) the relevant
                  Ship(s); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ab510ef54224d80a22115a6c10a0296" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">procure that such new entity executes and delivers to the Security Agent a Manager&#8217;s Undertaking for each relevant Ship.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd1ba3071ba44a87b20e608f1c5b92d9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Notice of Mortgage</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall keep the relevant Mortgage registered against the Ship owned by it as a valid first priority or preferred (as the case may be) mortgage, carry on board that
          Ship a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation room and the master's cabin of that Ship a framed printed notice stating that Ship is mortgaged by that Borrower to the Security Agent.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae6fda8da1f949d296f478de295d99af" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Sharing of Earnings</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Borrower shall enter into any agreement or arrangement for the sharing of any Earnings.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">89</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26baea8dc97e4cfab27fa99cdf86aaa2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Inventory of Hazardous Materials</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The Borrowers shall procure that at all times each Ship maintains an Inventory of Hazardous Materials or equivalent document acceptable to the Facility Agent.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze83e8b3ecfc24653833f67509bc17fe1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Ballast water management</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The Obligors shall procure that, at all times each Ship complies, at a minimum, with the BWM Convention and in the event that a Ship trades in jurisdictional waters which are subject to higher
          standards of ballast water requirements the Obligors shall ensure that such Ship complies with such higher standards.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf4cc126429e43518822cdf18adb75bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Responsible Ship Recycling</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">If a Ship is sold for scrapping (including indirectly to a cash buyer) the Obligors shall ensure that the Ship is dismantled in accordance with the Hong Kong International Convention for the
          Safe and Environmentally Sound Recycling of Ships in a safe, sustainable and socially and environmentally responsible way.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf90f3963fe704c3c91a2fcbf38c703f8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">AIS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0d8938e20ab41e784646fc713106080" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Ship shall disable or manipulate its AIS other than for legitimate reasons of security and safety.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7894480da3d34933a30006dabe9809ae" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Ship shall engage in any ship to ship transfers with vessels that have been disabling or manipulating their automatic identification systems for illegitimate reasons and the Borrowers shall procure that
                  reasonable due diligence is conducted on any vessel with which any Ship will conduct any Ship to Ship transfer.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11b40224e4ef44929cce47ce98243764" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">23.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Notification of compliance</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it is complying with this Clause 23 (<font style="font-style: italic;">Ship Undertakings</font>).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z173f1cffd019438eb47840dd6f5a1202" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">LOAN VALUE RATIO</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e896fbb62d94f3a8d1ee494e201d15b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">24.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Maximum loan to value ratio</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;"><font style="color: #000000;">Clause 24.2 (</font><font style="font-style: italic; color: #000000;">Provision of additional security; prepayment</font><font style="color: #000000;">) applies
            if the Facility Agent notifies the Borrowers that the Loan Value Ratio exceeds </font>65<font style="color: #000000;"> per cent.</font></div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc587c5a79c89414992b0dea29bb93ea6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">24.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Provision of additional security; prepayment</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3fb8c2e95a334496a735ef2e2abd0760" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">If the Facility Agent serves a written notice on the Borrowers under Clause 24.1 (</font><font style="font-style: italic; color: #000000;">Maximum loan to value ratio</font><font style="color: #000000;">),
                    the Borrowers shall, on or before the date falling 30 days after the date on which the Facility Agent's notice is served (the "</font><font style="font-weight: bold; color: #000000;">Prepayment Date</font><font style="color: #000000;">"),




                    prepay such part of the Loan to reduce the Loan Value Ratio to </font>65<font style="color: #000000;"> per cent.</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbcc4053436db4d23b5e46a93dc1d4a10" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A Borrower may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security in the form of a cash payment to its Restricted Cash
                  Account or any other additional security acceptable to the Facility Agent which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf8a519b42f6a487884e7ac1d3136cb1b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">will reduce the Loan Value Ratio to below </font>65<font style="color: #000000;"> per cent.; and</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ae9e7e57aec4c65a50d3d17bea132fc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is documented in such terms as the Facility Agent may approve or require,</div>
              </td>
            </tr>

        </table>
        <div>&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> &#160;&#160;&#160;</font></div>
        <div><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> &#160;&#160;</font>before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">90</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42b3a569bec04dada32f219cb13356db" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">Any additional security provided by the Borrowers pursuant to this Clause 24 (</font><font style="font-style: italic; color: #000000;">Loan Value Ratio</font><font style="color: #000000;">) may be released
                    upon request by and at the cost of the Borrowers provided that the Loan Value Ratio is less than </font>65<font style="color: #000000;"> per cent. for at least two consecutive Quarter End Dates and remains in compliance with such
                    requirement following the release of such additional security and no Default has occurred and is continuing or would occur as a result of releasing such security.</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4b2decec8254e3f844a205e971424a5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">24.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Value of additional vessel security</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The net realisable value of any additional security which is provided under Clause 24.2 (<font style="font-style: italic;">Provision of additional security; prepayment</font>)
          and which consists of Security over a vessel shall be the Market Value of the vessel concerned.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe0ee84dba9d4fcc86bda8565c629e2c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">24.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Valuations binding</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any valuation provided by the Facility Agent to the Borrowers under this Clause 24 (<font style="font-style: italic;">Loan Value Ratio</font>) shall be binding and conclusive
          as regards each Borrower.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z693358ff5e384043b8c98431a53ca57e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">24.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Provision of information</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11843c10a0f443d8be8cdfff0195465d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall promptly provide the Facility Agent and any shipbroker acting under this Clause 24 (<font style="font-style: italic;">Loan Value Ratio</font>) with any information which the Facility Agent or
                  the shipbroker may request for the purposes of the valuation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff2ee422ca1642be8efdfa2697ef7f9b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If a Borrower fails to provide the information referred to in paragraph (a) above by the date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility
                  Agent considers prudent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f65a8707a364329831597283bb4db2c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">24.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Prepayment mechanism</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any prepayment pursuant to Clause 24.2 (<font style="font-style: italic;">Provision of additional security; prepayment</font>) shall be made in accordance with the relevant
          provisions of Clause 7 (<font style="font-style: italic;">Prepayment and Cancellation</font>) and shall be treated as a voluntary prepayment pursuant to Clause 7.3 (<font style="font-style: italic;">Voluntary prepayment of Loan</font>),
          disregarding the requirement for a minimum of $500,000.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5f0b187a8b740069f36fb94083d06a6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">24.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Provision of valuations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15319587bc604aaa9e4b7cc361cd5fc6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Lenders shall be entitled to instruct the Facility Agent to arrange valuations of a Ship and any other vessel over which additional Security has been created in accordance with Clause&#160;24.2 (<font style="font-style: italic;">Provision of additional security; prepayment</font>) to be carried out at any time to determine the Market Value of that Ship or vessel.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z703d7370b85148e69eea7873b9329c3d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall pay the costs of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z470c1615181042c7914d8f9b6925f5be" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">two valuations per Ship obtained to determine the Initial Market Value of each Ship;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0578fed4a4c4d138baaf85d2b61fd12" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">up to two sets of valuations in respect of each Ship or vessel over which additional Security has been created in accordance with Clause 24.3 (<font style="font-style: italic;">Value of additional vessel
                    security</font>) per calendar year; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42eef0cdbacf4d9f9f004c260145a440" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any further valuations which evidence a breach of the threshold required under Clause&#160;24.1 (<font style="font-style: italic;">Maximum loan to value ratio</font>) or which are obtained whilst an Event of Default
                  has occurred and is continuing,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">91</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; text-indent: 35.45pt; color: rgb(0, 0, 0);">and all other valuations shall be at the cost of the Facility Agent.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84dfe457a951441ba2dec2f2b532b21e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">ACCOUNTS, APPLICATION OF EARNINGS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf109e70979c7446f9dac62f3b655e2c2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">25.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Accounts</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Borrowers must maintain the Earnings Accounts, Restricted Cash Accounts and the Dry Dock Reserve Accounts and may not, without the prior consent of the Facility Agent,
          maintain any other bank account.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb8685183b93497d91b0b0533f27a8db" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">25.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Payment of Earnings, starting working capital amount</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2c69c92080a431eb60259a7d59e49e2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall ensure that subject only to the provisions of the General Assignments, all the Earnings are paid to their respective Earnings Account.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb72d9e93cdc41568813b1ccf443f203" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">Each Borrower shall on each Utilisation Date ensure that a minimum starting working capital amount is standing to the credit of its Earnings Account in an amount equal to $</font>250,000 (which cannot be
                  satisfied by transfer from the other Earnings Account in accordance with paragraph (b) below)<font style="color: #000000;">.</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45c0b007fb1c439a94eab9aad7ee0e68" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall be entitled to transfer balances among the Earnings Accounts provided that no Event of Default has occurred and is continuing.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf20595bbdd40423b8868d2bea66ed5df" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">25.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Application from Earnings Accounts</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Until an Event of Default has occurred and is continuing, any balances on the Earnings Accounts shall be applied in the following order of priority:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf95a7eed57ec4683881ffc29bbbd5494" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">firstly, in payment of all amounts which are due and payable at such time, in accordance with the Approved Opex Budget or any other expenses which are incurred in the ordinary course of business of owning and
                  operating a Ship including amounts paid to the Approved Commercial Manager and the Approved Technical Manager in accordance with the relevant Management Agreement (but excluding any other related party payments unless approved by the
                  Facility Agent);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0cc9f273fb1a4fe4ac649a031177ac68" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">secondly, in payment of all relevant payments to the Dry Dock Reserve Accounts in accordance with Clause 25.5 (<font style="font-style: italic;">Dry Dock Reserve Accounts</font>);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2fc81260ec7457e8faeb365ab415914" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">thirdly, in payment of all interest payable pursuant to the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7cc0fe4c65f543419d591047f6ff7610" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">fourthly, in payment of all principal payable pursuant to the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd8c02405a0947b984f2aa2d54ef5097" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">fifthly, any remaining amounts standing to the credit of the Earnings Accounts after application pursuant to the foregoing paragraphs shall be available to fund (i) a Permitted Distribution provided the
                  Permitted Distribution Criteria have been met and (ii) the Initial Permitted Distribution provided the Initial Permitted Distribution Criteria have been met; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03b76ad3e2e04dbbb959454b8198d6fa" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">sixthly, any remaining amounts standing to the credit of the Earnings Accounts after application pursuant to the foregoing paragraphs shall be retained in the Earnings Accounts.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ce6071555344384ac5c007c17ddad7d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">25.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Restricted Cash Deposit and Restricted Cash Accounts</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93559897b7634d85b9ae0361b6f8c9d3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall ensure that at least, the Restricted Cash Deposit is credited to its Restricted Cash Account from each respective Utilisation Date at all times thereafter throughout the Security Period.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">92</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z743d8143f4014b5b9125f3c6302674c9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Funds may only be withdrawn from a Restricted Cash Account:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e7788bd4b644a7dacbcb9b65f64527a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to repay the balloon instalment or part thereof once the remaining amount of the relevant Advance has been paid in full;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f661e51aa5243ba9a9ef665c6331049" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to be used towards prepayment of the Facility in full;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2afe9cf75421461495546ca19bca448f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">following repayment of the Facility in full;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a668b3aeee249abbcdf86d18ae8d68a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in accordance with paragraph (c) of Clause 24.2 (Provision of additional security; prepayment); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60a2669d9d2f42038281d9d68003c053" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if in excess of the applicable Restricted Cash Deposit.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze2dcf2ef9ac544bdb27d447423790c16" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">25.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Dry Dock Reserve Accounts</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d55256da9914eab9883e44540de05c1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall ensure that, during the Security Period relating to the Ship owned by it, its Dry Dock Reserve Account is credited with sufficient funding to cover the amount included in the Approved Capex
                  Budget for that Ship to cover the forecasted dry-docking, special survey and ballast water expenses for that Ship at least 10 Business Days prior to the date such expenses are to be incurred (the "<font style="font-weight: bold;">Cut Off</font>").</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11778d526c244ebc84373a2da104e4fb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Borrower shall on or before each Quarter End Date during, or in the Borrowers&#8217; discretion earlier than, the 9 calendar months preceding the Cut Off in relation to a Ship and if relevant the Cut Off, deposit
                  into the relevant Dry Dock Reserve Account an amount determined by the Facility Agent towards the forecasted dry-docking, special survey and ballast water expenses for that Ship as provided in the then current Approved Capex Budget.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ca8f45efaed4e1a82bcff1bc854b1c5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The funds on the relevant Dry Dock Reserve Account shall only be withdrawn from that Dry Dock Reserve Account to meet the dry-docking, special survey and ballast water expenses for the relevant Ship subject to
                  that Borrower providing evidence of the dry-docking, special survey and ballast water expenses (including payments on account), in each case, satisfactory to the Facility Agent. If no Scheduled Event is due before the Termination Date of
                  the relevant Advance, any balance in the relevant Dry Dock Reserve Account may be paid to the relevant Earnings Account for application in accordance with Clause 25.3 (<font style="font-style: italic;">Application from the Earnings
                    Accounts</font>).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75e5de22b634479280ff213b647b7110" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">25.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Location of Accounts</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Borrower shall promptly:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zccf6c2f9bc894d9d96078137c52378b7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">comply with any requirement of the Facility Agent as to the location or relocation of the Earnings Accounts, the Dry Dock Reserve Accounts and the Restricted Cash Accounts (or any of them); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a831c52c9ca4a20a8f8ba0ab37222b8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">execute any documents which the Facility Agent specifies to create or maintain in favour of the Security Agent, Security over (and/or rights of set-off, consolidation or other rights in relation to) the relevant
                  Earnings Account, the relevant Dry Dock Reserve Account and the relevant Restricted Cash Account.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6cdfdfeaf3ab4975afa3bdd35fadfcd9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">25.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Borrowers' obligations unaffected</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The provisions of this Clause 25 (<font style="font-style: italic;">Accounts, Application of Earnings</font>) do not affect:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f3f4c766bcc46e4b628fc9965422652" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the liability of a Borrower to make payments of principal and interest on the due dates; or</div>
              </td>
            </tr>

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

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any other liability of obligation of a Borrower or any Transaction Obligor under any Finance Document.</div>
                </td>
              </tr>

          </table>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">93</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbe895a8f1254285bda065f224dbe16e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">EVENTS OF DEFAULT</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z122ba97cfca74548a9c951d61432ab78" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each of the events or circumstances set out in this Clause 26 (<font style="font-style: italic;">Events of Default</font>) is an Event of Default except for Clause 26.20 (<font style="font-style: italic;">Acceleration</font>) and Clause 26.21 (<font style="font-style: italic;">Enforcement of security</font>).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43c35ceeeee94884aa09f6ecad0fb458" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Non-payment</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z044044d20d3f4ff29061009cbeb533f0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">its failure to pay is caused by:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7186b74719d440d9b0f9a5af38dc39bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">administrative or technical error; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ecd04b745b1494fbaa7700299d25136" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Disruption Event; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea00650cf3c44a5089873f1747a52860" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">payment is made within three Business Days of its due date.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2464b1fa4e0d4f2990de57957c08043e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Specific obligations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">A breach occurs of Clause 4.4 (<font style="font-style: italic;">Waiver of conditions precedent</font>), Clause 21.12 (<font style="font-style: italic;">Title</font>),
          Clause&#160;21.13 (<font style="font-style: italic;">Negative pledge</font>), Clause 21.22 (<font style="font-style: italic;">Unlawfulness, invalidity and ranking; Security imperilled</font>), Clause 22.2 (<font style="font-style: italic;">Maintenance
            of obligatory insurances</font>), Clause 22.3 (<font style="font-style: italic;">Terms of obligatory insurances</font>), Clause 22.5 (<font style="font-style: italic;">Renewal of obligatory insurances</font>), Clause 23.11 (<font style="font-style: italic;">Sanctions and Ship trading</font>), Clause 23.12 (<font style="font-style: italic;">Entering in war zones and "listed" or "excluded areas"</font>), Clause 23.15 (<font style="font-style: italic;">Restrictions on
            chartering, appointment of managers etc.</font>) or Clause 24 (<font style="font-style: italic;">Loan Value ratio</font>).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zed7004407a0c48a7840b49bf9583a5b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Other obligations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2f66d1a0d224ff7858293b5abbf96e0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A Transaction Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 26.2 (<font style="font-style: italic;">Non-payment</font>) and Clause 26.3 (<font style="font-style: italic;">Specific obligations</font>)).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc51544f613394c2cb78c944450bc1f6d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within five Business Days of the Facility Agent giving notice to the Borrowers or (if
                  earlier) any other Transaction Obligor becoming aware of the failure to comply.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec5a187bcc4e49a592803635ca6872fe" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Misrepresentation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any representation or statement made or deemed to be made by a Transaction Obligor in the Finance Documents or any other document delivered by or on behalf of any Transaction
          Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0abf2857304d4a34a0a1ba83df29f6af" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Cross default</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb57d5b7439d460fbfdb880e5ffd6529" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3fa7f0e92f544a4b72ba486ff0722bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">94</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z362cd6a781654523a927ff1d6f745a5d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2814ca1e586846de82029e63238eedda" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z559948d3def743e7addb562238d2c144" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Insolvency</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f29cd4fc91c48dea06ebfb325389e21" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A Transaction Obligor:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58b85b774f2d4433b07074ca0aa68851" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is unable or admits inability to pay its debts as they fall due;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f46b5e325804589a09eea4206168591" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is deemed to, or is declared to, be unable to pay its debts under applicable law;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03c6b8df4868406aac0d13cd0ca52713" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">suspends or threatens to suspend making payments on any of its debts; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z107ac5355cc94af38ec48aa3d0c961bc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its
                  indebtedness.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7a14d9f275044bfb566db8a15c436b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The value of the assets of any Transaction Obligor is less than its liabilities (taking into account contingent and prospective liabilities).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f1c77a6fb1e4545a2503df71b7962c1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A moratorium is declared in respect of any indebtedness of any Transaction Obligor.&#160; If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf340b859cd024f69ac70ae8f3aeef9e0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Insolvency proceedings</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b7d600ddad24b218d2b1515cdfce46d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae6f90e838ba4ff88dc3c093220283cf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement order or otherwise) of any
                  Transaction Obligor;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b246985d7fa401f8f309f1db3a48c74" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a composition, compromise, assignment or arrangement with any creditor of any Transaction Obligor;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62e98bf803be4213aeec17733111b679" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the appointment of a trustee in bankruptcy, liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any Transaction Obligor or any of its assets;
                  or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87eef6587e444b21809c3371841bf09a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">enforcement of any Security over any assets of any Transaction Obligor,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">or any analogous procedure or step is taken in any jurisdiction.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbbb2fb70a064ee3bb211e2be4221013" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58415d5a58ab4a758183e353c0a91a5b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">26.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Creditors' process</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;"><font style="color: #000000;">Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction
            Obligor having an aggregate value of $100,000 (other than an arrest or detention of a Ship referred to in Clause 7.4</font> (<font style="font-style: italic;">Mandatory prepayment on sale, arrest, detention or Total Loss</font>)<font style="color: #000000;">).</font></div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">95</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21efd1cf52fc474bafed7bf871440094" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Ownership of the Obligors</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z614b4db3ba9f44369d8c1758a6f5735e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Borrower ceases to be a wholly owned subsidiary of the Guarantor; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab6c4795f7ef4651a2edf50ea9ef1344" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Icon Energy (i) ceases to be (directly or indirectly) the legal and beneficial owner of 100 per cent. of the issued and outstanding share capital and voting rights of a Borrower.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c43a4bc5b6248b1918b3d7966ae2a2f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Unlawfulness, invalidity and ranking</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfaa9ea29109f4cb38a8b6dfac8f20e8b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d97bc8ef0ca4fa18fcb09512dbcb53a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid, binding or enforceable.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94dff570ecd64f53952a2b5276e4ddf9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be
                  ineffective.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92de64fcbfe940ccb804a410ad244a63" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc39905e4a2904c7b86a1646e3ada9249" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Security imperilled</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0792c774eda54443b653b7a5fe7c438f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Cessation of business</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any Transaction Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26f31b14bb354d1999fc69afcdd4cbf1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Expropriation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The authority or ability of any Transaction Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation,
          intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any Transaction Obligor or any of its assets other than:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e01da18ac79417886b26ed296063ee4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an arrest or detention of a Ship referred to in Clause 7.4 (<font style="font-style: italic;">Mandatory prepayment on sale, arrest, detention or Total Loss</font>); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8407258b87564cadb7d83491f58954f5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Requisition.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1542ff7e62bb48b290832681fd0538d0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Repudiation and rescission of agreements</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">A Transaction Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction
          Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">96</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2b901bca9ef446b9becc102b813ce91" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Litigation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened, or any judgment or order of
          a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body is made, in relation to any of the Transaction Documents or the transactions or any Transaction Security contemplated in any of the
          Transaction Documents or against any Transaction Obligor or its assets which has or is reasonably likely to have a Material Adverse Effect.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7fb317ebfde491db124145edb0bcd40" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Material adverse change</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc12228bf566943a5b9a0bfc27bcf8129" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Conditions Precedent and Subsequent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any of the conditions referred to in Clause 4.2 (<font style="font-style: italic;">Further conditions precedent</font>) and Clause 4.3 (<font style="font-style: italic;">Conditions




            Subsequent</font>) are not satisfied within the time stipulated.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45a87760fa9b4a82b7f5a40775bdd47e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Reduction of capital</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">A Borrower:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66a93713f9f742209de195083efa8305" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">purchases, cancels or redeems any of its share capital; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85a982913ea34d3cbf6489dce06701b6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">reduces its authorised share capital,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">without the prior written consent of the Facility Agent (acting on the instructions of the Lenders).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbaf443ee9ad84e28be362e14dd0472a4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Acceleration</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On and at any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the
          Borrowers:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za17886610a67402b96148a14abc7bb64" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">cancel the Total Commitments, whereupon they shall immediately be cancelled;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93c49f4c8dc244f2b7f80be158087d07" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon it shall become
                  immediately due and payable; and/or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z148562ebb7654124a7dcc88e053ac2fe" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Facility Agent acting on the instructions of the Majority Lenders,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and the Facility Agent may serve notices under paragraphs (a), (b) and (c) above simultaneously or on different dates and the Security Agent may take any action referred to in
          Clause 26.21 (<font style="font-style: italic;">Enforcement of security</font>) if no such notice is served or simultaneously with or at any time after the service of any of such notice.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5c58b8a9af2486895a2c1c10fd94810" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">26.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Enforcement of security</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On and at any time after the occurrence of an Event of Default which is continuing the Security Agent may, and shall if so directed by the Majority Lenders, take any action
          which, as a result of the Event of Default or any notice served under Clause 26.20 (<font style="font-style: italic;">Acceleration</font>), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">97</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 9<br>
          <br>
          CHANGES TO PARTIES</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z246904a9e8614b158800ef8aa853b237" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">CHANGES TO THE LENDERS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21407d4c801b41b7a4f45aeae5b83a8b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Assignments and transfers by the Lenders</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Subject to this Clause 27 (<font style="font-style: italic;">Changes to the Lenders</font>), a Lender (the "<font style="font-weight: bold;">Existing Lender</font>") may:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3175bb718c44bd6a512537695ea6275" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">assign any of its rights; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81ac02e009824f539913f60a071ea455" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">transfer by novation any of its rights and obligations,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">under the Finance Documents to an Affiliate of a Lender or another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or
          established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "<font style="font-weight: bold;">New Lender</font>").</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9df35f9d4ca1431789607bd680f37e85" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Conditions of assignment or transfer</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z997ccdf2afb04482bf2dc8fdfe904cde" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">An Existing Lender may, in its sole discretion, assign or transfer any of its rights or transfer by novation any of its rights and obligations under the Finance Documents to a New Lender without the approval of
                  the Obligors (but, the Existing Lender shall inform the Obligors of the identity of the proposed Lender before any assignment or transfer <font style="font-weight: bold;">provided that </font>if no Event of Default has occurred and is
                  continuing that Existing Lender shall not assign or transfer any of its rights or obligations under the Finance Documents to a New Lender known as a loan-to-own investor, distressed debt buyer or activist or to a trust of fund without the
                  prior written consent of the Borrowers.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb596a495fb0e4ee0a551a02ef9650dec" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">An assignment will only be effective on:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5cbb46d6034d4af8b69be3d044cf706f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will
                  assume the same obligations to the other Secured Parties as it would have been under if it were an Original Lender; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd55b9cec247d47b0a3cc6373152d014f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">performance by the Facility Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which
                  the Facility Agent shall promptly notify to the Existing Lender and the New Lender.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6bb2e620f354f0890c2d515a6d9ab04" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Obligors agree that all rights and interests (present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely, free of any
                  defects in the Existing Lender's title and of any rights or equities which the Borrowers or any other Obligor had against the Existing Lender.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc2fae757648b4af59c292327872e74fe" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A transfer will only be effective if the procedure set out in Clause 27.5 (<font style="font-style: italic;">Procedure for transfer</font>) is complied with.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9798c9bb48eb43eea710ec76bfd8855f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbcab5d6f0b664393a0667f1e9eb78517" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57eef40806014a32b979be4bf7025fdf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as a result of circumstances existing at the date the assignment, transfer or change occurs, a Transaction Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility
                  Office under Clause 12 (<font style="font-style: italic;">Tax Gross Up and Indemnities</font>) or under that clause as incorporated by reference or in full in any other Finance Document or Clause 13 (<font style="font-style: italic;">Increased




                    Costs</font>),</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">98</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender
          acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.&#160; This paragraph (e) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication
          of the Facility.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d7aed1a97ba4b09b10ece40e9d2a747" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or
                  waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it
                  is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bbd7220781e4f03b9f2d8a247cf7b6e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Assignment or transfer fee</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $1,000.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0251ca03f6bc4fc3aadec7ee2b3385ff" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Limitation of responsibility of Existing Lenders</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd0681c828b444508da91b54d9328009" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacac88fd92bf4626a1a69c4cb9cc1fd4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction Security or any other documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62c8dcb5cb4a41728bfd9d0c3baab977" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the financial condition of any Transaction Obligor;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3bc1bc3013414f6a8076c6bc7a755614" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the performance and observance by any Transaction Obligor of its obligations under the Transaction Documents or any other documents; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeaf4ba7d0dbb4aa8b673b0dfb608ba9b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the accuracy of any statements (whether written or oral) made in or in connection with any Transaction Document or any other document,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and any representations or warranties implied by law are excluded.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ced90b771444ecb9e13d2fb5bf6342e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties that it:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze07b38395664498aaff52ccbfb45ef63" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Transaction Obligor and its related entities in connection with its
                  participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Transaction Document or the Transaction Security; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z865d5aa3a89440428a528643c2aaef68" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">will continue to make its own independent appraisal of the creditworthiness of each Transaction Obligor and its related entities throughout the Security Period.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03c5dabfcc3f4fe0b3ad9baf939cd36f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing in any Finance Document obliges an Existing Lender to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a8d35b843bd40d4a85796e5014baf8b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 27 (<font style="font-style: italic;">Changes to the Lenders</font>); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">99</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5daeb5921efc4ca89adc4433d56d59ef" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Transaction Obligor of its obligations under the Transaction Documents or otherwise.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z936c57bfd5a14f8299d406b5d81080af" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Procedure for transfer</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z607f708b9b134402801996f65359b1ff" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to the conditions set out in Clause 27.2 (<font style="font-style: italic;">Conditions of assignment or transfer</font>), a transfer is effected in accordance with paragraph (c) below when the Facility
                  Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender.&#160; The Facility Agent shall, subject to paragraph (b) below as soon as reasonably practicable after receipt by it of
                  a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06ab68aa292145e1b8ddc44216b16ec1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer"
                  or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f2b2a1c8f714c53b7bdf047b3fac461" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to Clause 27.9 (<font style="font-style: italic;">Pro rata interest settlement</font>), on the Transfer Date:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z225d9c0135254db5bdf5c2d3ccef60bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the
                  Transaction Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the
                  Finance Documents and in respect of the Transaction Security shall be cancelled (being the "<font style="font-weight: bold;">Discharged Rights and Obligations</font>");</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z395cb8047a1b4337a40e2cd60e83d8b0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each of the Transaction Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as
                  that Transaction Obligor and the New Lender have assumed and/or acquired the same in place of that Transaction Obligor and the Existing Lender;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba918bb2988a448aa3f6e09bd3437d54" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent, the Security Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security
                  as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Security Agent, the
                  Arranger and the Existing Lenders shall each be released from further obligations to each other under the Finance Documents; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f49efc7f977459eaf1291a52b2cb378" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the New Lender shall become a Party as a "<font style="font-weight: bold;">Lender</font>".</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6dfb5b3906584ae084ffede30b07788f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Procedure for assignment</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ed577de246d4a49b02c093ee0f4d476" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to the conditions set out in Clause 27.2 (<font style="font-style: italic;">Conditions of assignment or transfer</font>) an assignment may be effected in accordance with paragraph (c) below when the
                  Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender.&#160; The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt
                  by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c451eb33c8f475eb7a0ec8ee104e789" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer"
                  or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">100</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacbe85c8e2ec4807bda46b4f23e303c9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to Clause 27.9 (<font style="font-style: italic;">Pro rata interest settlement</font>), on the Transfer Date:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87c78fb43ba14563a3ae4af1cf387e08" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment
                  Agreement;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfedc8767d9174da18483aa9640ef7344" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Existing Lender will be released from the obligations (the "<font style="font-weight: bold;">Relevant Obligations</font>") expressed to be the subject of the release in the Assignment Agreement (and any
                  corresponding obligations by which it is bound in respect of the Transaction Security); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c5aeaf8fff944e2ac8408956ce594f8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10061591318b4171a27a746965db6533" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Lenders may utilise procedures other than those set out in this Clause 27.6 (<font style="font-style: italic;">Procedure for assignment</font>) to assign their rights under the Finance Documents (but not,
                  without the consent of the relevant Transaction Obligor or unless in accordance with Clause 27.5 (<font style="font-style: italic;">Procedure for transfer</font>), to obtain a release by that Transaction Obligor from the obligations owed
                  to that Transaction Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) <font style="font-weight: bold;">provided that</font> they comply with the conditions set out in Clause 27.2 (<font style="font-style: italic;">Conditions of assignment or transfer</font>).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b5e17685ef84f238f7c3bca0bcb85f1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Copy of Transfer Certificate or Assignment Agreement to Borrowers</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrowers a copy of that
          Transfer Certificate or Assignment Agreement.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6789410630f149318fea487971eeb676" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Security over Lenders' rights</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In addition to the other rights provided to Lenders under this Clause 27 (<font style="font-style: italic;">Changes to the Lenders</font>), each Lender may without consulting
          with or obtaining consent from any Transaction Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of
          that Lender including, without limitation:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z727b58362a0b4517a1def327241bcd37" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34f5419df10f4cf392259aeff3a1aaef" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or
                  securities,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">except that no such charge, assignment or Security shall:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94d4c120c8b74fd8a512728bd99fc84a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeff3222b1fc24e1682ee79f0c1c1c52f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">require any payments to be made by a Transaction Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the
                  Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">101</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25bdd4b9a35f4a02b5d419208c379545" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">27.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Pro rata interest settlement</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z507bc4b80a1a4ffe9f717920a18e70ae" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a "<font style="font-style: italic;">pro rata</font> basis" to Existing Lenders and New Lenders then (in respect
                  of any transfer pursuant to Clause 27.5 (<font style="font-style: italic;">Procedure for transfer</font>) or any assignment pursuant to Clause 27.6 (<font style="font-style: italic;">Procedure for assignment</font>) the Transfer Date of
                  which, in each case, is after the date of such notification and is not on the last day of an Interest Period):</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4e4889079824eb1869caf82f9c9f749" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the
                  Transfer Date ("<font style="font-weight: bold;">Accrued Amounts</font>") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc348af6988ec49c18556004320971110" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb287e8e9d67f48508816092ec447e66a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1b86d0d32c044088dbeab9289d12906" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 27.9 (<font style="font-style: italic;">Pro rata interest settlement</font>), have been
                  payable to it on that date, but after deduction of the Accrued Amounts.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36b411d0d9ed4c88ac46b1c0091b7b83" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In this Clause 27.9 (<font style="font-style: italic;">Pro rata interest settlement</font>) references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e16ecc6f0e549aea83c3a213a1bf713" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause&#160;27.9 (<font style="font-style: italic;">Pro rata interest settlement</font>) but which does not have a Commitment shall
                  be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance
                  Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a98d2696f3b45ccb7261c082f62d22c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">CHANGES TO THE TRANSACTION OBLIGORS</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5b5593b5d1e43da8dbd244f929ef681" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">28.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Assignment or transfer by Transaction Obligors</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Transaction Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41d332427a8a45e7aff162d1c86ca2b4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">28.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Release of security</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd8bd7ceec6964ed0ab13c9b373948d5d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If a disposal of any asset subject to security created by a Security Document is made in the following circumstances:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za093af1b4753443abac96b64ea9e1d83" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the disposal is permitted by the terms of any Finance Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a437200b28b4eb3b19b2c3d2046766b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all the Lenders agree to the disposal;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z225d557ad9c241549c4cc26916919662" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the disposal is being made at the request of the Security Agent in circumstances where any security created by the Security Documents has become enforceable; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10a06a3c1f76443c89c23635ec3a7a69" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the disposal is being effected by enforcement of a Security Document,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">the Security Agent may release the asset(s) being disposed of from any security over those assets created by a Security Document.&#160; However, the proceeds of any disposal (or an
          amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any).</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">102</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3363fd7387f468a8b36b930591bde51" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Security Agent is satisfied that a release is allowed under this Clause 28.2 (<font style="font-style: italic;">Release of security</font>) (at the request and expense of the Borrowers) each Finance Party
                  must enter into any document and do all such other things which are reasonably required to achieve that release.&#160; Each other Finance Party irrevocably authorises the Security Agent to enter into any such document.&#160; Any release will not
                  affect the obligations of any other Transaction Obligor under the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3378cada0af490386725afc169c7ace" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">28.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Additional Borrowers</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Subject to compliance with the provisions of Clause 20.9 (<font style="font-style: italic;">"Know your customer" checks</font>) and all other relevant provisions of this
          Agreement, an Additional Borrower may become a Borrower. That entity shall become a Borrower if:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4a47c34a737545a79ad577de58de7971" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">it delivers to the Facility Agent a duly completed and executed Accession Deed;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacbd0f53abab4532a3f55c799c550e13" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrowers confirm that no Default is continuing or would occur as a result of that company becoming a Borrower; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z713bd4331b494d85b80e24c8efe6bbe0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent has received all of the documents and other evidence listed in Part C of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>) in relation to that
                  Additional Borrower, each in form and substance satisfactory to the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf9528084345a47b9b99d937f01bb7e55" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">28.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Repetition of Representations</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Delivery of an Accession Deed constitutes confirmation by the relevant Additional Borrower that the representations and warranties referred to in Clause 19.36 (<font style="font-style: italic;">Repetition</font>) are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">103</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SECTION 10<br>
          <br>
          THE FINANCE PARTIES</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5cb9af1aa67a4e71831c6002c0d2d578" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">THE FACILITY AGENT AND THE ARRANGER</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3950411d85694f50aa61343555f389de" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Appointment of the Facility Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60ed8cd0e2e646969a19b9b0dc169e0a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each of the Arranger and the Lenders appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45137d93597d4b4aab9025b3ac3a9270" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each of the Arranger and the Lenders authorises the Facility Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to
                  the Facility Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef92b08f74ff4b5abdd21e5cbdf6f1d0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Instructions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z08a47a6896164952971a779c1b3c9748" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z997f3b45211e4db9bee782929c3d3536" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Facility Agent in accordance with any instructions given
                  to it by:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z091b101264364d41b9383ff97b290587" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zafde8c34c1644faa8a50fefcd292e3e3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in all other cases, the Majority Lenders; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6956ab262a5348e69caf92b4b0bc0377" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Finance Party or
                  group of Finance Parties, in accordance with instructions given to it by that Finance Party or group of Finance Parties).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf68401904ba4dfaae05f5a16cd0afc0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any
                  other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the
                  Facility Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25d751f13ff340ff9b7604690f35aa3a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document,
                  any instructions given to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81834631167749b68d2532dc65b15d02" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Paragraph (a) above shall not apply:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b54b2aa131343ccaf75d4f31a1a8d05" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">where a contrary indication appears in a Finance Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ca1d51b29f64018a1eac7c943869cb7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">where a Finance Document requires the Facility Agent to act in a specified manner or to take a specified action; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65725b9f1bf84cccb39fb123eb316867" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of any provision which protects the Facility Agent's own position in its personal capacity as opposed to its role of Facility Agent for the relevant Finance Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">104</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcba5230431194dbea55c30878b398105" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If giving effect to instructions given by the Majority Lenders would in the Facility Agent's opinion have an effect equivalent to an amendment or waiver referred to in Clause 42 (<font style="font-style: italic;">Amendments and Waivers</font>), the Facility Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Facility Agent) whose consent would have been
                  required in respect of that amendment or waiver.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb53be5cbab241d2b7224d3266943846" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In exercising any discretion to exercise a right, power or authority under the Finance Documents where it has not received any instructions as to the exercise of that discretion the Facility Agent shall do so
                  having regard to the interests of all the Finance Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d37253f26f54f8289de92c2568fa5ac" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent may refrain from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its
                  discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, expense, loss or liability (together with any applicable VAT) which it may incur in
                  complying with those instructions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb9c8d7eefa87430f947f36a4cc119fd1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to the remainder of this Clause 29.2 (<font style="font-style: italic;">Instructions</font>), in the absence of instructions, the Facility Agent shall not be obliged to take any action&#160; (or
                  refrain from taking action) even if it considers acting or not acting to be in the best interests of the Finance Parties.&#160; The Facility Agent may act (or refrain from acting) as it considers to be in the best interest of the Finance
                  Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3758e97678364232bc608d1b8dd45f4a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining that Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document.&#160; This
                  paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Transaction Security or Security Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d7dbdfdc82d408eb68d3f6be984e934" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Duties of the Facility Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze83ca83124894fbb87e4b45c332d448c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6dc1e371f5a6448a80bbe8354b4c358c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to paragraph (c) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z138c5fb081d74cf0a861763f84aefe48" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to Clause 27.7 (<font style="font-style: italic;">Copy of Transfer Certificate or Assignment Agreement to Borrowers</font>), paragraph (b) above shall not apply to any Transfer Certificate or
                  any Assignment Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96c5ae56942a4554b53bce14c786d7bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34a1300fbda9403288c965bca42efc0f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Facility Agent receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance
                  Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb46d7de85ba4292b406c90f3e425f67" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent, the Arranger or the Security Agent) under this
                  Agreement, it shall promptly notify the other Finance Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfcf38736fc44091abc122e128b3b3b9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">105</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e8076d3077c42dda2e85cefa71e76cf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Role of the Arranger</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z843e6894a4834c408591604bfe88f323" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No fiduciary duties</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03ae254223e8426ca7a17025e40c1639" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing in any Finance Document constitutes the Facility Agent or the Arranger as a trustee or fiduciary of any other person.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb3a3cddba37472589f72f05dfbd93f3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Neither the Facility Agent nor the Arranger shall be bound to account to other Finance Party for any sum or the profit element of any sum received by it for its own account.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5e3dfa750e74d7ba22610f1c4badb55" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Application of receipts</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied
          by the Facility Agent in accordance with Clause 33.5 (<font style="font-style: italic;">Application of receipts; partial payments</font>).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfffe8d40e13e4d348fcebbfb9908e768" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Business with the Obligors</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Facility Agent and the Arranger may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, the Obligors.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10327ebb47d34b38b321cc041a91ae26" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Rights and discretions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4c3d1eaaeec49a5b10381c9e4ec3d52" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent may:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9fec0648b8434aa890a7e44de7faac91" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zce63abe79ee8420f952c3a448a6cfafe" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">assume that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z464d455a36024b94af280b19fc67dc3c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance Parties are duly given in accordance with the terms of the Finance Documents; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdce4066f02fb4fad8346b5810ef3cfe7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">unless it has received notice of revocation, that those instructions have not been revoked; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze88718e98ae242f89765322244a3251d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">rely on a certificate from any person:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1af332a1e7e4f45929bb371a73c49ea" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f912bef0c354a90abdfee203b99d29a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71c1cf3b24a740388903efd8dd23d532" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Finance Parties) that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z173f6b6eff1b46338504e434d0714001" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.2 (<font style="font-style: italic;">Non-payment</font>));</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">106</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f5a5d4d56124486aad6f16568c1fa14" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1e2e0b5c8d54f4889266107f8702b1e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any notice or request made by any Borrower (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Transaction Obligors.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33641b4a90ba446091fa769d767d74b8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22f0e8e753ed44c1b0bce53a8ee51f5a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Facility Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Facility
                  Agent (and so separate from any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be desirable.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84d0e66e5ec446b3be08f148ce40eeac" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Facility Agent or by any other Party)
                  and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2983ac3ab568476eb9d67ca3c51c4546" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent may act in relation to the Finance Documents and the Security Property through its officers, employees and agents and shall not:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82182d7e4e9a44d2afe8e740121f5bfd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">be liable for any error of judgment made by any such person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54613514f1754cca947e9686a804df11" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">unless such error or such loss was directly caused by the Facility Agent's gross negligence or wilful misconduct.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36bf058d62b24006a367742f698eac18" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52cccf86a50d4cc1af214884d169b093" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arranger is obliged to do or omit to do anything if it would or might, in its reasonable opinion,
                  constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c997f35adcb4b4fa762c033bd1f8399" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its
                  duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not
                  reasonably assured to it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd75fa3e44e1947f481d3678763b36548" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">29.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Responsibility for documentation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Neither the Facility Agent nor the Arranger is responsible or liable for:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1811c3515754431a558078732bb00b3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, the Arranger, a Transaction Obligor or any other person in, or in
                  connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any
                  Transaction Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z956af90af2bb4de2b09162f5a930fda4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in
                  anticipation of, under or in connection with, any Transaction Document or the Security Property; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">107</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e57a8ffd3234e0e8e24c5a8d3e691ab" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any determination as to whether any information provided or to be provided to any Finance Party or Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or
                  regulation relating to insider dealing or otherwise.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc30b93a3049241399ddbc30e56308386" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No duty to monitor</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Facility Agent shall not be bound to enquire:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d1d831809f847bbbd9d0d332f313e83" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">whether or not any Default has occurred;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2de36da34f24bbfada13c5f48965f2e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction Document; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd9642d6916554232a29e7c5440cb298e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">whether any other event specified in any Transaction Document has occurred.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1826a7b45774411295e9492c3e157279" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Exclusion of liability</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74195fc2f5874dbb84b7472c1620c82e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without limiting paragraph (b) below (and without prejudice to paragraph (e) of Clause 33.11 (<font style="font-style: italic;">Disruption to Payment Systems etc.</font>) or any other provision of any Finance
                  Document excluding or limiting the liability of the Facility Agent), the Facility Agent will not be liable for:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zabc1c9974a6f4a648a5e744e3e9ddc17" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the
                  Security Property, unless directly caused by its gross negligence or wilful misconduct; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2afc189e413c4a8d94c3f35bf4188c87" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document
                  entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14f4d5f5bf9644538fd98dd46d4517e7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any shortfall which arises on the enforcement or realisation of the Security Property; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd41f58dcccc34813a8ede1e4925f824a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ebac4d7b03d4d9495d74ed97de83538" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any act, event or circumstance not reasonably within its control; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f2108e8abed4ad5bba1a03413a01ebf" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the general risks of investment in, or the holding of assets in, any jurisdiction,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other
          governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or
          malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68d03a811b14414fbcb220d792cb940d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any
                  act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause 1.5 (<font style="font-style: italic;">Third party rights</font>) and the provisions of the Third Parties Act.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">108</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9a9a6748a7043329950d19499c00ad3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility
                  Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z814053aeb6f74faf992b50ec22a94d52" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing in this Agreement shall oblige the Facility Agent or the Arranger to carry out:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6851ff28e6cc4eaa999580b7fc8c252d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any "know your customer" or other checks in relation to any person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f0656260b7a48eeb90db4d5d138f57e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">on behalf of any Finance Party and each Finance Party confirms to the Facility Agent and the Arranger that it is solely responsible for any such checks it is required to carry
          out and that it may not rely on any statement in relation to such checks made by the Facility Agent or the Arranger.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc08fceb0da844502954897e3d8b37d01" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent's liability, any liability of the Facility Agent arising under or in connection with any Transaction Document
                  or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Facility Agent or, if later, the date on
                  which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Facility Agent at any time which increase the amount of that loss. In no event shall the Facility Agent be
                  liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Facility Agent has been advised of the possibility of such
                  loss or damages.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8667d99d687640f9ba0d5e60df99e25c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Lenders' indemnity to the Facility Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf85fea9282a94665a666cc431b82b5ef" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify
                  the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or wilful misconduct) (or, in the case of any
                  cost, loss or liability pursuant to Clause 33.11 (<font style="font-style: italic;">Disruption to Payment Systems etc.</font>) notwithstanding the Facility Agent's negligence, gross negligence or any other category of liability whatsoever
                  but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by a Transaction Obligor pursuant to a Finance Document).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21da2a6f045a48098205f3fa65d25038" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to paragraph (c) below, the Borrowers shall immediately on demand reimburse any Lender for any payment that Lender makes to the Facility Agent pursuant to paragraph (a) above.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e5cab140ad14d78b60af72ce82bb875" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Facility Agent to an Obligor.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2454aab3a5fe49299a3e6945d9ba8972" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Resignation of the Facility Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91624671ba4a42b09a26c7e2c9b620e8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrowers.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">109</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3fcf6682a02c49689f013f274963bb22" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Alternatively, the Facility Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders may appoint a successor Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3cfae82ecfbc4076973f6ad3383d5a28" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a
                  successor Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z480e59d15ff44f7297c6410bdc9dffe8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Facility Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Facility Agent is entitled to appoint a successor Facility
                  Agent under paragraph (c) above, the Facility Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Facility Agent to become a party to this Agreement as Facility Agent)
                  agree with the proposed successor Facility Agent amendments to this Clause 29 (<font style="font-style: italic;">The Facility Agent and the Arranger</font>) and any other term of this Agreement dealing with the rights or obligations of
                  the Facility Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the
                  successor Facility Agent's normal fee rates and those amendments will bind the Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeeffa19139b54dc78124f01e2e3edc41" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The retiring Facility Agent shall make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of
                  performing its functions as Facility Agent under the Finance Documents. The Borrowers shall, within three Business Days of demand, reimburse the retiring Facility Agent for the amount of all costs and expenses (including legal fees)
                  properly incurred by it in making available such documents and records and providing such assistance.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c100e1d8e1a4e0ca0d4b6cccd9be760" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33e50c59d57a43e4910e5b18f9d4be38" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but
                  shall remain entitled to the benefit of Clause 14.4 (<font style="font-style: italic;">Indemnity to the Facility Agent</font>) and this Clause 29 (<font style="font-style: italic;">The Facility Agent and the Arranger</font>) and any other
                  provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility Agent.&#160; Any fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be
                  payable on) that date.&#160; Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5d72c04e067f40e4a511c616d32744fd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above.&#160; In this event, the Facility Agent shall resign in accordance with paragraph (b) above.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42834afba3864f2eab5a1ad1133bec42" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The consent of any Borrower (or any other Transaction Obligor) is not required for an assignment or transfer of rights and/or obligations by the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3208d18c513d4af5a4e815362ea7345b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if on
                  or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04e18ec6e6d5425d805e4f20480a1062" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent fails to respond to a request under Clause 12.7 (<font style="font-style: italic;">FATCA Information</font>) and a Lender reasonably believes that the Facility Agent will not be (or will have
                  ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">110</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36eba96a62e644d6a1ae7d44a85f0ee3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the information supplied by the Facility Agent pursuant to Clause 12.7 (<font style="font-style: italic;">FATCA Information</font>) indicates that the Facility Agent will not be (or will have ceased to be) a
                  FATCA Exempt Party on or after that FATCA Application Date; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8eb5340a9c54e9c9ae8d1a36ce5bc98" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Facility Agent notifies the Borrowers and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt
          Party, and that Lender, by notice to the Facility Agent, requires it to resign.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za249a9e105184f6c90bef9d08d3503b4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Confidentiality</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfac731318b384cca96332d70c8931c79" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or
                  departments.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za62d1750c8e04cd89b1ded1dff4fc7b0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If information is received by a division or department of the Facility Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that
                  information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1af0f53682b4d6089de48443795f3d9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any
                  other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4da28a329a54c67b906b7f33168e52a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Relationship with the other Finance Parties</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75980547b2dd4f7ca24d502e90562884" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to Clause 27.9 (<font style="font-style: italic;">Pro rata interest settlement</font>), the, Facility Agent may treat the person shown in its records as Lender at the opening of business (in the place of
                  the Facility Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6f55fa3a6d94c49857f3dc4a14b27a3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">entitled to or liable for any payment due under any Finance Document on that day; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74e61e964ffa4e87b2edbb9f07b671a8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z543a968dfc904c61a53ec414ffe22e72" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Finance Party shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to
                  perform its functions as Security Agent. Each Finance Party shall deal with the Security Agent exclusively through the Facility Agent and shall not deal directly with the Security Agent and any reference to any instructions being given by
                  or sought from any Finance Party or group of Finance Parties to or by the Security Agent in this Agreement must be given or sought through the Facility Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">111</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6442c8d0a50540aeabea79c17d433664" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance
                  Documents.&#160; Such notice shall contain the address and (where communication by electronic mail or other electronic means is permitted under Clause 36.5 (<font style="font-style: italic;">Electronic communication</font>)) electronic mail
                  address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification
                  of a substitute address, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 36.2 (<font style="font-style: italic;">Addresses</font>) and sub-paragraph (ii) of paragraph
                  (a) of Clause 36.5 (<font style="font-style: italic;">Electronic communication</font>) and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and
                  documents as though that person were that Lender.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79ad3fc1827b4b5681e9ede45ecb1550" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Credit appraisal by the Finance Parties</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party
          confirms to the Facility Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document
          including but not limited to:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z569dfa57479c465ab7eed79d0e760a39" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the financial condition, status and nature of a Transaction Obligor;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3393aaeda24f4727bc275eff678a5fdd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in
                  anticipation of, under or in connection with any Transaction Document or the Security Property;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4457a4d1a6e148129adba1b2d3dc60b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security
                  Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security
                  Property;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeae4a06afb954e1c8e41be9005a10e20" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by
                  any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48e5174b4ad248499e4030df93bbe483" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security
                  Assets.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50b5ba85e5be49c8b67e6a15f1ac73b4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Facility Agent's management time</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any amount payable to the Facility Agent under Clause 14.4 (<font style="font-style: italic;">Indemnity to the Facility Agent</font>), Clause 16 (<font style="font-style: italic;">Costs and Expenses</font>) and Clause 29.12 (<font style="font-style: italic;">Lenders' indemnity to the Facility Agent</font>) shall include the cost of utilising the Facility Agent's management time or other resources and will be
          calculated on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Facility Agent under Clause 11 (<font style="font-style: italic;">Fees</font>).</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z040711042bec49d8aad9cac05ced97ac" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Deduction from amounts payable by the Facility Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that
          amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed.&#160; For the purposes of the Finance Documents
          that Party shall be regarded as having received any amount so deducted.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">112</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39aaaa2a30364b65a52f8b299481d20a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Reliance and engagement letters</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Secured Party confirms that each of the Arranger and the Facility Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or
          reports already accepted by the Arranger or the Facility Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the
          Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in
          such letters.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z70367d7c17bb47b2bbe8e4051902bd4e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">29.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Full freedom to enter into transactions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without prejudice to Clause 29.7 (<font style="font-style: italic;">Business with the Obligor</font>) or any other provision of a Finance Document and notwithstanding any rule
          of law or equity to the contrary, the Facility Agent shall be absolutely entitled:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za88a06bc7526455bae6580830443bf87" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document
                  (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such
                  Transaction Obligor or any person who is party to, or referred to in, a Finance Document);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z67cc6b20328b4a8eb58d89e4d4705bf9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to deal in and enter into and arrange transactions relating to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z768e12988ecb40e6aa900b4aa5d2d678" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any securities issued or to be issued by any Transaction Obligor or any other person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z178df6d3674d440d809e968a27a316ad" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any options or other derivatives in connection with such securities; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4420247fe1214c359f8fb040ff409ae5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to provide advice or other services to any Borrower or any person who is a party to, or referred to in, a Finance Document,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection
          with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
          disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ae771692ba841fab74866e31b92e5ff" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">30</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">THE SECURITY AGENT</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c6a1d3a7c244ca09e86f681a87f7d34" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Trust</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zee346f1c02d94138af4e1fdd65b6c6b3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent declares that it holds the Security Property on trust for the Secured Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause
                  30 (<font style="font-style: italic;">The Security Agent</font>) and the other provisions of the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf078287960c1490aaba3093f1227967a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each other Finance Party authorises the Security Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security
                  Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">113</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z880a0a66e8d74dcfa3936144d7bd2a01" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Parallel Debt (Covenant to pay the Security Agent)</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z752406ec07704cf9936aa46fbc26198a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z599ea6ea0e984ac794f9e09bfba2894e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Parallel Debt of an Obligor:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e01745a4f3b49649f8b359759754147" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">shall become due and payable at the same time as its Corresponding Debt;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z103109f0e78d40628fae420271ac9938" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is independent and separate from, and without prejudice to, its Corresponding Debt.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79a46b7823454ae6b13c8b9412c328fe" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">For the purposes of this Clause 30.2 (<font style="font-style: italic;">Parallel Debt (Covenant to pay the Security Agent)</font>), the Security Agent:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcebb5fc295ff4cc1bced7d8bbf67a1d2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is the independent and separate creditor of each Parallel Debt;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7fd370955ff94ef7b9f727ae9ca00f86" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in respect of each Parallel Debt shall not be held on trust; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa99e1d0daa84a9b83616c7e1059823a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees
                  and applications for and voting in any kind of insolvency proceeding).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0fc72158d9f243829e35cc9eb6877820" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Parallel Debt of an Obligor shall be:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b4b27c089234b75a09afc4525666943" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z560f27935f084c4bbd64f0f305668ce3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">increased to the extent that its Corresponding Debt has increased,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">and the Corresponding Debt of an Obligor shall be decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged,</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6b1b898daa849f7ae3ba21be79816e5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">All amounts received or recovered by the Security Agent in connection with this Clause 30.2 (<font style="font-style: italic;">Parallel Debt (Covenant to pay the Security Agent)</font>) to the extent permitted
                  by applicable law, shall be applied in accordance with Clause 33.5 (<font style="font-style: italic;">Application of receipts; partial payments</font>).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb8211c15015f4e77b4277a719554e76b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">This Clause 30.2 (<font style="font-style: italic;">Parallel Debt (Covenant to pay the Security Agent)</font>) shall apply, with any necessary modifications, to each Finance Document.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z479ddcf97dd44696925b3daed5608e44" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Enforcement through Security Agent only</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or
          discretion arising under the Security Documents except through the Security Agent.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">114</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84fa05b7967b44479af564c5ad4c4e1c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Instructions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaaa83d52a5d0426587c13839402df3a5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent shall:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbec3bd7004544c75a0de885082ec8882" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given
                  to it by:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5775ae2cfc204c699b6b9e6fb972570d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates the matter is an all Lender decision; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z911fa9b5e5d2437599f0011465b48fdc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in all other cases, the Majority Lenders (or the Facility Agent on their behalf); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16591630466844ee8352b67117087ff2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or if this Agreement stipulates the matter is a decision for any other Finance Party or
                  group of Finance Parties, in accordance with instructions given to it by that Finance Party or group of Finance Parties).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ae9135f974c43e7abc9c1cfae2d16b7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document
                  stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right,
                  power, authority or discretion and the Security Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb28c28055a434bd8be3b09cbed842a5b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document,
                  any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z528d6931ea4642539bb452e14485afe4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Paragraph (a) above shall not apply:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebbe2203004c4c919adfb49db156b576" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">where a contrary indication appears in a Finance Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d9b1cf0d64e4b9e881aae486a30ace5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">where a Finance Document requires the Security Agent to act in a specified manner or to take a specified action;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83e64d95b11844e7b680e0d020a4efd4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of any provision which protects the Security Agent's own position in its personal capacity as opposed to its role of Security Agent for the relevant Secured Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z331a138abd534058a2413a2ed61c02e5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority under any of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1e5bc1415d04f3aaddcdf2d14186ffd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Clause 30.27 (<font style="font-style: italic;">Application of receipts</font>);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb58de39a07c14ae9b1d6241ec740b537" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Clause 30.28 (<font style="font-style: italic;">Permitted Deductions</font>); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf5d8010e054e4df9b5bec8e7c5549d88" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Clause 30.29 (<font style="font-style: italic;">Prospective liabilities</font>).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc93f6ff04c4940a6bf05c9de31e15ba1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If giving effect to instructions given by the Majority Lenders would in the Security Agent's opinion have an effect equivalent to an amendment or waiver referred to in Clause 42 (<font style="font-style: italic;">Amendments and Waivers</font>), the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent would have been
                  required in respect of that amendment or waiver.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">115</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf64ce072cb1740b0a7b413d074a84532" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In exercising any discretion to exercise a right, power or authority under the Finance Documents where either:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z245d27854cfe4aa78cac4eee652a2ea3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">it has not received any instructions as to the exercise of that discretion; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde1adde0d0874410baf61b4b9a5489dc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the exercise of that discretion is subject to sub-paragraph (iv) of paragraph (d) above,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">the Security Agent shall do so having regard to the interests of all the Secured Parties.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd83ebb88c48f44e59faf4feb54194c5e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent may refrain from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its
                  discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying
                  with those instructions.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4bf8d06c2897422eabac89140f03aba7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to the remainder of this Clause 30.4 (<font style="font-style: italic;">Instructions</font>), in the absence of instructions, the Security Agent may (but shall not be obliged to) take such
                  action in the exercise of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3725b90479624d9094d888910dda2839" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent is not authorised to act on behalf of a Finance Party (without first obtaining that Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document.&#160; This
                  paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Transaction Security or Security Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaebd233768fa440a834d57f4d4495a31" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Duties of the Security Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfad11f3534140cb81d16a75c71e03e5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc715266b2a9f4f07bbaaacd912b06880" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6a3214d074d45328c173dea93aba331" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c116dcb702044a995f37a0a7c921697" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance
                  Parties.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2372a5c26ce942afa56db8e20e9268b4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z373abe1c351846aca8e22921051353d6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No fiduciary duties</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa55058b565548f482ad65c2d348706c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary of any Transaction Obligor.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b40aefb44494e54a0660e4240f2d851" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent shall not be bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its own account.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z438d3181f5fe45579acb90e057308c13" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Business with the Obligors</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any Obligor.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">116</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31d0a90b56064b23bcf7079d353bf352" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Rights and discretions</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a9a860c633249f9bfd4086e6c9239ca" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent may:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze64761f453de426db14f14d0b1d9b9ee" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d4010362bc34ae89c8a7fa1bbd05ee2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">assume that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb85baa0a49ae4e98af03b5d3ece048b7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance Parties are duly given in accordance with the terms of the Finance Documents;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7feb77a4a78e4165a8d7cbbf8151d062" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">unless it has received notice of revocation, that those instructions have not been revoked;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z09ceff3b65f94c1e88f4bcf9f67d01fb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the Finance Documents for so acting have been satisfied; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb007e8836a1e4f0e92df488aaa0a44ee" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">rely on a certificate from any person:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f072c7ad1a34afb9c70d3dcb99f7568" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z555b738785b04a8c9a15f9ddeb8995e4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">as sufficient evidence that that is the case and, in the case of sub-paragraph (A) above, may assume the truth and accuracy of that certificate.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c424331493942778cb3edfc45cb8492" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent shall be entitled to carry out all dealings with the other Finance Parties through the Facility Agent and may give to the Facility Agent any notice or other communication required to be given
                  by the Security Agent to any Finance Party.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9905e1c3d9fa40c8ad746f03bbb44401" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent may assume (unless it has received notice to the contrary in its capacity as security agent for the Secured Parties) that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaed046efa7f148be94170353c5365a85" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default has occurred;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z27d28b042f4b42f79101d100b0da8c07" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze11337963b2f42eabc3bd5527d87ead7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any notice or request made by any Borrower (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Transaction Obligors.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd0bb94459404790969ee0121382178e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf39490be39e74b06a4b2334f7c2e40e6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to the generality of paragraph (c) above or paragraph (f) below, the Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security
                  Agent (and so separate from any lawyers instructed by the Facility Agent or the Lenders) if the Security Agent in its reasonable opinion deems this to be desirable.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50f06bdd4d6546df9a4f00117dfea759" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Security Agent or by any other Party)
                  and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">117</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze693defd37ca45748101e5a35afc0668" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent may act in relation to the Finance Documents and the Security Property through its officers, employees and agents and shall not:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z487a6056ae604dcbaae0b6e746f31320" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">be liable for any error of judgment made by any such person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e056a0eaa8a40a6ad5092f5c4c0d6cc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">unless such error or such loss was directly caused by the Security Agent's gross negligence or wilful misconduct.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca7bde4d135749e586489cae54d15f14" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other Party any information it reasonably believes it has received as security agent under the Finance Documents.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z210fe910e44e43bfb75f195b76a714a6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of
                  any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf59a0bc000c14a74bec6e5e07cd401b6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its
                  duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not
                  reasonably assured to it.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd0223a36107e4825ba3f8df14f47951d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">30.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Responsibility for documentation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">None of the Security Agent, any Receiver or Delegate is responsible or liable for:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf232d331dadb494aae7099b84cfa0580" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, the Arranger, a Transaction Obligor or any other person in, or in
                  connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any
                  Transaction Document;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5cd9f12d27174a21afdea39b70d4c27f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in
                  anticipation of, under or in connection with, any Transaction Document or the Security Property; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd097f65d7e994a68b080c07f5732b3ca" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating
                  to insider dealing or otherwise.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf71f2627c03042708d3962dee6459969" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No duty to monitor</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Security Agent shall not be bound to enquire:</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a93e06e894745d6beec24ca527211f8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">whether or not any Default has occurred;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd013b2d0eaa14d50a5eb8814e4000708" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction Document; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e53cfdb1eb94fa986ba270502161713" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">whether any other event specified in any Transaction Document has occurred.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">118</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd3cb8ea7f1a4c8682f68352921a4413" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Exclusion of liability</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4be683dbbaea467f88f072300199a683" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the
                  Security Agent nor any Receiver or Delegate will be liable for:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3175919e532b4b0fa951d4557d96fde1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the
                  Security Property, unless directly caused by its gross negligence or wilful misconduct;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze856e36e61f641368b9a6541382c2132" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document
                  entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9736f51353ad4e159288569d66ddbf4d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any shortfall which arises on the enforcement or realisation of the Security Property; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z633834dc320944eca6b2ead14fe09e4a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">without prejudice to the generality of sub-paragraphs (i)&#160; to&#160; (iii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7648813b4531442282c8a5ed28f4bf00" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any act, event or circumstance not reasonably within its control; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcc2e87f05de6495998f078b079378a8d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the general risks of investment in, or the holding of assets in, any jurisdiction,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other
          governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or
          malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.</div>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31ea7876b2de4314ac8c2adb208ab2eb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect
                  of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any
                  officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause&#160;1.5 (<font style="font-style: italic;">Third party rights</font>) and the provisions of the Third Parties Act.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7da3c0d932944cdcb08705cd80311b7a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Security Agent if the Security
                  Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Security Agent for that purpose.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25f4a5f24946476abbb73f6065f048b2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing in this Agreement shall oblige the Security Agent to carry out:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb0c421beb8347589c25e22bb435ed32" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any "know your customer" or other checks in relation to any person; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7e354ad50b74346a967503847befe8c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">119</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">on behalf of any Finance Party and each Finance Party confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it
          may not rely on any statement in relation to such checks made by the Security Agent.</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate, any liability of the Security Agent or any Receiver or Delegate
                  arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date
                  of default of the Security Agent, Receiver or Delegate or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Agent, any Receiver
                  or Delegate at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for
                  special, punitive, indirect or consequential damages, whether or not the Security Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07bf4b9271cf47149f01028e0158fa43" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Lenders' indemnity to the Security Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z08359b3436704c53bfd227e3afc5d907" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify
                  the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, expense, loss or liability incurred by any of them (otherwise than by reason of the Security Agent's, Receiver's or
                  Delegate's gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the Security Agent, Receiver or Delegate has been reimbursed by a Transaction Obligor pursuant to a
                  Finance Document).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d0470c3d31841c696ed62104396d4c2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to paragraph (c) below, the Borrowers shall immediately on demand reimburse any Lender for any payment that Lender makes to the Security Agent pursuant to paragraph (a) above.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1cbc54d5406449bad1737c6636d9e65" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Security Agent to an Obligor.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda703f08ff9d4cf381513ddd00e0e789" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Resignation of the Security Agent</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z77d30e3aef9e42d0b4ff2ce4aeb42902" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Security Agent may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Finance Parties and the Borrowers.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43af3f1dc0ed4e669af3ddc97300f272" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Alternatively, the Security Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders may appoint a successor Security Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33f93785ab5342d498b4f5b75616430d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Security Agent may appoint a
                  successor Security Agent.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0ddfa3004a94349ac448a58900b8a03" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The retiring Security Agent shall make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of
                  performing its functions as Security Agent under the Finance Documents. The Borrowers shall, within three Business Days of demand, reimburse the retiring Security Agent for the amount of all costs and expenses (including legal fees)
                  properly incurred by it in making available such documents and records and providing such assistance.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">120</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div>
          <table id="zc247c01096d44cfb8d69df08e7129439" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Security Agent's resignation notice shall only take effect upon:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8153e4043c7e44e08ee1681ef5b5b559" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the appointment of a successor; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7c8112c6f51d4d3db3d21aa2478ff60c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z307f6f5298614130ad40512569f8442d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its
                    obligations under paragraph (b) of Clause 30.24 (<font style="font-style: italic;">Winding up of trust</font>) and paragraph (d) above) but shall remain entitled to the benefit of Clause 14.5 (<font style="font-style: italic;">Indemnity
                      to the Security Agent</font>) and this Clause 30 (<font style="font-style: italic;">The Security Agent</font>) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it)
                    in acting as Security Agent.&#160; Any fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date).&#160; Any successor and each of the other Parties shall have the same rights and
                    obligations amongst themselves as they would have had if such successor had been an original Party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2642667663334cb491c58bd2e11b3945" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) above.&#160; In this event, the Security Agent shall resign in accordance with paragraph (b) above
                    but the cost referred to in paragraph (d) above shall be for the account of the Borrowers.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7a4b77c472c24f828724607711d043d2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The consent of any Borrower (or any other Transaction Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd0dcdd09c9ad4f5f8f36d3182cfee807" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.14</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Confidentiality</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za85551d2f25348b8bac143ec056fb5e0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or
                    departments.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdccb4fe732af4b91a131bdae6d457529" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If information is received by a division or department of the Security Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that
                    information may be treated as confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7aed86bf88da491288b34087cbcf1b19" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if
                    the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z576f47dc3b514620914d8d1fe55efb15" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.15</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Credit appraisal by the Finance Parties</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance
            Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document including
            but not limited to:</div>
          <div>&#160;</div>
          <table id="z4db4e9507a754a9493f2e4a5959b8d2f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the financial condition, status and nature of each Transaction Obligor;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in
                    anticipation of, under or in connection with any Transaction Document or the Security Property;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">121</font></div>
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          </div>
          <table id="z5281f0f518af49ea8e25b05d7dfc5074" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security
                    Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security
                    Property;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze931507c6010426ebb0850546db6587d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated
                    by any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcd1c647cea1f4e38ab1b447cdd474f11" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security
                    Assets.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcb7d9800f7ca47739a0f8c3e38a1e321" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.16</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Reliance and engagement letters</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Secured Party confirms that the Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already
            accepted by the Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the
            transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.17</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">No responsibility to perfect Transaction Security</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Security Agent shall not be liable for any failure to:</div>
          <div>&#160;</div>
          <table id="zb198c3abd37d45148d6c8504bf3dfd34" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">require the deposit with it of any deed or document certifying, representing or constituting the title of any Transaction Obligor to any of the Security Assets;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4e0c6f268da04ae3bbaf692bba77f236" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zbf5ab2cf97a746fb9ce3380358cd39ce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution
                    of any Finance Document or of the Transaction Security;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd4dcc827b53a4feab4460749526a8e8a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">take, or to require any Transaction Obligor to take, any step to perfect its title to any of the Security Assets or to render the Transaction Security effective or to secure the creation of any ancillary
                    Security under any law or regulation; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z53b0b8204e6d4d93859b6f64a069efc1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">require any further assurance in relation to any Security Document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0654ca3c129741f1affa35166939f5e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.18</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Insurance by Security Agent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc59b8ab573ad49f08756c101beb54187" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Security Agent shall not be obliged:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zac6373049aa34a80a4dd06b7d3185ce1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to insure any of the Security Assets;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc642f76c0ada474db3036c562a678003" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to require any other person to maintain any insurance; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">122</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z503694b5f8584df48d840bbd9679b075" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to verify any obligation to arrange or maintain insurance contained in any Finance Document,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.</div>
          <div>&#160;</div>
          <table id="z504635cfb7b54954bc8cc960bad1c5ac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any
                    material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing and the Security Agent fails to do so within 14 days after receipt of that
                    request.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z277c20e5302d4b3383b20934c8122243" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.19</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Custodians and nominees</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Agent may determine,
            including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or
            proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.</div>
          <div>&#160;</div>
          <table id="z23c9c17227634eedb7fd2fac7c838161" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.20</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Delegation by the Security Agent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z784f459df1e54aecb37b6fba4c9dfdc9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in
                    it in its capacity as such.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0f620642be5b45dc94bac382e88475f8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may,
                    in its discretion, think fit in the interests of the Secured Parties.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zed4414ce757a4770ae6220d5e1931322" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any
                    such delegate or sub delegate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z566cc42ae6a54b1da449c387609f5f34" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.21</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Additional Security Agents</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3edc3a214dbc42e9b3b549bfbcac08a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z407a45249d2245e99ee28bb7ea5a577b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">if it considers that appointment to be in the interests of the Secured Parties; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zeaec0dcb163047939dcd058901e8a8da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent deems to be relevant; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za5f84f958e134fa59eaa522d7abea14b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">for obtaining or enforcing any judgment in any jurisdiction,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and the Security Agent shall give prior notice to the Borrowers and the Finance Parties of that appointment.</div>
          <div>&#160;</div>
          <table id="zb4e735c0f2e340e0ba69fbb45359e150" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Security Agent under or in connection with the Finance Documents) and the duties,
                    obligations and responsibilities that are given or imposed by the instrument of appointment.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf1bc313accc14240b1ba644aa6805e5d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment
                    shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">123</font></div>
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          </div>
          <table id="za9efee541ec140d89fcd5a7ea911d027" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.22</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Acceptance of title</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Transaction Obligor may have to any of
            the Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.</div>
          <div>&#160;</div>
          <table id="zc8ca9178d12743609e7942a007019e3b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.23</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Releases</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Upon a disposal of any of the Security Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the Security Agent, the Security Agent is
            irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other Secured Party) to release, without recourse or warranty, that property from the Transaction Security and to
            execute any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or desirable.</div>
          <div>&#160;</div>
          <table id="z0d259d8ed2f54ce39eaad96dbbdcf89c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.24</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Winding up of trust</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If the Security Agent, with the approval of the Facility Agent determines that:</div>
          <div>&#160;</div>
          <table id="z4facacad35514352bebb7ecbe96bc95e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally discharged; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6f1b7e4b174b4be59f6ba6de489e375c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">then</div>
          <div>&#160;</div>
          <table id="z0af4996d893c43ca851851c850655b0e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the
                    Security Documents; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0d17b8d50ebb4301baee0dd3c8d45763" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any Security Agent which has resigned pursuant to Clause 30.13 (<font style="font-style: italic;">Resignation of the Security Agent</font>) shall release, without recourse or warranty, all of its rights under
                    each Security Document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.25</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Powers supplemental to Trustee Acts</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be supplemental to the Trustee Act 1925
            and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.26</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Disapplication of Trustee Acts</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other Finance
            Documents.&#160; Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the
            extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement and any other Finance Document shall constitute a restriction or exclusion for the purposes of the
            Trustee Act 2000.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">124</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z2853c380807d446989cc899f2e43a4e7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.27</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Application of receipts</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause 30.2 (<font style="font-style: italic;">Parallel



              Debt (Covenant to pay the Security Agent)</font>) or in connection with the realisation or enforcement of all or any part of the Security Property (for the purposes of this Clause 30 (<font style="font-style: italic;">The Security Agent</font>),



            the "<font style="font-weight: bold;">Recoveries</font>") shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the
            remaining provisions of this Clause 30 (<font style="font-style: italic;">The Security Agent</font>)), in the following order of priority:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in discharging any sums owing to the Security Agent (in its capacity as such) other than pursuant to Clause 30.2 (<font style="font-style: italic;">Parallel Debt (Covenant to pay the Security Agent)</font>) or
                    any Receiver or Delegate;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8f213c75426448d9a447a217ccca2187" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Secured Parties, for application towards the discharge of all sums due and payable by any Transaction Obligor under
                    any of the Finance Documents in accordance with Clause 33.5 (<font style="font-style: italic;">Application of receipts; partial payments</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z50ef3f85b96d4f51abaf7a79aa3d9ce9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">if none of the Transaction Obligors is under any further actual or contingent liability under any Finance Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or
                    distribute in priority to any Transaction Obligor; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4a3596c333244766a6a98016827c3f1f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the balance, if any, in payment or distribution to the relevant Transaction Obligor.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze6213a2e83634558b224a6cd122ca5c3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.28</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Permitted Deductions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Security Agent may, in its discretion:</div>
          <div>&#160;</div>
          <table id="z681dfbbfaf79426b8e5e1d0f2659dec0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from
                    any distribution or payment made by it under this Agreement; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9881142345194fb08b3d7c89240ad879" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance
                    Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2c58d729a1e44411a0e3ff03f7d67e7a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.29</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Prospective liabilities</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Following enforcement of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an
            interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account)
            for later payment to the Facility Agent for application in accordance with Clause 30.27 (<font style="font-style: italic;">Application of receipts</font>) in respect of:</div>
          <div>&#160;</div>
          <table id="zb444eef8e2ea45bda3ca728abf57beba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any sum to the Security Agent, any Receiver or any Delegate; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2f87704ede08489bac004600bee157f6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any part of the Secured Liabilities,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">that the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">125</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z325dd68f83f94caebf3b11284db5b51a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.30</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Investment of proceeds</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 30.27 (<font style="font-style: italic;">Application of
              receipts</font>) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and
            for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent's discretion in accordance with the provisions of Clause 30.27 (<font style="font-style: italic;">Application of receipts</font>).</div>
          <div>&#160;</div>
          <table id="zeaa9e1b793194f9eb4b52b18099d734f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.31</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Currency conversion</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd5fc8b567d3a407094b0058779fec5ad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another, at a market
                    rate of exchange.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb8ca9d292f7949249772d19867fcd9ec" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3a3dfcb78cad41f1b7bc21feb235d386" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.32</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Good discharge</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z80d28881f83c4eba974b9bc284bce668" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge,
                    to the extent of that payment, by the Security Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z657f61d09924478199c665d974160917" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) above in the same currency as that in which the obligations and liabilities owing to the relevant
                    Finance Party are denominated.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5e3a535bddd84e2cb8a80200ebba85de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.33</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Amounts received by Obligors</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If any of the Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, that Obligor will
            hold the amount received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement.</div>
          <div>&#160;</div>
          <table id="z70932f494e54448bba52bb2990ab857b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.34</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Application and consideration</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In consideration for the covenants given to the Security Agent by the Obligors in relation to Clause 30.2 (<font style="font-style: italic;">Parallel Debt (Covenant to pay
              the Security Agent)</font>), the Security Agent agrees with the Obligors to apply all moneys from time to time paid by such Obligor to the Security Agent in accordance with the foregoing provisions of this Clause 30 (<font style="font-style: italic;">The Security Agent</font>).</div>
          <div>&#160;</div>
          <table id="za0885b9fd28a44799d8130ff34683787" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">30.35</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Full freedom to enter into transactions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without prejudice to Clause 30.7 (<font style="font-style: italic;">Business with the Obligors</font>) or any other provision of a Finance Document and notwithstanding any
            rule of law or equity to the contrary, the Security Agent shall be absolutely entitled:</div>
          <div>&#160;</div>
          <table id="zc2416427d60146a9b6312715367868e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document
                    (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such
                    Obligor or any person who is party to, or referred to in, a Finance Document);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">126</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zb1d4a12e49984c18a3b7f0d9f939bac5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to deal in and enter into and arrange transactions relating to:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zeed6ac315129431293c828fd99e666e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any securities issued or to be issued by any Transaction Obligor or any other person; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z23cb093c87344842a7354e880be82fd6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any options or other derivatives in connection with such securities; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z219aecbdfed84ce5a795d0b91e47bc22" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to provide advice or other services to the Borrowers or any person who is a party to, or referred to in, a Finance Document,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">and, in particular, the Security Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in
            connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain
            from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</div>
          <div>&#160;</div>
          <table id="za9deb86dc35d4aabab0b13d596e734ef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">31</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">CONDUCT OF BUSINESS BY THE FINANCE PARTIES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No provision of this Agreement will:</div>
          <div>&#160;</div>
          <table id="zf3f2b1d399a842e89dfa22d84a9a025a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze8d9c5a380944914889008c1a656c512" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z65846f8f9a87484dbb2fd73c22137882" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze8130fd878ed47ef9ea69bd3b9241fe8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">32</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">SHARING AMONG THE FINANCE PARTIES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc09353085daa451081bfe615f03d98fe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">32.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Payments to Finance Parties</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If a Finance Party (a "<font style="font-weight: bold;">Recovering Finance Party</font>") receives or recovers any amount from a Transaction Obligor other than in accordance
            with Clause 33 (<font style="font-style: italic;">Payment Mechanics</font>) (a "<font style="font-weight: bold;">Recovered Amount</font>") and applies that amount to a payment due to it under the Finance Documents then:</div>
          <div>&#160;</div>
          <table id="z82a8a6d0bc2641448ffa15d238c42216" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z958281fdff8646cba54a3f1cee63ebaa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility
                    Agent and distributed in accordance with Clause 33 (<font style="font-style: italic;">Payment Mechanics</font>), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or
                    distribution; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za20c76e6cf134b6d94bc4501f0c332c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the "<font style="font-weight: bold;">Sharing Payment</font>") equal to such
                    receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause&#160;33.5 (<font style="font-style: italic;">Application



                      of receipts; partial payments</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">127</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z574944513731477f8400320cb7a5ae24" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">32.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Redistribution of payments</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the Finance Parties (other than the
            Recovering Finance Party) (the "<font style="font-weight: bold;">Sharing Finance Parties</font>") in accordance with Clause 33.5 (<font style="font-style: italic;">Application of receipts; partial payments</font>) towards the obligations of
            that Transaction Obligor to the Sharing Finance Parties.</div>
          <div>&#160;</div>
          <table id="za7364b866d434c98bc62656fff63365d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">32.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Recovering Finance Party's rights</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">On a distribution by the Facility Agent under Clause 32.2 (<font style="font-style: italic;">Redistribution of payments</font>) of a payment received by a Recovering Finance
            Party from a Transaction Obligor, as between the relevant Transaction Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Transaction Obligor.</div>
          <div>&#160;</div>
          <table id="z126687abeaef48189c384ba84a4a0b7f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">32.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Reversal of redistribution</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</div>
          <div>&#160;</div>
          <table id="zff1a59a126d24a46b173708aa2493e88" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the
                    Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the "<font style="font-weight: bold;">Redistributed Amount</font>"); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze8ab606bacc84ff69fba9f19ca2683c8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">as between the relevant Transaction Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Transaction Obligor.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z91d29430de274cd8b8858945159b9ed2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">32.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Exceptions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5ba98ca022d8483dac18eb58b507bd31" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">This Clause 32 (<font style="font-style: italic;">Sharing among the Finance Parties</font>) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this
                    Clause, have a valid and enforceable claim against the relevant Transaction Obligor.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z24fa6b16d76b4b2f8582a584e04f884f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings,
                    if:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0754529403bf4522a4e28b040f3032b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">it notified that other Finance Party of the legal or arbitration proceedings; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0398e2bd8bdf4343baa5c523584cd2d0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal
                    or arbitration proceedings.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">128</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 11<br>
            <br>
            ADMINISTRATION</div>
          <div>&#160;</div>
          <table id="z878c66ba4f624a819eafcb33999f54f1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">33</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">PAYMENT MECHANICS</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z27db19e51e144322865d1c5631dae132" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Payments to the Facility Agent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4c9fa17226bd43aca86cef42823be622" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">On each date on which a Transaction Obligor or a Lender is required to make a payment under a Finance Document, that Transaction Obligor or Lender shall make an amount equal to such payment available to the
                    Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the
                    relevant currency in the place of payment.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4872ae5b6cad4f098d9bf30a9bdacefc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London,
                    as specified by the Facility Agent) and with such bank as the Facility Agent, in each case, specifies which, in the case of all payments required to be made under or in connection with the Finance Documents to (i) a Finance Party or
                    (ii) the Account Bank in respect of the Restricted Cash Accounts or Dry Dock Reserve Accounts should be made to the following account:</div>
                </td>
              </tr>

          </table>
          <div><br>
            <div style="margin-left: 36pt;">
              <table style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z7fc1debe34474bec81354caaa16384f6" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 30%;"><font style="color: #000000;">Beneficiary Bank:</font></td>
                    <td style="width: 70%;"><font style="color: #000000;">Bank of New York Mellon, New York</font></td>
                  </tr>
                  <tr>
                    <td style="width: 30%;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 70%;">
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 30%;"><font style="color: #000000;">SWIFT:</font></td>
                    <td style="width: 70%;"><font style="color: #000000;">IRVTUS3N</font></td>
                  </tr>
                  <tr>
                    <td style="width: 30%;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 70%;">
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 30%;"><font style="color: #000000;">Account Number:</font></td>
                    <td style="width: 70%;"><font style="color: #000000;">8901357952</font></td>
                  </tr>
                  <tr>
                    <td style="width: 30%;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 70%;">
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 30%;"><font style="color: #000000;">Beneficiary:</font> <br>
                    </td>
                    <td style="width: 70%;"><font style="color: #000000;">Macquarie Bank Limited, London Branch</font></td>
                  </tr>
                  <tr>
                    <td style="width: 30%;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 70%;">
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 30%;" rowspan="1">
                      <div style="text-align: justify; color: #000000;">Reference:</div>
                    </td>
                    <td style="width: 70%;" rowspan="1">"Icon Energy &#8211; [insert payment description]"</td>
                  </tr>

              </table>
            </div>
            <div> <br>
            </div>
          </div>
          <table id="zf1f1af9cd0a24f3098c950d13c811b9d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Distributions by the Facility Agent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 33.3 (<font style="font-style: italic;">Distributions to a
              Transaction Obligor</font>) and Clause 33.4 (<font style="font-style: italic;">Clawback and pre-funding</font>) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in
            accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days' notice with a bank specified by that Party in
            the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London), as specified by that Party or, in the case of an Advance, to such account of
            such person as may be specified by the Borrowers in a Utilisation Request.</div>
          <div>&#160;</div>
          <table id="z83b225f9ff264df58cf4b1ea7b117916" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Distributions to a Transaction Obligor</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The Facility Agent may (with the consent of the Transaction Obligor or in accordance with Clause 34 (<font style="font-style: italic;">Set-Off</font>)) apply any amount
            received by it for that Transaction Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Transaction Obligor under the Finance Documents or in or towards purchase of any amount of any
            currency to be so applied.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">129</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z97ae78c6590240c3acfef2796c82a809" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Clawback and pre-funding</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1ed20bf553a64844a8e6131ed2ea48d4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related
                    exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zba1440070a604114b81f4d5e10fd6db8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that
                    amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the
                    Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9d53daf454ad4d34bb5ce3f0e902595c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If the Facility Agent is willing to make available amounts for the account of the Borrowers before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be
                    the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrowers:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2aea2b1483dd4a4996e2fed42058b702" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Borrowers shall on demand refund it to the Facility Agent; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z75cc6bdcee374662bd1b30524f03e02c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Lender by whom those funds should have been made available or, if the Lender fails to do so, the Borrowers, shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which
                    will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd72207eadc504ad0a0ad3ee045c175b9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Application of receipts; partial payments</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z63da952b2b3c4b149800026b59848827" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If the Facility Agent or the Security Agent (as applicable) receives a payment that is insufficient to discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the
                    Facility Agent or the Security Agent (as applicable) shall apply that payment towards the obligations of that Transaction Obligor under the Finance Documents in the following order:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb278c8e74a1a485894872b896dd2f9bd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;"><font style="font-weight: bold;">first</font>, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver or
                    any Delegate under the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf26c89d96d2944f78f248cf8d21f8aae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;"><font style="font-weight: bold;">secondly</font>, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under this Agreement; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z210bf36184d64ec4a7e3081f0e33ddd3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;"><font style="font-weight: bold;">thirdly</font>, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za2f9ca2b61e94d6d92ed469156306507" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;"><font style="font-weight: bold;">fourthly</font>, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z139a448176154a968faac5f37311ef57" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent shall, if so directed by the Majority Lenders vary, or instruct the Security Agent to vary (as applicable) the order set out in sub-paragraphs (ii) to (iv) of paragraph (a) above.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z99660b32c2f34dc89c79c58e76bcc45e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Paragraphs (a) and (b) above will override any appropriation made by a Transaction Obligor.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">130</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z9b0c73f42aec4497a11523089b1027bb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">No set-off by Transaction Obligors</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">All payments to be made by a Transaction Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
            counterclaim.</div>
          <div>&#160;</div>
          <table id="z0a7acd6d54934e85838fbc14d77fbcef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Business Days</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf1823e5c8f40435cba3f1654c298762a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business
                    Day (if there is not).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4ebfeff559c14c32a43aadf429a4b05d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdf762e3b96384b8486d157436e3863cd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Currency of account</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc4d7cbcde259453980fa050c74a4b6e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due from a Transaction Obligor under any Finance Document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf7525c6ed7b846a09729c66d96af6807" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z32dce02d2b2948ac911a72727e53f81b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6c2c0c438155460285acd4d16c1bd1c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">33.9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Change of currency</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1feb1a166f284f73a68b3aed7e612ce7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z62ec39fd634d4d5a9ca26224f2f1fa3e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that
                    country designated by the Facility Agent (after consultation with the Borrowers); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z55cc8ebc13224c39a6c7386ac2019cff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other,
                    rounded up or down by the Facility Agent (acting reasonably).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1d080198253e4561bbc8f78ee7bb3187" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to
                    comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7211182cab7f4947917f2f31c2747513" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">33.10</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Currency Conversion</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z81697125e4c94a9da8c491d39604f3db" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at
                    a market rate of exchange.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z45e61e91940647ea8952c1a5526612fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">131</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zc3cd92c1bdc24c919f1adabf1c67daf6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">33.11</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Disruption to Payment Systems etc.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Borrowers that a Disruption Event
            has occurred:</div>
          <div>&#160;</div>
          <table id="z70e181877f394699983fdd261ed0e9b1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Facility Agent may, and shall if requested to do so by the Borrowers, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the operation or administration of the Facility
                    as the Facility Agent may deem necessary in the circumstances;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9e0c4abfa1d3480da955730a4523f177" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Facility Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in
                    any event, shall have no obligation to agree to such changes;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z10946db827a84c2da8e8747266308eda" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the
                    circumstances;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z92fe2d8ab4c24619b88fbc2e0f80e6f2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any such changes agreed upon by the Facility Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties and any Transaction
                    Obligors as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 42 (<font style="font-style: italic;">Amendments and Waivers</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0a3fb2559114415ea4b6ab35c8549a5b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any
                    other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 33.11 (<font style="font-style: italic;">Disruption to Payment Systems etc.</font>); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z74cdb1fe70a34a9ab3baf2541ce3edba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph&#160;(d) above.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1cb935adc51f4805b92e41b0ae43870c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">34</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">SET-OFF</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any
            matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation.&#160; If the obligations are in different currencies, the Finance Party may convert either obligation
            at a market rate of exchange in its usual course of business for the purpose of the set-off.</div>
          <div>&#160;</div>
          <table id="z7c0b345caf874b6392ff79fa7df556b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">35</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">BAIL-IN</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party acknowledges
            and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:</div>
          <div>&#160;</div>
          <table id="zca6ddadfe25e4c03a291e7d021fbfe42" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any Bail-In Action in relation to any such liability, including (without limitation):</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc316679205bf4c4c8fb76a1e5c37c654" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z96943217d79340c0b57558a84e640201" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd37f2899663345d08715ca678d334a00" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a cancellation of any such liability; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">132</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z58fbe09373de4f238746605d4457f289" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc0cd94bb92fb490c93e8d1e03b5145cd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">36</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">NOTICES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4ab726f143f94095878fe472397c9f0d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">36.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Communications in writing</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by email or letter.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">36.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Addresses</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or
            delivered under or in connection with the Finance Documents are:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of the Borrowers, that specified in Schedule 1 (<font style="font-style: italic;">The Parties</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z09d765826133466984a79056c69199e6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of each Lender or any other Obligor that specified in Schedule 1 (<font style="font-style: italic;">The Parties</font>) or, if it becomes a Party after the date of this Agreement, that notified in
                    writing to the Facility Agent on or before the date on which it becomes a Party;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7daf8440acf64a55a5559aab4211981f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of the Facility Agent, that specified in Schedule 1 (<font style="font-style: italic;">The Parties</font>); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zada61518f66d4094828414fc72582b5c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the case of the Security Agent, that specified in Schedule 1 (<font style="font-style: italic;">The Parties</font>),</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">or any substitute address or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made
            by the Facility Agent) by not less than five Business Days' notice.</div>
          <div>&#160;</div>
          <table id="zbb3afed41e914e709df9618ceb749f55" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">36.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Delivery</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0214844988864839a4a2f26362f5bf7c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective if by way of letter, when it has been left at the relevant
                    address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, and, if a particular department or officer is specified as part of its address details provided under Clause
                    36.2 (<font style="font-style: italic;">Addresses</font>), if addressed to that department or officer.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6ed5e9b24554493193aed183fb6b8669" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received by that Servicing Party and then only if it is expressly marked for the attention of the
                    department or officer of that Servicing Party specified in Schedule 1 (<font style="font-style: italic;">The Parties</font>) (or any substitute department or officer as that Servicing Party shall specify for this purpose).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zaacb0bdbadb843b5a8f7a1da48a60ae2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">All notices from or to a Transaction Obligor shall be sent through the Facility Agent unless otherwise specified in any Finance Document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9423635fb38640f49e0ae1a4ec9bb767" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any communication or document made or delivered to the Borrowers in accordance with this Clause will be deemed to have been made or delivered to each of the Transaction Obligors.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6a6065a33d984d8d858a681b16d1c6ce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any communication or document which becomes effective, in accordance with paragraphs&#160;(a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">133</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z10bb1b581f3944feaa924d4caf50f936" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">36.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Notification of address</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Promptly upon receipt of notification of an address or change of address pursuant to Clause&#160;36.2 (<font style="font-style: italic;">Addresses</font>) or changing its own
            address, the Facility Agent shall notify the other Parties.</div>
          <div>&#160;</div>
          <table id="z40328f5eca584aafaeaed7753317f171" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">36.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Electronic communication</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7c3f794b45c141259dbf22148fd8c87f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting
                    to a secure website) if those two Parties:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb901ced3d8af43f68d014917f07224a3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z001edbc4c4064269ae815f337b4e974d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9a218acd569949db9bd4a6a9b5f1de4e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and
                    until notified to the contrary, this is to be an accepted form of communication.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z076ba8e4d6d448f6bd0a8a3486622bf1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any
                    electronic communication made by a Party to the Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or the Security Agent shall specify for this purpose.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z83c01287c1854dbfbcdfd3846165def1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has
                    its address for the purpose of this Agreement shall be deemed only to become effective on the following day.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z152db6b07ade4e92b7dea3c447add061" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause&#160;36.5 (<font style="font-style: italic;">Electronic communication</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z076126a69c32452c9f6f10cae0086376" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">36.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">English language</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zadcc84e422b841b3bbf50d5445ed4d23" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any notice given under or in connection with any Finance Document must be in English.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4b8e1331fb1b44c796efd12e4b6c243e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">All other documents provided under or in connection with any Finance Document must be:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5032b7c5eebc49e0a6794871ae4a80ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in English; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb424e1475adb4fd7a9ac0e4d0e2f04c2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by a translator approved by the Facility Agent and, in this case, the English translation
                    will prevail unless the document is a constitutional, statutory or other official document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7129682ed78d4a129036efff91f35244" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">37</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">CALCULATIONS AND CERTIFICATES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb9cc00d2b3c44f3b8fc14c4052bc4592" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">37.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Accounts</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are <font style="font-style: italic;">prima facie</font> evidence of the matters to which they relate.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">134</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zaca145f3c02448469caed0da2cbe6286" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">37.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Certificates and determinations</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters
            to which it relates.</div>
          <div>&#160;</div>
          <table id="z8585627ad00f4cbf8e19e15d7f7e4faa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">37.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Day count convention and interest calculation</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze40b247ba1ed46468a35cc77353fdec9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission or fee is calculated:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8938e85a05644d8991c5ef1ef5384792" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">on the basis of the actual number of days elapsed and a year of 360 days (or, in any case where the practice in the Relevant Market differs, in accordance with that market practice); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfb417ee7f36b4714922484ad3d4eb9c2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">subject to paragraph (b) below, without rounding.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z388bdb15ac8b41bf89004bd667bdd8ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be rounded to 2 decimal places.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z554f9e5b8eed4664a4f8df3b46793b0d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">38</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">PARTIAL INVALIDITY</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
            validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.</div>
          <div>&#160;</div>
          <table id="z082d12c798294a09b07c27c0ef4bf5cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">39</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">REMEDIES AND WAIVERS</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right or remedy under a Finance Document shall operate as a waiver of any such
            right or remedy or constitute an election to affirm any Finance Document.&#160; No election to affirm any Finance Document on the part of a Secured Party shall be effective unless it is in writing.&#160; No single or partial exercise of any right or
            remedy shall prevent any further or other exercise or the exercise of any other right or remedy.&#160; The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.</div>
          <div>&#160;</div>
          <table id="z0fea8e9380f84fe7b825d6dd2fe5d745" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">40</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">SETTLEMENT OR DISCHARGE CONDITIONAL</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any settlement or discharge under any Finance Document between any Finance Party and any Transaction Obligor shall be conditional upon no security or payment to any Finance
            Party by any Transaction Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">41</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">IRREVOCABLE PAYMENT</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If the Facility Agent considers that an amount paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in purported payment or discharge of an
            obligation of that Transaction Obligor to a Secured Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Transaction Obligor or otherwise, then that amount shall not
            be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">135</font></div>
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              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zc280d173f3644c63a86f0f35f375c8dd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">42</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">AMENDMENTS AND WAIVERS</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3d4f92fa6ce9456282aada1f3e914913" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">42.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Required consents</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdd3bc174bdf149d5941c63bec1543901" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to Clause 42.2 (<font style="font-style: italic;">All Lender matters</font>) and Clause 42.3 (<font style="font-style: italic;">Other exceptions</font>) any term of the Finance Documents may be amended
                    or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5c444c57995a4521ad07431724cffa09" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 42 (<font style="font-style: italic;">Amendments and Waivers</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf21371ea626442bda9f364a3c884d4b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Without prejudice to the generality of Clause 29.8 (<font style="font-style: italic;">Rights and discretions</font>), the Facility Agent may engage, pay for and rely on the services of lawyers in determining
                    the consent level required for and effecting any amendment, waiver or consent under this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zbc8bb37662a943fabf294a655c855292" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">42.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">All Lender matters</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Subject to Clause 42.4 (<font style="font-style: italic;">Changes to reference rates</font>), an amendment of or waiver or consent in relation to any term of any Finance
            Document that has the effect of changing or which relates to:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the definition of "Majority Lenders" in Clause 1.1 (<font style="font-style: italic;">Definitions</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z444c57420dae4c24a6bc30626bcc740e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a postponement to or extension of the date of payment of any amount under the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0acbfd5d042e4c87aa97dd4fa2c26903" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z438b5eb4eb164a7fa044d0dc1ac8c8f6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a change in currency of payment of any amount under the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5e4b3fa1a30a4eefa3103d788e9a3a2d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfb672638eb80459b83219a1b680c9aaf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a change to any Transaction Obligor other than in accordance with Clause 28 (<font style="font-style: italic;">Changes to the Transaction Obligors</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z566216a5e7cd45fca691682be47ebef2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any provision which expressly requires the consent of all the Lenders;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1a38def6a0134279a564e5713c86b37e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(h)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">this Clause 42 (<font style="font-style: italic;">Amendments and Waivers</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z91cfc560a9f04152870cb49a18b891ac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any change to the preamble (Background), Clause 2 (<font style="font-style: italic;">The Facility</font>), Clause 3 (<font style="font-style: italic;">Purpose</font>), Clause&#160;5 (<font style="font-style: italic;">Utilisation</font>), Clause 6.2 (<font style="font-style: italic;">Effect of prepayment on scheduled repayments</font>), Clause 7.4 (<font style="font-style: italic;">Mandatory prepayment on sale, arrest, detention or Total
                      Loss</font>), Clause 8 (<font style="font-style: italic;">Interest</font>), Clause 25 (<font style="font-style: italic;">Accounts, Application of Earnings</font>), Clause 27 (<font style="font-style: italic;">Changes to the Lenders</font>),



                    Clause 32 (<font style="font-style: italic;">Sharing among the Finance Parties</font>), Clause 46 (<font style="font-style: italic;">Governing Law</font>) or Clause 47 (<font style="font-style: italic;">Enforcement</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb280120088094dc7990129b7dc59f570" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(j)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination arrangement set out in a Finance Document (except in the case of a release of Transaction Security as
                    it relates to the disposal of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders or otherwise under a Finance Document);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">136</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(k)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">(other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9c3d207c08134df59132418627dba9bc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the guarantees and indemnities granted under Clause 17 (<font style="font-style: italic;">Guarantee and Indemnity</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8c93d3c7501d4b5583b4e15df16a6b9e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the joint and several liability of the Borrowers under Clause 18 (<font style="font-style: italic;">Joint and Several Liability of the Borrowers</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6c505403745c4c84b5c7d1db3cab568f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Security Assets; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd1b88bc2f4084320b0df59e8d34093dd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the manner in which the proceeds of enforcement of the Transaction Security are distributed,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">(except in the case of sub-paragraphs (i) and (iv) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such
            sale or disposal is expressly permitted under this Agreement or any other Finance Document),</div>
          <div>&#160;</div>
          <table id="z4741bfe8c45945239e65b3f466e35d84" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(l)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the release of the guarantees and indemnities granted under Clause 17 (<font style="font-style: italic;">Guarantee and Indemnity</font>), or the release of the joint and several liability of the Borrowers
                    under Clause 18 (<font style="font-style: italic;">Joint and Several Liability of the Borrowers</font>) or any Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal of
                    an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">shall not be made, or given, without the prior consent of all the Lenders.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">42.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other exceptions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z851ebc0cf8b149c7b34d2d89ddf035db" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">An amendment or waiver which relates to the rights or obligations of a Servicing Party or the Arranger (each in their capacity as such) may not be effected without the consent of that Servicing Party or the
                    Arranger, as the case may be.</div>
                </td>
              </tr>

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          <div>&#160;</div>
          <table id="z0a611129cb58403ca8cb5020e0640ee0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Borrowers and the Facility Agent, the Arranger or the Security Agent, as applicable, may amend or waive a term of a Fee Letter to which they are party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zbfc7fa1a77744842800de416418b568c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">42.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Changes to reference rates</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z720433e1f4eb4b5fa4ac162a21d79197" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Obligor agrees and acknowledges that it shall co-operate with the Finance Parties in good faith to agree and implement any amendment or waiver as contemplated pursuant to this Clause 42.4 (<font style="font-style: italic;">Changes to reference rates</font>) as a result of a Published Rate Replacement Event.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc8848f495a604f63a8f372f405181b50" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Subject to Clause 42.3 (<font style="font-style: italic;">Other exceptions</font>), if a Published Rate Replacement Event has occurred any amendment or waiver which relates to:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z760d981974c34cd59dd12ca2743ff170" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

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                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">providing for the use of a Replacement Reference Rate in place of the Published Rate; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="9b9033df5baf4356bb3c91f7e5958770" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;"><br>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z378349754d2d4ed987c809fbb5ca502d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">aligning any provision of any Finance Document to the use of that Replacement Reference Rate;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z17c804410e0f48bea1f019205d265e1d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference
                    Rate to be used for the purposes of this Agreement);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">137</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z3332e4b581bf4f588d07874b7c65cfbf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">implementing market conventions applicable to that Replacement Reference Rate;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5625448e879242b4a356eb3ef6a70b4d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: rgb(0, 0, 0);">(D)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z788b44e930f243e19c4422d7fd5ea75f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(E)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate
                    (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or
                    recommendation),</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">may be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrowers.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">If any Lender fails to respond to a request for an amendment or waiver described in paragraph (b) above within </font>five<font style="color: #000000;"> Business Days (or such longer time period in
                      relation to any request which the Borrowers and the Facility Agent may agree) of that request being made:</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc4bde65973b848ed8557f9dd8240bccf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1f1e76040ac04db0b6057f7fda106853" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 36.55pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd6847730320c4b9289f8e47200fd8b52" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In this Clause 42.4 (<font style="font-style: italic;">Changes to reference rates</font>):</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Published Rate</font>" means Term SOFR for any Quoted Tenor or the RFR.</div>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Published Rate Replacement Event</font>" means:</div>
          <div>&#160;</div>
          <table id="z07459dc7370a4349a9da93c4cae2aab5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the methodology, formula or other means of determining the Published Rate has, in the opinion of the Majority Lenders, materially changed;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)<br>
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                <td style="width: auto; vertical-align: top; text-align: justify;"><br>
                </td>
              </tr>

          </table>
          <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt; color: #000000;"><br>
          </div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="e49994534f4342a8a809f427ef557972" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 71.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: rgb(0, 0, 0);">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;"><br>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z14322ca493ef4a2cac19b0c7b06cc55b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(A)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the administrator of the Published Rate or its supervisor publicly announces that such administrator is insolvent; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze9c01476784241acad956c73075d8f2a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or
                    judicial body which reasonably confirms that the administrator of the Published Rate is insolvent,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 106.3pt; color: #000000;">provided that, in each case, at that time, there is no successor administrator to continue to provide the Published Rate;</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">138</font></div>
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          </div>
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              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the administrator of the Published Rate publicly announces that it has ceased or will cease, to provide the Published Rate permanently or indefinitely and, at that time, there is no successor administrator to
                    continue to provide the Published Rate;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5ea83b397e8d4e7a8ec1d3a877488d59" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the supervisor of the administrator of the Published Rate publicly announces that the Published Rate has been or will be permanently or indefinitely discontinued; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z891fc34c50a24a6a840efda50047764c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the administrator of the Published Rate or its supervisor announces that the Published Rate may no longer be used; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0f39571ebdff418d8c8c3ef1f6b77298" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the administrator of the Published Rate determines that the Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za7438993853345ffa9d5f151219376e4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders) temporary; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z12a8afc134514c589b442da69c9829fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the Published Rate is calculated in accordance with any such policy or arrangement for a period no less than 15 Business Days; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z94d634766fb14aecbcaebc6542b12374" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the opinion of the Majority Lenders, the Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Quoted Tenor</font>" means any period for which that rate is customarily displayed on the relevant page or screen of an information service.</div>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Relevant Nominating Body</font>" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working
            group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.</div>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">"<font style="font-weight: bold;">Replacement Reference Rate</font>" means a reference rate which is:</div>
          <div>&#160;</div>
          <table id="z4974cce8ec8245ab8848828842a42ecd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">formally designated, nominated or recommended as the replacement for the Published Rate by:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z060cb5e9fd8f4f709d605de2351d6ce0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the administrator of the Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by the Published Rate); or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcfa94e547455435a98a7103114990b80" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any Relevant Nominating Body,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Reference Rate" will be the
            replacement under sub-paragraph (ii) above;</div>
          <div>&#160;</div>
          <table id="z132924dd61e149f385602801a1f38cb0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the opinion of the Majority Lenders, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor or alternative to the Published Rate; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zed9614d9c52a47aeb609f3766a8adf4c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in the opinion of the Majority Lenders, an appropriate successor or alternative to the Published Rate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">139</font></div>
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              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zdb2b39a855b647e394e3ad32a5fc2c78" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">42.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Obligor Intent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Without prejudice to the generality of Clauses 1.2 (<font style="font-style: italic;">Construction</font>) and 17.4 (<font style="font-style: italic;">Waiver of defences</font>),



            each Obligor expressly confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time to any (however fundamental) variation,
            increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following:&#160; business acquisitions of any
            nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation
            or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">43</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">CONFIDENTIAL INFORMATION</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Confidentiality</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 43.2 (<font style="font-style: italic;">Disclosure of Confidential Information</font>) and Clause 43.4 (<font style="font-style: italic;">Disclosure to numbering service providers</font>) and to ensure that all Confidential Information is protected with
            security measures and a degree of care that would apply to its own confidential information.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Disclosure of Confidential Information</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any Finance Party may disclose:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to any of its Affiliates and Related Funds and any of its or their officers, directors, managers, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that
                    Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential
                    Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound
                    by requirements of confidentiality in relation to the Confidential Information;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc5b214ff76284fd0b8cba12e294b2936" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to any person:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zec3aed228c194d67b970f2eaa3a3ab40" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially
                    succeed) it as Facility Agent or Security Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z089a7e54c44a47da87e9bb2f156c5679" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may
                    be made by reference to, one or more Finance Documents and/or one or more Transaction Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd3e375df9fe54088a63f1fdcba78a533" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">appointed by any Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to receive communications, notices, information or documents delivered pursuant to the Finance
                    Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 29.15 (<font style="font-style: italic;">Relationship with the other Finance Parties</font>));</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">140</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zdfa00ee2d8024d1897899506113aa5b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z66ade9b8220f4e0f83d17b4525f4fde9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
                    relevant stock exchange or pursuant to any applicable law or regulation;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6b93b96edf5942ec96cb1858177c877c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vi)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9de32b84d4874082bebcad65d79c271f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 27.8 (<font style="font-style: italic;">Security over Lenders' rights</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb00a5452f249440880a7cafcc57c3269" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(viii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">who is a Party or any related entity of a Transaction Obligor;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
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                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ix)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; or</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc966a5a585554d2e821f37512cf77f68" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(x)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">with the consent of the Borrowers;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 70.9pt; color: #000000;">in each case, such Confidential Information as that Finance Party shall consider appropriate if:</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 70.9pt;"><br>
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                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(A)</td>
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                  <div style="color: #000000;">in relation to sub-paragraphs (i), (ii) and (iii) of paragraph (b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall
                    be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z64b496b8d6c240718e46f7805aaa9bf4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 70.9pt;"><br>
                </td>
                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(B)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of
                    confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z333138c898f34bd1b75d8faf3f503f3b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
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                <td style="width: 35.4pt; vertical-align: top; color: #000000;">(C)</td>
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                  <div style="color: #000000;">in relation to sub-paragraphs (v) (vi) and (vii) of paragraph (c) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such
                    Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3c9f376344104bfba3350a1be4bd0336" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
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                  <div style="color: #000000;">to any person appointed by that Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the
                    Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to
                    provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA Master
                    Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Finance Party;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">141</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to
                    the Finance Documents and/or the Transaction Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
                    price-sensitive information.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">DAC6</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Nothing in any Finance Document shall prevent disclosure of any confidential information or other matter to the extent that preventing that disclosure would otherwise cause
            any transaction contemplated by the Finance Documents or any transaction carried out in connection with any transaction contemplated by the Finance Documents to become an arrangement described in Part II A 1 of Annex IV of Directive 2011/16/EU.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.4</td>
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                  <div style="color: #000000; font-weight: bold;">Disclosure to numbering service providers</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5543027027c8491bbdcf64178fe8992f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the
                    Facility and/or one or more Transaction Obligors the following information:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z353aafaba4d24b6680c433a0952c88b8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
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                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">names of Transaction Obligors;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdacf7769d39b45b0b121edc2a3059b1c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">country of domicile of Transaction Obligors;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4a8012a3d3e54f379472673200ef7a28" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">place of incorporation of Transaction Obligors;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2148f68d5adc442ab4332614929d6881" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">date of this Agreement;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd0a66d0a3a354d729167080f5b93d33f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(v)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Clause 46 (<font style="font-style: italic;">Governing Law</font>);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2ede7d10a72449ae87a285580d13b675" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vi)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the names of the Facility Agent and the Arranger;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0db265f26e7642a8a9278789486fba72" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(vii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">date of each amendment and restatement of this Agreement;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9aff42ed96dc4119b60643c9d24c77ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(viii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">amounts of, and names of, the Facility (and any Advances);</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2575828eefac4c75b337bfc075030a0b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ix)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">amount of Total Commitments;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(x)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">currency of the Facility;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z26da1f236826434fbc0ed9ac6c5aaa20" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xi)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">type of Facility;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2786882611bd4fb396fef8d4cf1a9146" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">ranking of Facility;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za274b680bd9642afa276d5bee0fe083a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xiii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Termination Date;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb58b8abe0a4c43f3a68043e6248e2b9a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xiv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xiii) above; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z99c99847492345c59119f11bffe4a274" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(xv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">such other information agreed between such Finance Party and the Borrowers,</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Transaction Obligors by a numbering service provider and the information associated
                    with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">142</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zb9d3a0cfeddc4cf489b6dc5e8631cf2a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Obligor represents, on behalf of itself and the other Transaction Obligors, that none of the information set out in sub-paragraphs (i) to (xv) of paragraph (a) above is, nor will at any time be,
                    unpublished price-sensitive information.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze886f045650d493a82e21828e15023cf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent shall notify the other Finance Parties of:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0ed74bd28f9d44f7b2de3e475c638419" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility and/or one or more Transaction Obligors; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zfe8af45674a94c218662dd6402009559" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Transaction Obligors by such numbering service provider.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z576047d255304d57a5031d0ff0f89eef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Entire agreement</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">This Clause 43 (<font style="font-style: italic;">Confidential Information</font>) constitutes the entire agreement between the Parties in relation to the obligations of the
            Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.</div>
          <div>&#160;</div>
          <table id="z8affbeb34fb34ced8349ddf50bd1d163" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Inside information</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
            regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</div>
          <div>&#160;</div>
          <table id="z64fe43b82d07486b9a30405392e2b6e6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Notification of disclosure</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:</div>
          <div>&#160;</div>
          <table id="zff3d45e215aa4ca0bb35764f9b8940c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (v) of paragraph (b) of Clause 43.2 (<font style="font-style: italic;">Disclosure of Confidential Information</font>)
                    except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6b5c3ffb8d9b45f4992022f56f636c06" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">upon becoming aware that Confidential Information has been disclosed in breach of this Clause 43 (<font style="font-style: italic;">Confidential Information</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z46901cc8619542cbae2d294b7b5179b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">43.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Continuing obligations</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">The obligations in this Clause 43 (<font style="font-style: italic;">Confidential Information</font>) are continuing and, in particular, shall survive and remain binding on
            each Finance Party for a period of 12 months from the earlier of:</div>
          <div>&#160;</div>
          <table id="z2c0971f23f0f4646878751243a7a94f7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8974c39dd704487383c9f46a217bec5c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the date on which such Finance Party otherwise ceases to be a Finance Party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">143</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zb3f06a09d1484be0bb7b1eaf22247ef8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">44</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">CONFIDENTIALITY OF FUNDING RATES</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf6e1d469e65b4f3fa4df346158972cdf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">44.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Confidentiality and disclosure</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5ac9799910604063aeb60d42f722b1c2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b) and (c) below.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z56b2ead58dcd4eb99e771a9e167f9055" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent may disclose:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za21e2031b21848ae9222e9cd1033e761" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any Funding Rate to the Borrowers pursuant to Clause 8.5 (<font style="font-style: italic;">Notifications</font>); and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9b1cf32e368b418996d1ecd7c00489a7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those
                    services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
                    Providers or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z29fe9b46abcf4da3aca9fb612abc05c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent and each Obligor may disclose any Funding Rate to:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zafc4d047d1504fb5a4202cbacbb4dfb2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any of its Affiliates and any of its or their officers, directors, managers, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given
                    pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional
                    obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of
                    any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except
                    that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z439ddf91f2684658b99a32941eeedb6e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the
                    person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility
                    Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z907529893ac2448dacfbe7ea7c96275a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(iv)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">any person with the consent of the relevant Lender.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">44.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Related obligations</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5c704772b4424698839df250661489fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent and each Obligor acknowledge that each Funding Rate is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities
                    law relating to insider dealing and market abuse and the Facility Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">144</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z120b086870534bde9b23752dbb5efabb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdb9c6f3b113f4d1f998bf655860a59b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (c) of Clause 44.1 (<font style="font-style: italic;">Confidentiality and disclosure</font>) except where such disclosure
                    is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">upon becoming aware that any information has been disclosed in breach of this Clause&#160;44 (<font style="font-style: italic;">Confidentiality of Funding Rates</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">44.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">No Event of Default</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">No Event of Default will occur under Clause 26.4 (<font style="font-style: italic;">Other obligations</font>) by reason only of an Obligor's failure to comply with this
            Clause 44 (<font style="font-style: italic;">Confidentiality of Funding Rates</font>).</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">45</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">COUNTERPARTS</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the
            Finance Document.</div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">145</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
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          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SECTION 12<br>
            <br>
            GOVERNING LAW AND ENFORCEMENT</div>
          <div>&#160;</div>
          <table id="z0a2abc043b9a46a791ac3893a18a21ea" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">46</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">GOVERNING LAW</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">47</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">ENFORCEMENT</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z97d1ca98756444bd96b32fab58c422c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">47.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Jurisdiction</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9ec0c896470241a7a3261e7a37b2242c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Unless specifically provided in another Finance Document in relation to that Finance Document, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any
                    Finance Document (including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection with any Finance Document) (a "<font style="font-weight: bold;">Dispute</font>").</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z643ec779318744bfb781347322ce4ac2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Each Obligor accepts that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z26dac67c27de4ad8b26f6afcafce61c7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">To the extent permitted by law, this Clause 47.1 (<font style="font-style: italic;">Jurisdiction</font>) is for the benefit of the Secured Parties only.&#160; As a result, no Secured Party shall be prevented from
                    taking proceedings relating to a Dispute in any other courts with jurisdiction.&#160; To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8c4c8ee97b0e48a2a5bbe1a6f6f44655" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">47.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Service of process</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6326ab4f2d30432badeef9bc72ac58ef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Without prejudice to any other mode of service allowed under any relevant law, each Obligor:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8ecb83f28cae434ea30d0bb27e1ff910" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(i)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">irrevocably appoints </font>Hill Dickinson Services (London) Ltd<font style="color: #000000;"> at its current address at </font>the Broadgate Tower, 20 Primrose Street, London EC2 2EW,<font style="color: #000000;"> England as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z562e68b2f9264e6caadf4ac536dd7b53" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(ii)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">agrees that failure by a process agent to notify the Obligors of the process will not invalidate the proceedings concerned.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9be5bc27ff39475397d77a4567193768" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event
                    within three days of such event taking place) appoint another agent on terms acceptable to the Facility Agent.&#160; Failing this, the Facility Agent may appoint another agent for this purpose.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">146</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 1<br>
            <br>
            THE PARTIES</div>
          <div>&#160;</div>
          <div style="text-align: center; color: #000000; font-weight: bold;">PART A<br>
            <br>
            THE OBLIGORS</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
          </div>
          <div>
            <table id="z9e7b3e8814c4465e80730d57be165437" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 24.52%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Name of Borrower</div>
                  </td>
                  <td style="width: 24.74%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Place of Incorporation</div>
                  </td>
                  <td style="width: 24.62%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Registration number (or equivalent, if any)</div>
                  </td>
                  <td style="width: 25%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Address for Communication</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 24.74%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 24.62%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 25%; vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;">
                    <div style="text-align: justify;">POSITANO MARINE INC.</div>
                  </td>
                  <td style="width: 24.74%; vertical-align: top;">
                    <div style="text-align: justify;">MARSHALL ISLANDS</div>
                  </td>
                  <td style="width: 24.62%; vertical-align: top;">
                    <div style="text-align: justify;">107738</div>
                  </td>
                  <td style="width: 25%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="color: #000000;">Email: </font><u>legal@pavimarship.com</u></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;">&#160;</td>
                  <td style="width: 24.74%; vertical-align: top;">&#160;</td>
                  <td style="width: 24.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 25%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;">
                    <div style="text-align: justify;">REEF SHIPTRADE LTD</div>
                  </td>
                  <td style="width: 24.74%; vertical-align: top;">
                    <div style="text-align: justify;">MARSHALL ISLANDS</div>
                  </td>
                  <td style="width: 24.62%; vertical-align: top;">
                    <div style="text-align: justify;">127027</div>
                  </td>
                  <td style="width: 25%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="color: #000000;">Email: </font><u>legal@pavimarship.com</u></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 24.74%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 24.62%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 25%; vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Name of Guarantor</div>
                  </td>
                  <td style="width: 24.74%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Place of Incorporation</div>
                  </td>
                  <td style="width: 24.62%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Registration number (or equivalent, if any)</div>
                  </td>
                  <td style="width: 25%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Address for Communication</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 24.74%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 24.62%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 25%; vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 24.52%; vertical-align: top;">
                    <div style="text-align: justify;">MAUI SHIPPING CO.</div>
                  </td>
                  <td style="width: 24.74%; vertical-align: top;">
                    <div style="text-align: justify;">MARSHALL ISLANDS</div>
                  </td>
                  <td style="width: 24.62%; vertical-align: top;">
                    <div style="text-align: justify;">116822</div>
                  </td>
                  <td style="width: 25%; vertical-align: top;">
                    <div style="text-align: justify;"><font style="color: #000000;">Email: </font><u>legal@pavimarship.com</u></div>
                  </td>
                </tr>

            </table>
            &#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">147</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">PART B<br>
            <br>
            THE ORIGINAL LENDERS</div>
          <div>&#160;</div>
          <div>
            <table id="zae82eeded06a4d159fcdf8be4489df49" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 49.27%; vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-weight: bold;">Name of Original Lender and Commitment as at the date of this Agreement</div>
                  </td>
                  <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td colspan="2" style="vertical-align: top;">
                    <div style="text-align: justify; color: #000000; font-weight: bold;">Address for Communication</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">Macquarie Bank Limited, London Branch</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">Ropemaker Place<br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">28 Ropemaker Street<br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">London EC2Y 9HD<br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">United Kingdom</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">Commitment per Initial Ship A: $7,500,000</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">Commitment per Initial Ship B: $9,000,000</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">Department/Officer:&#160; Macquarie Specialised Asset Finance, Shipping Finance Legal &#8211; London</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">Total Commitment: $16,500,000</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 6%; vertical-align: top;" rowspan="1">
                    <div><font style="color: #000000;">Email:</font>&#160;&#160;&#160;&#160;&#160;&#160; <u><font style="color: #000000;"></font></u><br>
                      <br>
                    </div>
                  </td>
                  <td style="width: 43%; vertical-align: top;" rowspan="1"><u>SAFShipFinanceLegal@macquarie.com<font style="color: #000000;">/</font></u>&#160; <u>CGMSAFShippingAM@macquarie.com</u></td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;">
                    <div style="color: #000000;"><br>
                    </div>
                  </td>
                  <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 6%; vertical-align: top;">
                    <div><font style="color: #000000;">Tel:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                  </td>
                  <td style="width: 43%; vertical-align: top;"><font style="color: #000000;">+44 20 3037 2000</font></td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">148</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">PART C<br>
            <br>
            THE SERVICING PARTIES</div>
          <div>&#160;</div>
          <div>
            <table id="ze6eae5e4b0584e1fa94e0edf51fb0abf" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 49.27%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Name of Facility Agent</div>
                  </td>
                  <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td colspan="2" style="vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Address for Communication</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;">
                    <div style="color: #000000;">Macquarie Bank Limited, London Branch</div>
                    <div>&#160;</div>
                  </td>
                  <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td colspan="2" rowspan="1" style="width: 6%; vertical-align: top;">
                    <div style="color: #000000;">Ropemaker Place<br>
                      28 Ropemaker Street<br>
                      London EC2Y 9HD<br>
                      United Kingdom</div>
                    <div style="color: #000000;"> <br>
                    </div>
                    <div style="text-align: justify; color: #000000;">Department/Officer:&#160; Macquarie Specialised Asset Finance, Shipping Finance Legal &#8211; London</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;"><br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;"><font style="color: #000000;">Email:</font><br>
                  </td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;">
                    <div><u>SAFShipFinanceLegal@macquarie.com</u><u></u></div>
                    <div><u>CGMSAFShippingAM@macquarie.com</u></div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;">
                    <div><font style="color: #000000;">Tel:</font><br>
                    </div>
                  </td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;"><font style="color: #000000;">+44 20 3037 2000</font></td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td colspan="2" style="vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Name of Security Agent</div>
                  </td>
                  <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td colspan="2" style="vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Address for Communication</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="1" style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 49.27%; vertical-align: top;">
                    <div style="color: #000000;">Macquarie Bank Limited, London Branch</div>
                    <div>&#160;</div>
                  </td>
                  <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td colspan="2" rowspan="1" style="width: 6%; vertical-align: top;">
                    <div style="color: #000000;">Ropemaker Place<br>
                      28 Ropemaker Street<br>
                      London EC2Y 9HD<br>
                      United Kingdom</div>
                    <div style="color: #000000;"> <br>
                    </div>
                    <div style="text-align: justify; color: #000000;">Department/Officer:&#160; Macquarie Specialised Asset Finance, Shipping Finance Legal &#8211; London</div>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;"><font style="color: #000000;">Email:</font></td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;"><u><u>SAFShipFinanceLegal@macquarie.com<font style="color: #000000;">/<br>
                        </font></u>CGMSAFShippingAM@macquarie.com</u></td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;"><br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 49.27%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;"><br>
                  </td>
                  <td rowspan="1" style="width: 6%; vertical-align: top;"><font style="color: #000000;">Tel:</font></td>
                  <td rowspan="1" style="width: 43%; vertical-align: top;"><font style="color: #000000;">+44 20 3037 2000</font></td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">149</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 2</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"><br>
            CONDITIONS PRECEDENT AND SUBSEQUENT</div>
          <div>&#160;</div>
          <div style="text-align: center; color: #000000; font-weight: bold;">PART A<br>
            <br>
            CONDITIONS PRECEDENT TO INITIAL UTILISATION REQUEST</div>
          <div>&#160;</div>
          <table id="z9cc635b6d0d6449eb5fe9c3ac6524329" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Obligor</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zad8b668f75d94a339334427e1f18fd46" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of the constitutional documents of each Transaction Obligor.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0cc6911f82b244009a9151ce7033a322" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of a resolution of the board of directors of each Transaction Obligor:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z612de00fc76a4b4e8777a290bf0800d5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z21aab71220b9499ba332a8cbc99d138b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb03cb81dac674269a679aa7e55c4b9f0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, a Utilisation Request) to be signed and/or despatched by it under, or in
                    connection with, the Finance Documents to which it is a party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z133abd2b535444cfa5c9b449e29f01dc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy or, if required, an original of the power of attorney of any Transaction Obligor authorising a specified person or persons to execute the Finance Documents to which it is a party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd78660791ea0470c8baf6b4594235ab4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.1 above.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb69096716468416dac07cacb67339cd7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of a resolution signed by the Guarantor as the holder of all the issued shares in each Borrower, approving the terms of, and the transactions contemplated by, the Finance Documents to which that
                    Borrower is a party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z03d91f10a940443293cf78c913051a18" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A certificate of each Obligor (signed by an officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on
                    that Obligor to be exceeded.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze575a2dee2c34655b3cd87034eaa5dfa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A certificate of each Transaction Obligor that is incorporated outside the UK (signed by an officer) certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar of
                    Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar of Companies.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5932468e449c4c379ac1030f72d45b82" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A certificate of an authorised signatory of the relevant Transaction Obligor certifying that each copy document relating to it specified in this Part A of Schedule 2 (<font style="font-style: italic;">Conditions



                      Precedent and Subsequent</font>) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z442a50892ad14762b920bc9f40d9caa0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1.9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that each Transaction Obligor is in good standing under the law of its Original Jurisdiction.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">150</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z7c2e1f2281c14d7fa3e65172ef563d9b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Finance Documents and Relevant Documents</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdd43e6c64ac540f79fd0f4d9c7403912" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of each Account Security and Shares Security (and of each document to be delivered under each of them).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z678fa681ac06410f9638e05bf861cffe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of each Subordination Agreement (if applicable).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z8b7be7a0a4ea4654a6daf9906d878021" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of the Subordinated Debt Security (if applicable).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z615e7562d29d488ca567d506a62fa573" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of any other document required to be delivered by each Finance Document if not otherwise referred to this Schedule 2 (<font style="font-style: italic;">Conditions Precedent and
                      Subsequent</font>).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z12714a6d9c0840d2a4184a0ded509516" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Copies of the MOA and of all documents signed or issued by Initial Borrower B or the Seller (or both of them) under or in connection with it.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze7f4c84ee08f4725af548bea8b9ad734" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution of the MOA.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z867f4026a73d46ef8bd7bab39efc189a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Legal opinions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z71b9b5874aaf44f89b72b86ee5864ff8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">An English law legal opinion of Watson Farley &amp; Williams, Greece satisfactory to the Facility Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1b8be550d4624133b127a016753152f2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">A </font>Marshall Islands<font style="color: #000000;"> law legal opinion of </font>Watson Farley &amp; Williams, Greece <font style="color: #000000;">satisfactory to the Facility Agent.</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0f73138b5843412a9faa457ad78f673b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">3.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">A </font>German<font style="color: #000000;"> law legal opinion of </font>Watson Farley &amp; Williams LLP (Hamburg) <font style="color: #000000;">satisfactory to the Facility Agent.</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5bd59c30ad93485e92dd6d037378cd7c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other documents and evidence</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za1abd3fdebc44fb688fb2208ce31ee7a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that any process agent referred to in Clause 47.2 (<font style="font-style: italic;">Service of process</font>), if not an Obligor, has accepted its appointment.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2db94a91997c4ef8b1e3d0a435fc02fe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the
                    entry into and performance of the transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zed6ca162fa654cb8bdc02e1568468601" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Original Financial Statements of Initial Borrower A.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za950a4b9cba745ddac55d3783997e813" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Approved Opex Budget for each Initial Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za5ac91094cbe4547910fa4a9e7af01b1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Approved Capex Budget for each Initial Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z515cdb104478445f9c96a960acc82543" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The original of any mandates or other documents required in connection with the opening or operation of the Accounts.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za80529ba869d4eaf9017ced3ab68d821" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause&#160;11 (<font style="font-style: italic;">Fees</font>) and Clause 16 (<font style="font-style: italic;">Costs and Expenses</font>)
                    have been paid or will be paid by the first Utilisation Date.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z284d9cf5d6074582bff6378bb8f4d1b2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the transactions
                    contemplated by the Finance Documents.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">151</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zfe6056b655134fdc9da373f9333d982b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Accounts</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Confirmation from the Account Banks that each Account has been opened and acknowledgement of receipt of notice of Security over each Account has been received by the Security
            Agent.</div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">152</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">PART B<br>
            <br>
            CONDITIONS PRECEDENT TO UTILISATION OF THE INITIAL ADVANCES</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">In this Part B to Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>), "<font style="font-weight: bold;">relevant Ship</font>" means the Ship in respect of
            which the Advance is being drawn and "<font style="font-weight: bold;">relevant Borrower</font>" means the Borrower that owns that Ship.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Obligors</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">A certificate of an authorised signatory of each Obligor certifying that each copy document which it is required to provide under this Part B of Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>) is correct, complete and in full force and effect as at the Utilisation Date for the relevant Advance.</div>
          <div>&#160;</div>
          <table id="z78def7e1154545d7863d76ced423a3c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Ship and other security</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z32d4545ec7d84496867188214faa475a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of each of the Mortgage (including the Deed of Covenant (if applicable)), any Charterparty Assignment, and the General Assignment in relation to the relevant Ship and of each document
                    to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage has been duly registered as a valid first preferred or first priority ship mortgage in accordance with the laws of the jurisdiction
                    of its Approved Flag.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z72dbee57c0d049fb90c8a2f90a6ee472" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Documentary evidence that the relevant Ship:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z67404a456d4d42edb48ef97328424422" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">in respect of Initial Ship B, has been unconditionally delivered by the Seller to, and accepted by, Initial Borrower B under the MOA, including the Bill of Sale and Protocol of Delivery and Acceptance and that
                    the full acquisition cost payable under the MOA, other than the sums to be financed pursuant to the Loan, have been paid to the Seller;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z02d01dafe1e741c194874cdafee04d09" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">is registered in the ownership of the relevant Borrower under the Approved Flag relevant to that Ship;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zde2bb084dd944d6aaa041683300e8099" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">is in the absolute and unencumbered ownership of the relevant Borrower save as contemplated by the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0f5f88c6101e43b792baca9f7fb7ce36" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintains the Approved Classification with the Approved Classification Society with no overdue recommendations and conditions of the Approved Classification Society as evidenced by a confirmation of class
                    dated no earlier than three Business Days before the Delivery Date of Initial Ship B and a class status report on the Utilisation Date of Initial Ship A; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0febdddc9ee640fdb6d9c59e3f4ed796" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z92edcb50034f40c9b9a8b4843216b051" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Documents establishing that the Ship will, as from the relevant Utilisation Date, be managed commercially by the Approved Commercial Manager and managed technically by the Approved Technical Manager on terms
                    acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6e962a6852144e6f9d15d680729409a8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Manager's Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z63cdb94e5c7d434abd53613598c43619" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">copies of the Approved Technical Manager's Document of Compliance and of Initial Ship A&#8217;s Safety Management Certificate (together with any other details of the applicable Safety Management System which the
                    Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to Initial Ship A including without limitation an ISSC.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">153</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z17f628df05674a0280ef8fba34b49daa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zdd26f3bbcd44428eb7d0b92b76100dbd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Two valuations of the relevant Ship, addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 10 Business Days before the
                    relevant Utilisation Date from Approved Valuers selected by the Facility Agent in order to determine the Market Value of the Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z557bba6058314626a0f377637698bde6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Legal opinions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any further legal opinions in relation to such relevant jurisdiction as the Facility Agent may require.</div>
          <div>&#160;</div>
          <table id="zf65f835f6ec848abb0c8174bf205d38e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Account Balances</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Evidence that (i) the starting working capital amount has been, or will be upon the Utilisation of the Loan, credited to each Earnings Account in accordance with paragraph
            (b) of Clause&#160;25.2 (<font style="font-style: italic;">Payment of Earnings; starting working capital amount</font>), (ii) the Restricted Cash Deposit has been, or will be upon the Utilisation of the Loan,&#160; credited to the Restricted Cash Account
            for the relevant Ship and (iii) the Dry Dock Reserve Accounts have been, or will be upon the Utilisation of the Loan, be credited in accordance with Clause 25.5 (<font style="font-style: italic;">Dry Dock Reserve Accounts</font>).</div>
          <div>&#160;</div>
          <table id="z0cb909bd6762490db79cf5327a66b79f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other documents and evidence</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause&#160;11 (<font style="font-style: italic;">Fees</font>) and Clause 16 (<font style="font-style: italic;">Costs and Expenses</font>) have been paid or will be paid by the Utilisation Date for the relevant Advance.</div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">154</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">PART C<br>
            <br>
            CONDITIONS PRECEDENT TO UTILISATION<br>
            OF ANY UPSIZE ADVANCE</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">In this Part C to Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>), "<font style="font-weight: bold;">relevant</font>&#160;<font style="font-weight: bold;">Ship</font>"
            means the Additional Ship the subject of the relevant Advance and any Advance being made pursuant to Clause&#160;2.2 (<font style="font-style: italic;">Upsize option</font>) and "<font style="font-weight: bold;">relevant Borrower</font>" means the
            Borrower that owns that Ship acceding to this Agreement pursuant to such Clause.</div>
          <div>&#160;</div>
          <table id="zba490e905d634884b3ffd6cd167d263b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Additional Borrower</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf341983dbc1f434b8d6e8578bbfa0273" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of the constitutional documents of each Additional Borrower.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z02f45d25b7e64fe2b232a3736bff8805" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of a resolution of the board of directors of each Additional Borrower:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcbb9567066f647649ee8cfd96f06f147" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5c07f36722254024a4e9f76aa2d56d72" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z51f7f840200b4c599fe535476f63a40c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, a Utilisation Request) to be signed and/or despatched by it under, or in
                    connection with, the Finance Documents to which it is a party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3cbf245acf6848ccaaf6cc61e933cf54" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">An original of the power of attorney of the relevant Additional Borrower authorising a specified person or persons to execute the Finance Documents to which it is a party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3086deb2d3294dd4ac71f985c72f53dc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.1 above.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z0a30a4d93474425992a852ca3b940c2b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of a resolution signed by the shareholders of the relevant Additional Borrower approving the terms of, and the transactions contemplated by, the Finance Documents to which that Borrower is a party.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3ade7d86d09c4816b3045af5a0825eae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A certificate of the relevant Additional Borrower (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar
                    limit binding on that Additional Borrower to be exceeded.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z19669356774e4389849f671ddabc5c15" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A certificate of the relevant Additional Borrower that is incorporated outside the UK (signed by a director) certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar
                    of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar of Companies.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za412c49053c443b4939e3d57922b3115" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A certificate of an authorised signatory of the relevant Additional Borrower certifying that each copy document relating to it specified in this Part C of Schedule 2 (<font style="font-style: italic;">Conditions



                      Precedent and Subsequent</font>) is correct, complete and in full force and effect as at a date no earlier than the date of the Advance in respect of the relevant Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z975c2d586ffa4c51afb92d82b52fb2bc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.9</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence of satisfactory capital/shareholding structure of relevant Additional Borrower.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1f14f517c1f7492f9c5b297ded4eff9e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.10</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that the relevant Additional Borrower is in good standing under the law of its Original Jurisdiction.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z847e973070d548c8a97e461ab03e5a22" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.11</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of the current shareholders' register of each Additional Borrower.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">155</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="zf8353612054e4653bbb07bf2f2ba5549" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.12</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the transactions
                    contemplated by the Finance Documents.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc8b7ce3246b74932933180676c8cb98c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.13</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If relevant, copies of the relevant MOA and of all documents signed or issued by a relevant Borrower or the relevant Seller (or both of them) under or in connection with it.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z097121577d1e49a9bfb3e6c2347bc22c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">1.14</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If relevant, such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution of the relevant MOA.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z64d2749c5ed844d5b8427e26b8fe53ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Accession Deed</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 36pt; color: #000000;">An Accession Deed executed by the relevant Additional Borrower in the capacity of an Additional Borrower.</div>
          <div>&#160;</div>
          <table id="z4f927620b5614a369681702c085268ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Finance Documents</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z452b6684b5cc40aa99dbfa850e299e2e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">3.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of the Shares Security in respect of the shares of the relevant Additional Borrower (and of each document to be delivered under it).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc6060bf955fc4b329a8e6ecfcd96fd5b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">3.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of the Account Security in respect of the relevant Additional Borrower's Earnings Account and Dry Dock Reserve Account and Restricted Cash Account (and of each document to be delivered
                    under either of them).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zd006e03b87eb4ceeaa67db77cf6cf243" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">3.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of each Subordination Agreement in relation to the relevant Additional Borrower (and of each document to be delivered under it) if applicable.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zab27186c1950458ea3bd3b776bec8b35" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">3.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of the Subordinated Debt Security in relation to the relevant Additional Borrower (and of each document to be delivered under it) if applicable.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z036e98a5d8074d8ea694e0e67f178c01" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Inspection Reports</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">If required by the Facility Agent, an inspection report in relation to the relevant Ship addressed to the Facility Agent, obtained from surveyors appointed by the Facility
            Agent not more than three months prior to the relevant Utilisation Date, evidencing that the relevant Ship is seaworthy and capable of safe operation and is in all other respects satisfactory to the Facility Agent.</div>
          <div>&#160;</div>
          <table id="zc967a1ab0549479180ff3a2cfafa9d66" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Ship and other security</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z07daceab5ccb47a7b330c74ec13cf49f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">5.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of each of the Mortgage, the Deed of Covenant (if applicable), any Charterparty Assignment and the General Assignment in relation to the relevant Ship and of each document to be
                    delivered under or pursuant to each of them together with documentary evidence that the Mortgage has been duly registered as a valid first preferred or first priority ship mortgage in accordance with the laws of the jurisdiction of its
                    Approved Flag.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9e42d0e27b4040329376441f87fa874a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">5.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Documentary evidence that the relevant Ship:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z420047210efd41b4a3aed7eccc6e5094" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">If relevant, in respect of a relevant Ship, has been unconditionally delivered by the relevant Seller to, and accepted by, the relevant Borrower under the relevant MOA, including the relevant Bill of Sale and
                    Protocol of Delivery and Acceptance and that the full acquisition cost payable under the relevant&#160; MOA, other than the sums to be financed pursuant to the Loan, have been paid to the relevant Seller;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4ac3cba05c524c3592055110fa2a6e4c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">is registered in the ownership of the relevant Borrower under the Approved Flag relevant to that Ship;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">156</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z40e90eb8549f41d4be08b7a550b908a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">is in the absolute and unencumbered ownership of the relevant Borrower save as contemplated by the Finance Documents;</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5d30ac1022234ff0a85c7a4ce0dfce34" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintains the Approved Classification with the Approved Classification Society with no overdue recommendations and conditions of the Approved Classification Society as evidenced by (i) if the relevant Ship is
                    not owned by the relevant Borrower on the Utilisation Date, a confirmation of class dated no earlier than three Business Days before the Delivery Date and (ii) if the relevant Ship is already owned by the relevant Borrower on the
                    Utilisation Date, a class status report on the Utilisation Date<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcbb0821f225342158c1768c8b87e281b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of Insurances have been complied with.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze0fcdcd087cd40f5b7319328da9e6bf9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">5.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Documents establishing that the Ship will, as from the relevant Utilisation Date, be managed commercially by the Approved Commercial Manager and managed technically by the Approved Technical Manager on terms
                    acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z40fdd67a08b745faa9430c67f65dc91e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a Manager's Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zef473fc21ff7435888d58c0d7c6fa977" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">copies of the Approved Technical Manager's Document of Compliance and of that Ship's Safety Management Certificate (together with any other details of the applicable Safety Management System which the Facility
                    Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to that Ship including without limitation an ISSC.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1e479e90c4944ee38780adfdf29f970e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">5.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z81e29f39bd704c07a1c1449e00be4987" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">5.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Two valuations of the relevant Ship, addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 10 Business Days before the
                    relevant Utilisation Date from Approved Valuers selected by the Facility Agent in order to determine the Market Value of the Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z00515dc51e01494b9a3653dbd6e2ac75" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Legal Opinions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Any further legal opinions in relation to such relevant jurisdiction as the Facility Agent may require.</div>
          <div>&#160;</div>
          <table id="z4618b8221ac944588b0466e4dff4e4b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other documents and evidence</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z48b0b6085a71423cae66315dd1b0adc9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that any process agent referred to in Clause 47.2 (<font style="font-style: italic;">Service of process</font>), if not an Obligor, has accepted its appointment by the relevant Borrower.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1d89d5637d9a486a87172de3e61e5263" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the
                    entry into and performance of the transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zf76b875529d04a2f86ec7efd2b7abfdc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Approved Opex Budget for the relevant Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb7492ee554cc4dbd951af9590caf306a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Approved Capex Budget for the relevant Ship.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze024d6c5fd434fa9a6a5fad8eec7dd20" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The available financial statements of the relevant Additional Borrower.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z715c67db75e244ad936ba5148ecc55f5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The original of any mandates or other documents required in connection with the opening or operation of any Accounts required to be maintained by the relevant Additional Borrower.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">157</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
          </div>
          <table id="z5997394ba0b846efb61eb63782cfadcf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.7</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause&#160;11 (<font style="font-style: italic;">Fees</font>) and Clause 16 (<font style="font-style: italic;">Costs and Expenses</font>)
                    have been paid or will be paid by the Utilisation Date for the relevant Advance.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4c2784bbb96342aca69b5a71e73c79c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">7.8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that any process agent referred to in the Finance Documents executed by the Additional Borrower or in the Shares Security in respect of the Additional Borrower has accepted its appointment.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z20fca1621e26434eaefbf43abfe26c78" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">8</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Accounts</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Confirmation from the Account Banks that each Account has been opened and acknowledgment of receipt of notice of Security over each Account has been received by the Security
            Agent.</div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">158</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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          <div style="text-align: center; color: #000000; font-weight: bold;">PART D<br>
            <br>
            CONDITIONS SUBSEQUENT FOR EACH ADVANCE</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">In this Part D to Schedule 2 (<font style="font-style: italic;">Conditions Precedent and Subsequent</font>), "<font style="font-weight: bold;">relevant Ship</font>" means the Ship in respect of
            which the Advance is being drawn down and "<font style="font-weight: bold;">relevant Borrower</font>" means the Borrower which owns that Ship.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Legal opinions</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Executed legal opinions in agreed form of the legal advisers to the Arranger, the Facility Agent and the Security Agent in the jurisdiction of the Approved Flag of the
            relevant Ship and England and such other relevant jurisdictions as the Facility Agent may require.</div>
          <div>&#160;</div>
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              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Ship and other security</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z7d1f002c237642629ee324521ca44287" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">Evidence that the relevant Security Documents have been duly registered or recorded in such jurisdictions as the Facility Agent may require and that all notices of assignment required under or in connection
                    with the relevant Security Documents have been served (and acknowledgments thereof have been received).</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="za1081553c56d43c2818e0872f39c5e3a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of a Letter of Undertaking in respect of the relevant Ship from the Approved Brokers in a form acceptable to the Facility Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z1cf6dc33d4ab4c118f4023aeb8005891" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">A duly executed original of a Letter of Undertaking in respect of the relevant Ship from any protection and indemnity club or war risks association through or with whom any obligatory insurances are placed or
                    effected in a form acceptable to the Facility Agent.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z337d1fc63cd34acdb6efe17f51938eab" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2.4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">In the case of any relevant Ship being purchased, within 10 Business Days from the Delivery Date, the relevant Ship's Safety Management Certificate (together with any other details of the applicable Safety
                    Management System which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to the relevant Ship including without limitation an ISSC.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z47a41c3efa10476dace8422a701a2e60" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Inspection Report</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">In relation to Initial Ship A, within three months following the relevant Utilisation Date, an inspection report in relation to Initial Ship A addressed to the Facility
            Agent, obtained from surveyors appointed by the Facility Agent evidencing that Initial Ship A is seaworthy and capable of safe operation and is in all other respects satisfactory to the Facility Agent.</div>
          <div>&#160;</div>
          <table id="zaecaba43fe664a09aea0a889256debe4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Account</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Confirmation from the Account Banks that each Account has been opened and acknowledgement of receipt of notice of Security over each Account has been received by the Security
            Agent.</div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">159</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 3<br>
            <br>
            UTILISATION REQUEST</div>
          <div>&#160;</div>
          <div>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zbecd6a633c3f4356a6ca11318156ea68" class="DSPFListTable" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="text-align: right; vertical-align: top; width: 36pt;">
                    <div style="text-align: justify;"><font style="color: #000000;">From:</font></div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="color: #000000;">Positano Marine Inc. and </font>Reef Shiptrade Ltd</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <table id="zbdab24fd667b461c8e839604568d51c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">To:</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Macquarie Bank Limited, London Branch</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: right;"><font style="color: #000000;">Dated: </font>[&#9679;] 2024</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">Dear Sirs</div>
          <div>&#160;</div>
          <div style="text-align: justify; font-weight: bold;"><font style="color: #000000;">Positano Marine Inc. and </font>Reef Shiptrade Ltd<font style="color: #000000;"> - Facility Agreement dated </font>[&#9679;]<font style="color: #000000;"> 2024 (the
              "Agreement")</font></div>
          <div>&#160;</div>
          <table id="z90a262e339f545299dd2772b48bb12a5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">We refer to the Agreement.&#160; This is a Utilisation Request.&#160; Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zcc4f34563f3d40c2b21cfd3eb6d5c548" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">We wish to borrow an Advance in respect of [Initial Ship [A/B] on the following terms:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z3c70d9deac7144d799c6a7ee45aa8b27" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt;"><br>
                </td>
                <td style="width: 216.55pt; vertical-align: top; color: #000000;">Proposed Utilisation Date:</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">[&#9679;] (or, if that is not a Business Day, the next Business Day)</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z72ea0338ec544105b01f02cf22fabd9a" class="DSPFListTable" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="text-align: right; vertical-align: top; width: 216pt;">
                    <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">Amount:</font></div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">[&#9679;] or, if less, the Available Facility</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <table id="z38ea727baa244b0fad6ceeca565e3b61" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">You are authorised and requested to deduct from the Advance prior to funds being remitted the following amounts set out against the following items:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="margin-left: 36pt;">
            <table style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z480a8beac38c4190b88ee10cc01112e2" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 50.00%;"><font style="color: #000000;">Deductible Items</font></td>
                  <td style="text-align: center;"><br>
                  </td>
                  <td style="text-align: center;"><font style="color: rgb(0, 0, 0);">$</font></td>
                  <td style="text-align: center;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">
                    <div>&#160;</div>
                  </td>
                  <td colspan="3">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">Upfront Fee</td>
                  <td colspan="3">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">
                    <div>&#160;</div>
                  </td>
                  <td colspan="3">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">Commitment Fee</td>
                  <td colspan="3">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">
                    <div>&#160;</div>
                  </td>
                  <td colspan="3">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">Restricted Cash Deposit</td>
                  <td colspan="3">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">
                    <div>&#160;</div>
                  </td>
                  <td colspan="3">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; padding-bottom: 2px;"><font style="color: #000000;">Net proceeds of Advance</font></td>
                  <td style="width: 27%; text-align: center; padding-bottom: 2px;"><br>
                  </td>
                  <td style="width: 15%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td style="width: 8%; text-align: center; padding-bottom: 2px;">&#160;</td>
                </tr>

            </table>
          </div>
          <div> <br>
          </div>
          <table id="zadecc2717d724bc98ce162e3bd05cff7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">We confirm that each condition specified in Clause 4.1 (<font style="font-style: italic;">Initial conditions precedent</font>) and Clause 4.2 (<font style="font-style: italic;">Further conditions precedent</font>)
                    of the Agreement as they relate to the Advance to which this Utilisation Request refers is satisfied on the date of this Utilisation Request.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zc40e805c642b4c03b9800005e7140fe0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The [net] proceeds of this Advance should be credited to [account].</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="zb0fbefad48814ee4b77c290dcd7d34d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">This Utilisation Request is irrevocable.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">160</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z4c5f6ce61a0742deaf6724046366ffe4" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 15%;" rowspan="1" colspan="2">Yours faithfully</td>
                  <td style="width: 15%;" rowspan="1">&#160;</td>
                  <td style="width: 35%;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 15%;" rowspan="1" colspan="2">&#160;</td>
                  <td style="width: 15%;" rowspan="1">&#160;</td>
                  <td style="width: 35%;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 35%; padding-bottom: 2px;">&#160;</td>
                  <td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 35%; padding-bottom: 2px;">&#160;</td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">Name:</div>
                  </td>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">Name:</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">Title:</div>
                  </td>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">Title:</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">authorised signatory for</div>
                  </td>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">authorised signatory for</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">POSITANO MARINE INC.</div>
                  </td>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">REEF SHIPTRADE LTD</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2" rowspan="1">&#160;</td>
                  <td colspan="2" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                  </td>
                  <td style="width: 35%; padding-bottom: 2px;">&#160;</td>
                  <td style="padding-bottom: 2px;" colspan="2">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">Name:</div>
                  </td>
                  <td colspan="2">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">Title:</div>
                  </td>
                  <td colspan="2">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">authorised signatory for</div>
                  </td>
                  <td colspan="2">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td colspan="2">
                    <div style="text-align: justify; color: #000000;">[Additional Borrower]</div>
                  </td>
                  <td colspan="2">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
          <br>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">161</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 4<br>
            <br>
            FORM OF TRANSFER CERTIFICATE</div>
          <div>&#160;</div>
          <table id="z34fa7ae383164ed294d010c45952ec2e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; color: #000000;">To:</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Macquarie Bank Limited, London Branch as Facility Agent</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z3bf194258d55482eaf51233e81a6e8c7" class="DSPFListTable" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="text-align: right; vertical-align: top; width: 36pt;">
                    <div style="text-align: justify;"><font style="color: #000000;">From:</font></div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="color: #000000;">[The Existing Lender] (the "<font style="font-weight: bold;">Existing Lender</font>") and [The New Lender] (the "<font style="font-weight: bold;">New Lender</font>")</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div style="text-align: right;"><font style="color: #000000;">Dated: </font>[&#9679;]</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">Dear Sirs</div>
          <div>&#160;</div>
          <div style="text-align: justify; font-weight: bold;">Positano Marine Inc.<font style="color: #000000;"> and </font>Reef Shiptrade Ltd<font style="color: #000000;"> - Facility Agreement dated </font>[&#9679;]<font style="color: #000000;"> 2024 (the
              "Agreement")</font></div>
          <div>&#160;</div>
          <table id="z8c2aaf0c87df48f7aee30613135fd822" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">1</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">We refer to the Agreement.&#160; This is a Transfer Certificate.&#160; Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z97a967fdf4d94ef3b7da7b915c7cceb8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">2</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">We refer to Clause 27.5 (<font style="font-style: italic;">Procedure for transfer</font>) of the Agreement:</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z2a492f954f6849cb90812a42eb61232f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all of the Existing Lender's rights and obligations under the Agreement and the other Finance
                    Documents which relate to that portion of the Existing Lender's Commitment and participation in the Loan under the Agreement as specified in the Schedule in accordance with Clause 27.5 (<font style="font-style: italic;">Procedure for
                      transfer</font>) of the Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z24c5dba7e3ec4db89be8d0071eb71335" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="color: #000000;">The proposed Transfer Date is </font>[&#9679;]<font style="color: #000000;">.</font></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="ze7ae17b9312f41c1ac723307c69272df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The Facility Office and address and attention details for notices of the New Lender for the purposes of Clause 36.2 (<font style="font-style: italic;">Addresses</font>) of the Agreement are set out in the
                    Schedule.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z5e02d0d5b6124d7998e1547d26559a0e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">3</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 27.4 (<font style="font-style: italic;">Limitation of responsibility of Existing
                      Lenders</font>) of the Agreement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z6d88ad62e2d24550938e1afb5c2e736b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">4</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z4caaf54a469148a88ac0fc65fdfa30da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">5</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table id="z9d0bd2dc95574692a0b7945150edf542" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; color: #000000;">6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions.&#160; It
            is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange
            for execution of those documents and completion of those formalities.</div>
          <div>&#160;</div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">162</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
          </div>
          <div style="text-align: center; color: #000000;"><font style="font-weight: bold;">THE SCHEDULE</font><br>
            <br>
            <font style="font-weight: bold;">Commitment/rights</font>&#160;<font style="font-weight: bold;">and obligations to be transferred</font></div>
          <div>&#160;</div>
          <div style="text-align: center; color: #000000;">[<font style="font-weight: bold;">insert relevant details</font>]</div>
          <div>&#160;</div>
          <div style="text-align: center; color: #000000;">[Facility Office address and attention details for notices<br>
            and account details for payments.]</div>
          <div>&#160;</div>
          <div>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zdfdefd8a6c3b4a4299c7e77d84bea6a2" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 50.00%;">
                    <div style="text-align: justify; color: #000000;">[Existing Lender]</div>
                  </td>
                  <td style="width: 50.00%;">
                    <div style="text-align: justify; color: #000000;">[New Lender]</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 50.00%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50.00%;"><font style="color: #000000;">By: </font>[&#9679;]</td>
                  <td style="width: 50.00%;"><font style="color: #000000;">By: </font>[&#9679;]</td>
                </tr>

            </table>
          </div>
          <br>
          <div style="text-align: justify;"><font style="color: #000000;">This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as </font>[&#9679;]<font style="color: #000000;">.</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">[Facility Agent]</div>
          <div>&#160;</div>
          <div style="text-align: justify;"><font style="color: #000000;">By: </font>[&#9679;]</div>
          <div>&#160;</div>
          <div> </div>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">163</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div>
        <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 5<br>
          <div><br>
          </div>
          FORM OF ASSIGNMENT AGREEMENT</div>
        <div>&#160;</div>
        <table class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: #000000;">To:</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>[&#9679;]<font style="color: #000000;"> as Facility Agent and </font>Positano Marine Inc.<font style="color: #000000;"> and </font>Reef Shiptrade Ltd<font style="color: #000000;"> as joint and several Borrowers, for and on behalf of each
                    [Transaction] Obligor &#8211; $</font>[&#9679;]</div>
              </td>
            </tr>

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

              <tr style="vertical-align: top;">
                <td style="text-align: right; vertical-align: top; width: 36pt;">
                  <div style="text-align: justify;"><font style="color: #000000;">From:</font></div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="text-align: justify;"><font style="color: #000000;">[the Existing Lender] (the "<font style="font-weight: bold;">Existing Lender</font>") and [the New Lender] (the "<font style="font-weight: bold;">New Lender</font>")</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div style="text-align: right;"><font style="color: #000000;">Dated: </font>[&#9679;]</div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">Dear Sirs</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-weight: bold;">Positano Marine Inc.<font style="color: #000000;"> and </font>Reef Shiptrade Ltd<font style="color: #000000;"> - Facility Agreement dated -</font>[&#9679;] 2024<font style="color: #000000;"> (the
            "Agreement")</font></div>
        <div>&#160;</div>
        <table class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">We refer to the Agreement.&#160; This is an Assignment Agreement.&#160; Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">We refer to Clause 27.6 (<font style="font-style: italic;">Procedure for assignment</font>):</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that
                  portion of the Existing Lender's Commitment and participations in the Loan under the Agreement as specified in the Schedule.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Commitments and participations in the Loan under the Agreement specified
                  in the Schedule.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">All rights and interests (present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely, free of any defects in the Existing
                  Lender's title and of any rights or equities which the Borrowers or any other Transaction Obligor had against the Existing Lender.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">The proposed Transfer Date is </font>[&#9679;]<font style="color: #000000;">.</font></div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Facility Office and address, email and attention details for notices of the New Lender for the purposes of Clause 36.2 (<font style="font-style: italic;">Addresses</font>) are set out in the Schedule.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 27.4 (<font style="font-style: italic;">Limitation of responsibility of Existing
                    Lenders</font>).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 27.7 (<font style="font-style: italic;">Copy of Transfer Certificate
                    or Assignment Agreement to Borrowers</font>), to the Borrowers (on behalf of each Transaction Obligor) of the assignment referred to in this Assignment Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">164</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000; font-weight: bold;">Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions.&#160; It is
          the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for
          execution of those documents and completion of those formalities.</div>
        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">165</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">THE SCHEDULE</div>
        <div>&#160;</div>
        <div style="text-align: center; color: #000000; font-weight: bold;">Commitment rights and obligations to be transferred by assignment, release and accession</div>
        <div>&#160;</div>
        <div style="text-align: center; color: #000000;">[<font style="font-weight: bold;">insert relevant details</font>]</div>
        <div>&#160;</div>
        <div style="text-align: center; color: #000000;">[Facility office address, email and attention details for notices<br>
          and account details for payments]</div>
        <div>&#160;</div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 50%;"><font style="color: #000000;">[Existing Lender]</font></td>
                <td style="width: 50%;"><font style="color: #000000;">[New Lender]</font></td>
              </tr>
              <tr>
                <td style="width: 50%;"><br>
                </td>
                <td style="width: 50%;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 50%;"><font style="color: #000000;">By: </font>[&#9679;]</td>
                <td style="width: 50%;"><font style="color: #000000;">By: </font>[&#9679;]</td>
              </tr>

          </table>
        </div>
        <div> <br>
        </div>
        <div style="text-align: justify;"><font style="color: #000000;">This Assignment Agreement is accepted by the Facility Agent and the Transfer Date is confirmed as </font>[&#9679;]<font style="color: #000000;">.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice the Facility Agent
          receives on behalf of each Finance Party.</div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">[Facility Agent]</div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">By:</div>
        <div>&#160;</div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">166</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div>
        <div>
          <div>
            <div style="color: rgb(0, 0, 0); font-weight: 400;">
              <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 6<br>
                <br>
                TIMETABLES</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z75c1caf7f4de484d99ef4487f86e4aa3" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 50.04%; vertical-align: top;">
                      <div style="text-align: justify; color: #000000;">Delivery of a duly completed Utilisation Request (Clause 5.1 (<font style="font-style: italic;">Delivery of a Utilisation Request</font>))</div>
                    </td>
                    <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                    <td style="width: 49.96%; vertical-align: top;">
                      <div style="text-align: justify; color: #000000;">Two Business Days before the intended Utilisation Date (Clause 5.1 (<font style="font-style: italic;">Delivery of a Utilisation Request</font>))</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 50.04%; vertical-align: top;">&#160;</td>
                    <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                    <td rowspan="1" style="width: 49.96%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 50.04%; vertical-align: top;">
                      <div style="text-align: justify; color: #000000;">Facility Agent notifies the Lenders of the Advance in accordance with Clause 5.4 (<font style="font-style: italic;">Lenders' participation</font>)</div>
                    </td>
                    <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
                    <td style="width: 49.96%; vertical-align: top;">
                      <div style="text-align: justify; color: #000000;">Two Business Days before the intended Utilisation Date.</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">167</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 7<br>
                <br>
                DETAILS OF THE INITIAL SHIPS</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6d6d2d58e854448ea78dfead0c64eff7" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 10.15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Ship name</div>
                    </td>
                    <td style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Name of the Borrower owner</div>
                    </td>
                    <td style="width: 7.24%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Type</div>
                    </td>
                    <td style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">IMO Number</div>
                    </td>
                    <td style="width: 7.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
                    </td>
                    <td style="width: 8.69%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Approved Flag</div>
                    </td>
                    <td style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Approved Classification Society</div>
                    </td>
                    <td style="width: 12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Approved Classification</div>
                    </td>
                    <td style="width: 13.04%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Approved Commercial Manager</div>
                    </td>
                    <td style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Approved Technical Manager</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 10.15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 7.24%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 7.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 8.69%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 13.04%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 10.15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">m.v. "ALFA"</div>
                    </td>
                    <td style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">Positano Marine Inc.</div>
                    </td>
                    <td style="width: 7.24%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">Panamax bulker</div>
                    </td>
                    <td style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">9296808</div>
                    </td>
                    <td style="width: 7.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">77,328</div>
                    </td>
                    <td style="width: 8.69%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">Marshall Islands</div>
                    </td>
                    <td style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Bureau Veritas</div>
                    </td>
                    <td style="width: 12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">I&#10016;Hull &#10016;Mach<br>
                        Bulk Carrier BC-A Holds (2, 4 &amp; 6 may be empty) ESP<br>
                        &#10016;AUT-UMS, MON-SHAFT, BWT, ERS-S, LI-S2<br>
                        &#10016;MACH</div>
                    </td>
                    <td style="width: 13.04%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Pavimar Shipping Co. (which is an Affiliate of the Obligors and is therefore a Transaction Obligor)</div>
                    </td>
                    <td style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Pavimar Shipping Co. (which is an Affiliate of the Obligors and is therefore a Transaction Obligor)</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 10.15%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 7.24%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 8.7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 7.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 8.69%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 13.04%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 11.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 10.15%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center;">m.v. "BELLEMAR" (tbr "BRAVO")</div>
                    </td>
                    <td style="width: 8.7%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center;">Reef Shiptrade Ltd</div>
                    </td>
                    <td style="width: 7.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center;">Kamsarmax bulker</div>
                    </td>
                    <td style="width: 8.7%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center;">9376385</div>
                    </td>
                    <td style="width: 7.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000;">81,448</div>
                    </td>
                    <td style="width: 8.69%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center;">Marshall Islands</div>
                    </td>
                    <td style="width: 11.59%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000;">ClassNK</div>
                    </td>
                    <td style="width: 12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">NS*(BC-A, GRAB)(ESP)</div>
                      <div style="text-align: center;">MNS*</div>
                      <div style="text-align: center;">Strengthened for heavy cargo loading where hold nos. 2, 4 &amp; 6 may be empty</div>
                      <div style="text-align: center;">CHG, MPP, LSA, RCF, M0, AFS, BWM</div>
                    </td>
                    <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000;">Pavimar Shipping Co. (which is an Affiliate of the Obligors and is therefore a Transaction Obligor)</div>
                    </td>
                    <td style="width: 11.59%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; color: #000000;">Pavimar Shipping Co. (which is an Affiliate of the Obligors and is therefore a Transaction Obligor)</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">168</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 8<br>
                <br>
                REPAYMENT SCHEDULE</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5ffeba541007477d87a3cc433973d328" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 19.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 19.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">MV ALFA</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">MV BELLEMAR (TBR BRAVO)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Total</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">Outstanding Loan</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">Drawdown</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">7,500,000</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">9,000,000</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">16,500,000</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">16,500,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Dec-24</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(300,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">-</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(300,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">16,200,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Mar-25</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(300,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(400,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(700,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">15,500,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Jun-25</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(300,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(400,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(700,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">14,800,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Sep-25</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(300,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(400,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(700,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">14,100,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Dec-25</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(200,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">13,900,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Mar-26</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(200,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">13,700,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Jun-26</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(200,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">13,500,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Sep-26</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(100,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(200,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">13,300,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Dec-26</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">12,730,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Mar-27</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">12,160,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Jun-27</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">11,590,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Sep-27</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">11,020,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Dec-27</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">10,450,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Mar-28</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">9,880,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Jun-28</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">9,310,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">30-Sep-28</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(285,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(570,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">8,740,000</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td rowspan="1" style="width: 20.41%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify; color: #000000; font-weight: bold;">31-Dec-28</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(3,620,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(5,120,000)</div>
                    </td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000; font-weight: bold;">(8,740,000)</div>
                    </td>
                    <td style="width: 20.41%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 19.81%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                    <td style="width: 19.93%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                    <td style="width: 19.93%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                    <td style="width: 20.41%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">169</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 9<br>
                <br>
                FORM OF ACCESSION DEED</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc144c410600d441085d2cb9fb1851fae" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">To:</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">Macquarie Bank Limited, London Branch as Facility Agent and as Security Agent</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div>
                <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z3ec94201b4d248a58f75564021816821" class="DSPFListTable" cellpadding="0" cellspacing="0">

                    <tr style="vertical-align: top;">
                      <td style="text-align: right; vertical-align: top; width: 36pt;">
                        <div style="text-align: justify;"><font style="color: #000000;">From:</font></div>
                      </td>
                      <td style="text-align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify;"><font style="color: #000000;">[<font style="font-style: italic;">Additional Borrower</font>]</font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div style="text-align: right; color: #000000;">Dated: [&#9679;]</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">Dear Sirs</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Facility Agreement dated [&#9679;] 2024 (the "Agreement")</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z873fb0b201dd422a8f4647b273383c61" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">1</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">We refer to the Agreement.&#160; This deed (the "<font style="font-weight: bold;">Accession Deed</font>") shall take effect as an Accession Deed for the purposes of the Agreement. Terms defined in the Agreement
                        have the same meaning in this Accession Deed unless given a different meaning in this Accession Deed.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0839f42457c240e382cd13240a15fb91" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">2</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">[<font style="font-style: italic;">Additional Borrower</font>] agrees to become an Additional Borrower and to be bound by the terms of the Agreement and the other Finance Documents as an Additional
                        Borrower pursuant to Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>) of the Agreement.&#160; [<font style="font-style: italic;">Additional Borrower</font>] is a [company] [corporation] duly incorporated under the laws
                        of [<font style="font-style: italic;">name of relevant jurisdiction</font>] and is a limited liability company with registered number [&#9679;].</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze79d9751ad474cfd84890273b66df07a" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">3</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">The Borrowers confirm that no Default is continuing or would occur as a result of [<font style="font-style: italic;">Additional Borrower</font>] becoming an Additional Borrower.</div>
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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">4</td>
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                      <div style="color: #000000;">[<font style="font-style: italic;">Additional Borrower</font>] [has an authorised share capital of] [is authorised to issue] [&#9679;] divided into [&#9679;] registered shares of [&#9679;] each [no par value], [all] of
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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">5</td>
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                      <div style="color: #000000;">The shareholders of [<font style="font-style: italic;">Additional Borrower</font>] are:</div>
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                  </tr>

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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
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                      <div style="color: #000000;">[&#9679;], a corporation incorporated in [&#9679;] with registered number [&#9679;] whose registered [address] [office] is at [&#9679;]; and</div>
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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">(b)</td>
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                      <div style="color: #000000;">[&#9679;], a corporation incorporated in [&#9679;] with registered number [&#9679;] whose registered [address] [office] is at [&#9679;];</div>
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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">6</td>
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                      <div style="color: #000000;">[<font style="font-style: italic;">Additional Borrower</font>] administrative details for the purposes of the Agreement are as follows:</div>
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              <div>&#160;</div>
              <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Address:</div>
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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">7</td>
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                      <div style="color: #000000;">[<font style="font-style: italic;">Additional Borrower</font>] (for the purposes of this paragraph 7, the "<font style="font-weight: bold;">Acceding Debtor</font>") intends to incur Secured Liabilities
                        under the following documents:</div>
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              <div>&#160;</div>
              <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">[<font style="font-style: italic;">Insert details (date, parties and description) of relevant documents</font>]</div>
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              <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">the "<font style="font-weight: bold;">Relevant Documents</font>".</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">(a)</td>
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                      <div style="color: #000000;">The Acceding Debtor and the Security Agent agree that the Security Agent shall hold:</div>
                    </td>
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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt;"><br>
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                      <div style="color: #000000;">any Security in respect of Secured Liabilities created or expressed to be created pursuant to the Relevant Documents;</div>
                    </td>
                  </tr>

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              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1ee0215646b4c2f890f6950759c20e7" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt;"><br>
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                    <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
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                      <div style="color: #000000;">all proceeds of that Security; and</div>
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                  </tr>

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              <div>&#160;</div>
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                  <tr>
                    <td style="width: 36pt;"><br>
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                    <td style="width: 36pt; vertical-align: top; color: #000000;">(iii)</td>
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                      <div style="color: #000000;">all obligations expressed to be undertaken by the Acceding Debtor to pay amounts in respect of the Secured Liabilities to the Security Agent as trustee for the Finance Parties (in the Relevant Documents or
                        otherwise) and secured by the Transaction Security together with all representations and warranties expressed to be given by the Acceding Debtor (in the Relevant Documents or otherwise) in favour of the Security Agent as trustee for
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              <div>&#160;</div>
              <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">on trust for the Secured Parties on the terms and conditions contained in the Agreement.</div>
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                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">8</td>
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                      <div style="color: #000000;">This Accession Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.</div>
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              <div>&#160;</div>
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                        <div style="font-weight: bold;">ADDITIONAL BORROWER</div>
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                      <td style="width: 60%;">
                        <div>&#160;</div>
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                    <tr>
                      <td style="width: 35%;">
                        <div>&#160;</div>
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                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">
                        <div>&#160;</div>
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                    <tr>
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                        <div><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font> <br>
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                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%;">
                        <div>By:&#160; <br>
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                      <td style="width: 35%;">
                        <div>for and on behalf of [&#9679;]</div>
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                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%;">
                        <div>&#160;</div>
                      </td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">
                        <div>&#160;</div>
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                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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                      <td style="padding-bottom: 2px; width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">
                        <div>&#160;</div>
                      </td>
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                    <tr>
                      <td style="width: 35%;">
                        <div>&#160;</div>
                      </td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">
                        <div>&#160;</div>
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                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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                      <td style="padding-bottom: 2px; width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">
                        <div>&#160;</div>
                      </td>
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                    <tr>
                      <td style="width: 35%;">
                        <div>&#160;</div>
                      </td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">
                        <div>&#160;</div>
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                      <td rowspan="1" style="width: 35%;">in the presence of:</td>
                      <td rowspan="1" style="width: 5%;" colspan="1">&#160;</td>
                      <td rowspan="1" style="width: 60%;">&#160;</td>
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              <div> <br>
              </div>
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                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
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                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
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                  <tr>
                    <td style="width: 35%; font-weight: bold;">[Each Borrower to execute the Accession Deed]</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
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                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
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                    <td style="width: 35%;"><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font></td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
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                  <tr>
                    <td style="width: 35%;">By:</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
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                  <tr>
                    <td style="width: 35%;">for and on behalf of <font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
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                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
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                  <tr>
                    <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="padding-bottom: 2px; width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
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                  <tr>
                    <td rowspan="1" style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td rowspan="1" style="padding-bottom: 2px; width: 5%;" colspan="1">&#160;</td>
                    <td rowspan="1" style="width: 60%; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td rowspan="1" style="width: 35%;">&#160;</td>
                    <td rowspan="1" style="width: 5%;" colspan="1">&#160;</td>
                    <td rowspan="1" style="width: 60%;">&#160;</td>
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                  <tr>
                    <td rowspan="1" style="width: 35%;">in the presence of:</td>
                    <td rowspan="1" style="width: 5%;" colspan="1">&#160;</td>
                    <td rowspan="1" style="width: 60%;">&#160;</td>
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              <div> <br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">171</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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                    <tr>
                      <td style="width: 35%; font-weight: bold;"><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font></td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%;">By:</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%; font-weight: normal;">for and on behalf of [&#9679;]</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%;">&#160;</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
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                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="width: 35%;">&#160;</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35%;">in the presence of:</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
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                <div><br>
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                <table id="f10ecb2c2aea44188d04a713479b89ce" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

                    <tr>
                      <td style="width: 35%; font-weight: bold;"><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font> <br>
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                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%;">By:</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%; font-weight: normal;">for and on behalf of [&#9679;]</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">)<br>
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                    <tr>
                      <td style="width: 35%;">&#160;</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35%;">&#160;</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="width: 35%;">in the presence of:]</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
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                <div><br>
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                    <tr>
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                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
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                    <tr>
                      <td style="width: 35%;">&#160;</td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
                      <td style="width: 60%;">&#160;</td>
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                    <tr>
                      <td style="width: 35%; font-weight: bold;"><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font></td>
                      <td style="width: 5%;" colspan="1">&#160;</td>
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                    <tr>
                      <td style="width: 35%;">By: <br>
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                    <tr>
                      <td style="width: 35%;">for and on behalf of <font style="font-weight: bold;">[&#9679;]</font> <br>
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                      <td style="width: 5%;" colspan="1">&#160;</td>
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                    <tr>
                      <td style="width: 35%;">&#160;</td>
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                      <td style="width: 60%;"><br>
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                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 35%;">&#160;</td>
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                      <td style="width: 60%;">&#160;</td>
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                    <tr>
                      <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="width: 35%;">in the presence of:</td>
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                      <td style="width: 60%;">&#160;</td>
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              <br>
              <table id="097243884a114e7bbdec610dafe8b773" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 35%; font-weight: bold;">SECURITY AGENT</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;"><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font></td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">By:<br>
                    </td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">for and on behalf of <font style="font-weight: bold;">MACQUARIE BANK</font></td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 35%;"><font style="font-weight: bold;">LIMITED, LONDON BRANCH</font></td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">in the presence of:</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table id="27b27116f2794fa093492959077d792d" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 35%; font-weight: bold;">FACILITY AGENT</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;"><font style="font-weight: bold;">EXECUTED</font> as a <font style="font-weight: bold;">DEED</font></td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">By: <br>
                    </td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">for and on behalf of <font style="font-weight: bold;">MACQUARIE BANK</font>&#160; <br>
                    </td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 35%;"><font style="font-weight: bold;">LIMITED, LONDON BRANCH</font></td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="1" style="width: 35%;">&#160;</td>
                    <td rowspan="1" style="width: 5%;" colspan="1">&#160;</td>
                    <td rowspan="1" style="width: 60%;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">&#160;</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="width: 60%; padding-bottom: 2px;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 35%;">in the presence of:</td>
                    <td style="width: 5%;" colspan="1">&#160;</td>
                    <td style="width: 60%;">&#160;</td>
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              <div><br>
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              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">172</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 10</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">PART A<br>
                <br>
                FORM OF UPSIZE NOTICE</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcfb8f5f6481a4681b3d405ebf91eb923" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">To:</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">Macquarie Bank Limited, London Branch as Facility Agent</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-align: right; text-indent: -72pt; margin-left: 72pt;"><font style="color: #000000;">Dated: </font>[&#9679;]</div>
              <div>&#160;</div>
              <div style="color: #000000;"><font style="font-weight: bold;">Facility Agreement dated </font>[&#9679;] 2024<font style="font-weight: bold;">&#160;</font>(<font style="font-weight: bold;">the "Agreement"</font>)</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dd32d73774449409762e78950733b6e" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">1</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">We refer to the Agreement.&#160; This is an Upsize Notice.&#160; Terms defined in the Agreement have the same meaning in this Upsize Notice unless given a different meaning in this Upsize Notice.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73a20b96968c4be384618360488c6105" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">2</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">We refer to Clause 2.2 (<font style="font-style: italic;">Upsize Option</font>).</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a6ff48c870e4304a06c06392b999667" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">3</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="color: #000000;">The amount of the proposed Upsize is $</font>[&#9679;]<font style="color: #000000;">.</font></div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75a017cbed83423190e6ada570a79051" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">4</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="color: #000000;">The proposed date on which the increase in relation to the Commitments is to take effect is </font>[&#9679;]<font style="color: #000000;">.</font></div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5271de4b74a43798e4fb67b440f8bc6" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">5</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">This Upsize Notice may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Upsize Notice.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8c94db127bc40b596271a1c217ba40f" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">6</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">This Upsize Notice and any non&#8209;contractual obligations arising out of or in connection with it are governed by English law.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za029f390ee0f46149c31dde88567e116" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">7</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd35cebd994a484cb5e3c28879a3af54" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; color: #000000;">8</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">We acknowledge that the Lenders may agree to the Upsize requested in this Upsize Notice in their absolute discretion.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div>
                <table id="z81cfb69e3dd3464294d59e434d0f0c87" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

                    <tr>
                      <td style="width: 22%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 35%; padding-bottom: 2px;">
                        <div>&#160;</div>
                      </td>
                      <td style="width: 22%; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div>&#160;</div>
                      </td>
                      <td style="width: 21%; padding-bottom: 2px;"><br>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 22%;">
                        <div><font style="color: #000000;">authorised signatory for</font>&#160;&#160; <br>
                        </div>
                      </td>
                      <td style="width: 35%;">
                        <div>&#160;</div>
                      </td>
                      <td colspan="2">
                        <div>&#160;<font style="color: #000000;">authorised signatory for</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 22%;"><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></td>
                      <td style="width: 35%;">
                        <div>&#160;</div>
                      </td>
                      <td colspan="2"><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></td>
                    </tr>
                    <tr>
                      <td style="width: 22%;">
                        <div><font style="color: #000000;">By: </font><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></div>
                      </td>
                      <td style="width: 35%;">
                        <div>&#160;</div>
                      </td>
                      <td colspan="2">
                        <div>By: <font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div>
                <table id="z002794fa74fc4abf9dccd551c5bf5037" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

                    <tr>
                      <td style="width: 22%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 78%; padding-bottom: 2px;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 22%;">
                        <div><font style="color: #000000;">authorised signatory for</font>&#160;&#160; <br>
                        </div>
                      </td>
                      <td style="width: 78%;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 22%;"><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></td>
                      <td style="width: 78%;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 22%;">
                        <div><font style="color: #000000;">By: </font><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></div>
                      </td>
                      <td style="width: 78%;">
                        <div>&#160;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <br>
              <div>
                <table id="zc3003356f2e043c6a008693c10f5c501" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

                    <tr>
                      <td style="width: 22%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 17.5%; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 60%; padding-bottom: 2px;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="2">
                        <div><font style="color: #000000;">authorised signatory for</font>&#160;&#160; <br>
                        </div>
                      </td>
                      <td style="width: 60%;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="2"><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></td>
                      <td style="width: 60%;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="2">
                        <div><font style="color: #000000;">By: </font><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font></div>
                      </td>
                      <td style="width: 60%;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="2" rowspan="1" style="font-weight: bold;">[<font style="font-style: italic;">NB: To be executed by any Additional Borrowers.</font>]</td>
                      <td rowspan="1" style="width: 60%;">&#160;</td>
                    </tr>

                </table>
              </div>
              <br>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">173</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">PART B<br>
                <br>
                FORM OF UPSIZE CONFIRMATION</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf40d89ba18be475ea7d79035b0ab8b68" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; color: #000000;">To:</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">Macquarie Bank Limited, London Branch as Facility Agent</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0cbc4b0c39754dd58efb0af4764ccaaf" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; color: #000000;">Copy to:</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>[&#9679;]<font style="color: #000000;"> and </font>[&#9679;]<font style="color: #000000;"> as joint and several Borrowers</font></div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-align: right;"><font style="color: #000000;">Dated: </font>[&#9679;]</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-weight: bold;"><font style="color: #000000;">Facility Agreement dated </font>[&#9679;] 2024<font style="color: #000000;"> (the "Agreement")</font></div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z783c223a9fec49c5a6f7fbdd62c37122" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000; font-weight: bold;">We refer to the Agreement.&#160; This is an Upsize Confirmation.&#160; Terms defined in the Agreement have the same meaning in this Upsize Confirmation unless given a different meaning in this
                        Upsize Confirmation.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22d8035e5a4d445f84d3b96c711375fc" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;"><font style="color: #000000;">We refer to Clause 2.2 (</font><font style="font-style: italic; color: #000000;">Upsize Option</font><font style="color: #000000;">) and to the Upsize Notice dated </font>[&#9679;]<font style="color: #000000;">.</font></div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3922768574114b57a9bacdb8e492df6e" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">3</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000; font-weight: bold;">We agree to increase our Commitment by $[&#9679;] on the following terms and conditions:</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">[insert terms as agreed]</div>
              <div>&#160;</div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za7d3f36a3f104cb4a5928fdcbd3b4c6a" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">4</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000; font-weight: bold;">This Upsize Confirmation and any non&#8209;contractual obligations arising out of or in connection with it are governed by English law.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div>
                <table id="zc22960cde3c54d90b2942a25fec2b067" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

                    <tr>
                      <td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 75%; padding-bottom: 2px;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 25%;">
                        <div style="font-weight: bold;">[Lender]</div>
                      </td>
                      <td style="width: 75%;">
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 25%;">
                        <div>By: [&#9679;]</div>
                      </td>
                      <td style="width: 75%;">
                        <div>&#160;</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">174</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 11</div>
              <div style="text-align: center; color: #000000; font-weight: bold;"><br>
                TERM SOFR CME LICENCE DISCLAIMER</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">CME Borrower Group market data is used under licence as a source of information for certain Macquarie Borrower Group products. CME Borrower Group has no other connection to Macquarie Borrower
                Group products and services and does not sponsor, endorse, recommend or promote any Macquarie Borrower Group products or services. CME Borrower Group has no obligation or liability in connection with the Macquarie Borrower Group products
                and services. CME Borrower Group does not guarantee the accuracy and/or the completeness of any market data licensed to Macquarie Borrower Group and shall not have any liability for any errors, omissions, or interruptions therein. There are
                no third-party beneficiaries of any agreements or arrangements between CME group and Macquarie Borrower Group.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">For the purposes of this Schedule:</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">"<font style="font-weight: bold;">CME Borrower Group</font>" means CME Borrower Group Benchmark Administration Limited and any of its affiliates and subsidiaries.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">"<font style="font-weight: bold;">Macquarie Borrower Group</font>" means Macquarie Bank Limited, London Branch and any of its affiliates and subsidiaries.</div>
              <div>&#160;</div>
            </div>
          </div>
        </div>
      </div>
      <div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">175</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 12</div>
        <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">FORM OF COMPLIANCE CERTIFICATE</div>
        <div>&#160;</div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z659983b5b052480fb8e08f205755909b" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr style="vertical-align: top;">
                <td style="text-align: right; vertical-align: top; width: 36pt;">
                  <div style="text-align: justify;"><font style="color: #000000;">To:</font></div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="text-align: justify;"><font style="color: #000000;">Macquarie Bank Limited, London Branch</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">Ropemaker Place</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">28 Ropemaker Street</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">London EC2Y 9HD</div>
        <div style="text-align: justify; margin-left: 35.45pt; color: #000000;">United Kingdom</div>
        <div>&#160;</div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z83b40487ddeb4802a46dff2214c772f8" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr style="vertical-align: top;">
                <td style="text-align: right; vertical-align: top; width: 36pt;">
                  <div style="text-align: justify;"><font style="color: #000000;">From:</font></div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="text-align: justify;">[&#9679;]</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div style="text-align: right;"><font style="color: #000000;">Dated: </font>[&#9679;]</div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">Dear Sirs</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-weight: bold;">Positano Marine Inc.<font style="color: #000000;"> and </font>Reef Shiptrade Ltd<font style="color: #000000;"> - Facility Agreement dated </font>[&#9679;] 2024<font style="color: #000000;"> (the
            "Agreement")</font></div>
        <div>&#160;</div>
        <table id="za27b51836b24471bb805883c288dd7d3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;"><font style="color: #000000;">We refer to the Agreement.&#160; This is a Compliance Certificate for the Quarter End Date of </font>[&#9679;]<font style="color: #000000;">.</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z849f8807dd694180a3236f6d44b1ca3f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Terms defined in the Agreement have the same meaning when used in this Compliance Certificate when given a different meaning in this Compliance Certificate.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z8fed5bd12997461ca9af9d606245a14e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000; font-weight: bold;">3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">We certify that:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z45319257ced8446d83e1d40173eeb541" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">attached to this certificate are the latest unaudited financial statements of [</font><font style="font-style: italic; color: #000000;">name of relevant Borrower</font><font style="color: #000000;">] for
                    the financial [year] [quarter] ending on </font>[&#9679;]<font style="color: #000000;"> 20 </font>[&#9679;]<font style="color: #000000;">;</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z7f529fc654954440b2739c7e5e727a4f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">such statements fairly represent [<font style="font-style: italic;">that Borrower's</font>] financial condition as at the date of such statements;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table id="z9838073631b2439eae7cb6648948c80c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 35.45pt; vertical-align: top; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">as at the date of this Certificate, no [Event of][Default] has occurred and is continuing.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z2f74deaae4d4457fb9913592a533c1a3" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 60%;">
                  <div style="text-align: justify; color: #000000;">Signed by:</div>
                </td>
                <td style="width: 40%;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 60%;"><br>
                </td>
                <td style="width: 40%;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 60%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                </td>
                <td style="width: 40%; padding-bottom: 2px;"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 60%;">
                  <div style="text-align: justify; color: #000000;">[Officer]</div>
                </td>
                <td style="width: 40%;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">176</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">EXECUTION PAGES</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-weight: bold;">INITIAL BORROWERS</div>
        <div><br>
          <div>
            <table id="z4dbf89fe8a6348c69a4d31593e345a95" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;"><font style="font-weight: bold;">SIGNED</font> by Dionysios (Dennis) Psachos</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">
                    <div style="text-align: justify;">/s/ Dionysios (Dennis) Psachos</div>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">an attorney-in-fact</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">for and on behalf of</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify; font-weight: bold;">POSITANO MARINE INC.</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">in the presence of:</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">Witness' signature: /s/ Eliza-Elisavet Makri</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">Witness' name: Eliza-Elisavet Makri</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">Witness' address: Watson Farley &amp; Williams Greece</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 12%; vertical-align: top;"><br>
                  </td>
                  <td style="width: 23%; vertical-align: top;">
                    <div style="text-align: justify;">348 Syngrou Avenue</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 12%; vertical-align: top;"><br>
                  </td>
                  <td style="width: 23%; vertical-align: top;">
                    <div style="text-align: justify;">176 74 Kallithea</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 12%; vertical-align: top;">
                    <div style="text-align: justify;"><br>
                    </div>
                  </td>
                  <td style="width: 23%; vertical-align: top;">
                    <div style="text-align: justify;">Athens - Greece</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2"><br>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;"><font style="font-weight: bold;">SIGNED</font> by Dionysios (Dennis) Psachos</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)&#160; <br>
                    </div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">/s/ Dionysios (Dennis) Psachos</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">an attorney-in-fact</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">for and on behalf of</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify; font-weight: bold;">REEF SHIPTRADE LTD</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">in the presence of:</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">Witness' signature: /s/ Eliza-Elisavet Makri</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">Witness' name: Eliza-Elisavet Makri</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: justify;">Witness' address: Watson Farley &amp; Williams Greece</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">
                    <div style="text-align: justify;">)</div>
                  </td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 12%; vertical-align: top;">
                    <div style="text-align: justify;"><br>
                    </div>
                  </td>
                  <td style="width: 23%; vertical-align: top;">
                    <div style="text-align: justify;">348 Syngrou Avenue</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 12%; vertical-align: top;">
                    <div style="text-align: justify;"><br>
                    </div>
                  </td>
                  <td style="width: 23%; vertical-align: top;">
                    <div style="text-align: justify;">176 74 Kallithea</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 12%; vertical-align: top;">
                    <div style="text-align: justify;"><br>
                    </div>
                  </td>
                  <td style="width: 23%; vertical-align: top;">
                    <div style="text-align: justify;">Athens - Greece</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 63%; vertical-align: top;">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
        </div>
        <div style="text-align: justify; font-weight: bold;">GUARANTOR</div>
        <div style="text-align: justify; font-weight: bold;"> <br>
        </div>
        <div>
          <table id="z5e86e1964a5f40168e089f32b201043c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;"><font style="font-weight: bold;">SIGNED</font> by Dionysios (Dennis) Psachos</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">) <br>
                  </div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">/s/ Dionysios (Dennis) Psachos <br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">an attorney-in-fact</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">for and on behalf of</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">MAUI SHIPPING CO.</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">in the presence of:</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' signature: /s/ Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' name: Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' address: Watson Farley &amp; Williams Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
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                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">348 Syngrou Avenue</div>
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                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
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                <td style="width: 23%; vertical-align: top;">
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                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
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                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">Athens - Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;"><font style="font-weight: bold;">SIGNED</font> by Georgia Asimakopoulos, attorney of fact</div>
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                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)<br>
                  </div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">/s/ Georgia Asimakopoulos</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
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                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">for and on behalf of</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
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                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">in the presence of:</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' signature: /s/ Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' name: Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' address: Watson Farley &amp; Williams Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
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              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">348 Syngrou Avenue</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">176 74 Kallithea</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">Athens - Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">ARRANGER</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;"><font style="font-weight: bold;">SIGNED</font> by Georgia Asimakopoulos, attorney of fact</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">/s/ Georgia Asimakopoulos</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">for and on behalf of</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">in the presence of:</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' signature: /s/ Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' name: Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' address: Watson Farley &amp; Williams Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">348 Syngrou Avenue</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">176 74 Kallithea</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">Athens - Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">FACILITY AGENT</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;"><font style="font-weight: bold;">SIGNED</font> by Georgia Asimakopoulos, attorney of fact</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)<br>
                  </div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">/s/ Georgia Asimakopoulos</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">for and on behalf of</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">in the presence of:</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' signature: /s/ Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' name: Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' address: Watson Farley &amp; Williams Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">348 Syngrou Avenue</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">176 74 Kallithea</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">Athens - Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">SECURITY AGENT</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;"><font style="font-weight: bold;">SIGNED </font>by Georgia Asimakopoulos, attorney of fact</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)<br>
                  </div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">/s/ Georgia Asimakopoulos</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">&#160;</td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">for and on behalf of</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; font-weight: bold;">MACQUARIE BANK LIMITED, LONDON BRANCH</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">in the presence of:</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' signature: /s/ Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify;">Witness' name: Eliza-Elisavet Makri</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: top;" colspan="2">
                  <div style="text-align: justify; color: #000000;">Witness' address: Watson Farley &amp; Williams Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: justify;">)</div>
                </td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">348 Syngrou Avenue</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify;">176 74 Kallithea</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 12%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><br>
                  </div>
                </td>
                <td style="width: 23%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Athens - Greece</div>
                </td>
                <td style="width: 2%; vertical-align: top;">&#160;</td>
                <td style="width: 63%; vertical-align: top;" colspan="1">&#160;</td>
              </tr>

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        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <div style="text-align: center;"> <font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">178</font> </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>13
<FILENAME>ny20040020x3_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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      <div style="text-align: right; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">EXHIBIT 10.5</div>
      <div style="text-align: right; text-indent: -36pt; margin-left: 36pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">FORM OF SECURITIES PURCHASE AGREEMENT</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This Securities Purchase Agreement (this &#8220;<u>Agreement</u>&#8221;) is dated as of [_____], 2025, between Icon Energy Corp., a company incorporated under the laws of the Republic of the Marshall Islands
        (the &#8220;<u>Company</u>&#8221;), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a &#8220;<u>Purchaser</u>&#8221; and collectively the &#8220;<u>Purchasers</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act (as defined below), the Company desires to
        issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the
        Company and each Purchaser agree as follows:</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE I.</div>
      <div style="text-align: center;">DEFINITIONS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Definitions</u>.&#160; In addition to the terms defined elsewhere in this Agreement, for all purposes of this
          Agreement, the following terms have the meanings set forth in this Section 1.1:</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 72pt;">&#8220;<u>Acquiring Person</u>&#8221; shall have the meaning ascribed to such term in Section 4.5.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Action</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(j).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such
        terms are used in and construed under Rule 405 under the Securities Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Applicable Laws</u>&#8221; means all United States (federal, state and local) and foreign statutes, rules, regulations, codes, treaties, or guidance applicable to the Company or
        the Subsidiaries.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Authorized Agent</u>&#8221; shall have the meaning ascribed to such term in Section 5.9.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Board of Directors</u>&#8221; means the board of directors of the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed;
        <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&#160; or any other similar orders or
        restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally
        open for use by customers on such day.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Closing</u>&#8221; means the closing of the purchase and sale of the Securities pursuant to Section 2.1.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Closing Date</u>&#8221; means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions
        precedent to (i) the Purchasers&#8217; obligations to pay the Subscription Amount and (ii) the Company&#8217;s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the first (1st) Trading Day following
        the date hereof (or the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date hereof if this Agreement is signed on a day that is not a Trading Day or after 4:00 p.m. (New York
        City time) and before midnight (New York City time) on a Trading Day).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be
        reclassified or changed.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including,
        without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Unit</u>&#8221; means each unit consisting of (a) one Share and (b) one Common Warrant to purchase one Common Warrant Share.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Unit Subscription Amount</u>&#8221; means, as to each Purchaser, the aggregate amount to be paid for the Common Units hereunder, as specified below such Purchaser&#8217;s name on
        the signature page of this Agreement and next to the heading &#8220;Common Unit Subscription Amount,&#8221; in United States dollars and in immediately available funds.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Warrants</u>&#8221; means, collectively, the Class A Warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Class A Warrants
        shall be exercisable immediately upon issuance and have a term of exercise equal to [three (3) years], in the form of <u>Exhibit B</u> attached hereto.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Warrant Shares</u>&#8221; means the Common Shares issuable upon exercise of the Common Warrants.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Company Counsel</u>&#8221; means Watson Farley &amp; Williams LLP, with offices located at 120 West 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
        Street, 20th Floor, New York, New York 10036.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Credit Facility</u>&#8221; means any credit facility or loan agreement to which the Company or any of its Subsidiaries is a party or their assets are bound, as disclosed in the SEC
        Reports.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Disclosure Time</u>&#8221; means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City
        time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight (New
        York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>EGS</u>&#8221; means Ellenoff Grossman &amp; Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exempt Issuance</u>&#8221; means the issuance of (a) Common Shares or options to employees, officers or directors of the Company pursuant to any share or option plan duly adopted
        for such purpose by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) warrants issued to the
        Placement Agent (and/or its designees) in connection with the transaction consummated pursuant to this Agreement and Common Shares issued upon the exercise of such warrants, (c) securities issued upon the exercise or exchange of or conversion of
        any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Common Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of
        this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with automatic price resets or anti-dilution provisions, stock splits,
        adjustments or combinations as set forth in such securities as of the date of this Agreement) or to extend the term of such securities, (d) additional shares of the Company&#8217;s 9.00% Series A Cumulative Convertible Perpetual Preferred Shares in
        accordance with their terms in lieu of cash dividends, (e) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as
        &#8220;restricted securities&#8221; (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.11(a) herein, and provided that any
        such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide
        to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is
        investing in securities and (f) Securities issued to other purchasers pursuant to the Prospectus concurrently with the Closing at the same Per Common Unit Purchase Price or Per Prefunded Unit Purchase Price, as applicable.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>FCPA</u>&#8221; means the Foreign Corrupt Practices Act of 1977, as amended.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>GAAP</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Governmental Authority</u>&#8221; means any federal, provincial, state, local, foreign or other governmental, quasi-governmental or administrative agency, court or body or any
        other type of regulatory authority or body, including, without limitation, the Nasdaq Capital Market.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Indebtedness</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(aa).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Intellectual Property Rights</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(p).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Liens</u>&#8221; means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Lock-Up Agreement</u>&#8221; means the lock-up agreements that are executed on the date hereof by each of the Lock-Up Parties, in the form of <u>Exhibit A</u> attached hereto.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Lock-Up Parties</u>&#8221; means (i) the Company&#8217;s officers and directors and (ii)&#160; Atlantis Holding Corp.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Material Adverse Effect</u>&#8221; shall have the meaning assigned to such term in Section 3.1(b).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Material Permits</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(n).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Per Common Unit Purchase Price</u>&#8221; equals $[_____], subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar
        transactions of the Common Shares that occur after the date of this Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Per Prefunded Unit Purchase Price</u>&#8221; equals the Per Common Unit Purchase Price minus $0.001.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
        government (or an agency or subdivision thereof) or other entity of any kind.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Placement Agent</u>&#8221; means Maxim Group LLC.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><a name="z_Hlk22888370"></a>&#8220;<u>Prefunded Unit</u>&#8221; means each unit consisting of (a) one Prefunded Warrant to purchase one Prefunded Warrant Share and (b) one Common Warrant to
        purchase one Common Warrant Share.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Prefunded Unit Subscription Amount</u>&#8221; means, as to each Purchaser, the aggregate amount to be paid for the Prefunded Units purchased hereunder as specified below such
        Purchaser&#8217;s name on the signature page of this Agreement and next to the heading &#8220;Prefunded Unit Subscription Amount,&#8221; in United States dollars and in immediately available funds.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Prefunded Warrant</u>&#8221; means, collectively, the prefunded warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which prefunded
        warrants shall be exercisable immediately and shall expire when exercised in full, in the form of <u>Exhibit C</u> attached hereto.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Prefunded Warrant Shares</u>&#8221; means the Common Shares issuable upon exercise of the Prefunded Warrants.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Preliminary Prospectus</u>&#8221; means any preliminary prospectus included in the Registration Statement, as originally filed or as part of any amendment thereto, or filed with
        the Commission pursuant to Rule 424(a) of the rules and regulations of the Commission under the Securities Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Pricing Prospectus</u>&#8221; means (i) the Preliminary Prospectus relating to the Securities that was included in the Registration Statement immediately prior to [___] a.m./p.m.
        (New York City time) on the date hereof and (ii) any free writing prospectus (as defined in the Securities Act), taken together.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Proceeding</u>&#8221; means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a
        deposition), whether commenced or threatened.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Prospectus</u>&#8221; means the final prospectus filed for the Registration Statement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Purchaser Party</u>&#8221; shall have the meaning ascribed to such term in Section 4.8.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Registration Statement</u>&#8221; means the effective registration statement on Form F-1 with Commission file No. 333-[_____] which registers the sale of the Shares, the Warrants
        and the Warrant Shares to the Purchasers, and includes any Rule 462(b) Registration Statement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Required Approvals</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(e).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Rule 144</u>&#8221; means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule
        or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Rule 424</u>&#8221; means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule
        or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Rule 462(b) Registration Statement</u>&#8221; means any registration statement prepared by the Company registering additional Securities, which was filed with the Commission on or
        prior to the date hereof and became automatically effective pursuant to Rule 462(b) promulgated by the Commission pursuant to the Securities Act.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>SEC Reports</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Securities</u>&#8221; means the Units, Shares, the Warrants and the Warrant Shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Shares</u>&#8221; means the Common Shares issued or issuable to each Purchaser pursuant to this Agreement (which, for the avoidance of doubt, does not include any Warrant Shares).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Short Sales</u>&#8221; means all &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO under the Exchange Act <font style="color: rgb(0, 0, 0);">(but shall not be deemed to
          include </font>locating and/or borrowing<font style="color: rgb(0, 0, 0);"> Common Shares)</font>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subscription Amount</u>&#8221; means, as to each Purchaser, the Common Unit Subscription Amount and/or the Prefunded Unit Subscription Amount, as applicable, in accordance with
        Section 2.1 herein.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any material subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
        after the date hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the principal Trading Market is open for trading.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American,
        the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the Pink Open Market, OTCQB or the OTCQX (or any successors to any of the foregoing).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transaction Documents</u>&#8221; means this Agreement, the Lock-Up Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements
        executed in connection with the transactions contemplated hereunder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transfer Agent</u>&#8221; means Computershare Trust Company N.A., with offices located at 150 Royall Street, Canton, MA 02021.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Units</u>&#8221; means, collectively, the Common Units and the Prefunded Units.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Variable Rate Transaction</u>&#8221; shall have the meaning ascribed to such term in Section 4.11(b).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrants</u>&#8221; means, collectively, the Common Warrants and the Prefunded Warrants.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrant Shares</u>&#8221; means the Common Warrant Shares and Prefunded Warrant Shares.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE II.</div>
      <div style="text-align: center;">PURCHASE AND SALE</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Closing</u>.&#160; On the Closing Date, upon the terms and subject to the conditions set forth herein, the
          Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $[_____] of Common Units as determined pursuant to Section 2.2(a); <a name="z_Hlk22888427"></a><u>provided</u>, <u>howeve</u>r,
          that, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser&#8217;s Affiliates, and any Person acting as a group together with such Purchaser or any of such Purchaser&#8217;s Affiliates) would
          beneficially own in excess of the Beneficial Ownership Limitation, or as such Purchaser may otherwise choose, in lieu of purchasing Common Units, such Purchaser may elect to purchase Prefunded Units at the Per Prefunded Unit Purchase Price.&#160; The
          &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be 4.99% (or, at the election of the Purchaser at Closing, 9.99%) of the number of Common Shares outstanding immediately after giving effect to the issuance of the Securities on the Closing Date.&#160;
          The determination pursuant to the provisions of the previous sentences of whether any Purchaser&#8217;s beneficial ownership exceeds the Beneficial Ownership Limitation shall be in the sole discretion of such Purchaser and the Company shall have no
          obligation to verify or confirm the accuracy of such determination. Unless otherwise directed by the Placement Agent, each Purchaser&#8217;s Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made
          available for &#8220;Delivery Versus Payment&#8221; settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares and Warrants as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall
          deliver the other items set forth in Section 2.2 deliverable at the Closing.&#160; Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties
          shall mutually agree take place remotely by electronic transfer of the Closing documentation.&#160; Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via &#8220;Delivery Versus Payment&#8221; (&#8220;<u>DVP</u>&#8221;)<font style="font-style: italic;">&#160;</font>(i.e., on the Closing Date, the Company shall issue the Shares registered in the Purchasers&#8217; names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified
          by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer
          to the Company). Notwithstanding anything to the contrary herein and a Purchaser&#8217;s Subscription Amount set forth on the signature pages attached hereto, the number of Shares purchased by a Purchaser (and its Affiliates) hereunder shall not, when
          aggregated with all other Common Shares owned by such Purchaser (and its Affiliates) at such time, result in such Purchaser beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act) in excess of 9.99% of the then
          issued and outstanding Common Shares outstanding at the Closing (the &#8220;Beneficial Ownership Maximum&#8221;), and such Purchaser&#8217;s Subscription Amount, to the extent it would otherwise exceed the Beneficial Ownership Maximum immediately prior to the
          Closing, shall be conditioned upon the issuance of Shares at the Closing to the other Purchasers signatory hereto. The determination pursuant to the provisions of the previous sentence of whether any Purchaser&#8217;s beneficial ownership exceeds the
          Beneficial Ownership Maximum shall be in the sole discretion of such Purchaser and the Company shall have no obligation to verify or confirm the accuracy of such determination. Each Purchaser acknowledges that, concurrently with the Closing and
          pursuant to the Prospectus, the Company may sell additional Units to purchasers not party to this Agreement, and will issue to such purchasers such Common Shares and Warrants, as applicable, in the same form and at the same Per Common Unit
          Purchase Price or Per Prefunded Unit Purchase Price, as applicable. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and
          including the time immediately prior to the Closing (the &#8220;<u>Pre-Settlement Period</u>&#8221;), such Purchaser sells to any Person all, or any portion, of the Shares to be issued hereunder to such Purchaser at the Closing (collectively, the &#8220;<u>Pre-Settlement

            Shares</u>&#8221;), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, such Pre-Settlement Shares at the Closing; provided, that
          the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to the Company&#8217;s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company hereby acknowledges and
          agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any Common Shares to any Person and that any such decision to sell any
          Common Shares by such Purchaser shall solely be made at the time such Purchaser elects to effect any such sale, if any. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise (as defined in the Prefunded Warrants) delivered on
          or prior to 12:00 p.m. (New York City time) on the Closing Date, which may be delivered at any time after the time of execution of this Agreement, the Company agrees to deliver the Prefunded Warrant Shares subject to such notice(s) by 4:00 p.m.
          (New York City time) on the Closing Date and the Closing Date shall be the Warrant Share Delivery Date (as defined in the Prefunded Warrants) for purposes hereunder.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Deliveries</u>.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">On or prior to the Closing Date (except as indicated below), the Company shall deliver or
          cause to be delivered to each Purchaser the following:</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;this Agreement duly executed by the Company;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a legal opinion of Company Counsel, directed to the Placement Agent and the Purchasers, in a form reasonably acceptable to the Placement Agent and the Purchasers;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160; unless settlement at Closing will occur via DVP pursuant to Section 2.1, the Company shall have provided each Purchaser with the Company&#8217;s wire instructions, on
        Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; subject to Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository
        Trust Company Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) Shares equal to such Purchaser&#8217;s Common Unit Subscription Amount divided by the Per Common Unit Purchase Price, registered in the name of such Purchaser;</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a Common Warrant registered in the name of such Purchaser to purchase up to a number of Common Shares equal to 100% of the sum of such Purchaser&#8217;s Shares and
        Prefunded Warrant Shares underlying such Purchaser&#8217;s Prefunded Warrants on the date hereof, with an exercise price equal to $[___], subject to adjustment therein;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><a name="z_Hlk22888458"></a>(vi)&#160;&#160;&#160;&#160;&#160;&#160; for each Purchaser of Prefunded Warrants pursuant to Section 2.1, a Prefunded Warrant registered in the name of such Purchaser to purchase
        up to a number of Common Shares equal to the Purchaser&#8217;s Prefunded Unit Subscription Amount divided by the Per Prefunded Unit Purchase Price, with an exercise price equal to $0.001, subject to adjustment therein;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160; on the date hereof, the duly executed Lock-Up Agreements; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(viii)&#160;&#160;&#160;&#160; the Pricing Prospectus and Prospectus (which may be delivered in accordance with Rule 172 under the Securities Act).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;this Agreement duly executed by such Purchaser; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; such Purchaser&#8217;s Subscription Amount, which shall be made available for &#8220;Delivery Versus Payment&#8221; settlement with the Company or its designee.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Closing Conditions</u>.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">The obligations of the Company hereunder in connection with the Closing are subject to
          the following conditions being met:</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the
        Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate in all material respects (or, to the extent representations or warranties are qualified
        by materiality, in all respects) as of such date);</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when
        made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate in all material respects or, to the extent representations or warranties
        are qualified by materiality or Material Adverse Effect, in all respects) as of such date);</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160; from the date hereof to the Closing Date, trading in the Common Shares shall not have been suspended by the Commission or the Company&#8217;s principal Trading Market, and,
        at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such
        service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or
        international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities
        at the Closing.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE III.</div>
      <div style="text-align: center;">REPRESENTATIONS AND WARRANTIES</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Representations and Warranties of the Company</u>.&#160; The Company hereby makes the following
          representations and warranties to each Purchaser:</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Subsidiaries</u>.&#160; All of the direct and indirect Subsidiaries of the Company are set
          forth in the Registration Statement and the Prospectus.&#160; The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens (except for those arising under any Credit
          Facility), and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization and Qualification</u>.&#160; The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good
        standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.&#160; Neither the Company nor any
        Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.&#160; Each of the Company and the Subsidiaries is duly qualified to conduct
        business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or
        in good standing, as the case may be, would not reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
        assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company&#8217;s ability to perform in any material respect on a timely basis its
        obligations under any Transaction Document (any of (i), (ii) or (iii), a &#8220;<u>Material Adverse Effect</u>&#8221;) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such
        power and authority or qualification.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization; Enforcement</u>.&#160; The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this
        Agreement and each of the other Transaction Documents to which the Company is a party and otherwise to carry out its obligations hereunder and thereunder.&#160; The execution and delivery of this Agreement and each of the other Transaction Documents by
        the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the
        Company&#8217;s shareholders in connection herewith or therewith other than in connection with the Required Approvals.&#160; This Agreement and each other Transaction Document to which the Company is a party has been (or upon delivery will have been) duly
        executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by
        general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of
        specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by Applicable Laws.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; <u>No Conflicts</u>.&#160; The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance
        and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company&#8217;s or any Subsidiary&#8217;s certificate or articles of incorporation,
        bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties
        or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments (except as described in the Registration Statement and the Prospectus or the SEC Reports), acceleration or
        cancellation (with or without notice, lapse of time or both) of, any agreement, Credit Facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a
        party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any Applicable Law or other restriction of any court or
        Governmental Authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each
        of clauses (ii) and (iii), such as would not reasonably be expected to result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Filings, Consents and Approvals</u>.&#160; The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
        or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings
        required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus, (iii) notification(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in the time and
        manner required thereby, and (iv) such filings as are required to be made under applicable state securities laws (collectively, the &#8220;<u>Required Approvals</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Issuance of the Securities; Registration</u>.&#160; The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction
        Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company.&#160; The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and
        nonassessable, free and clear of all Liens imposed by the Company.&#160; No holder of the Securities will be subject to personal liability by reason of being such a holder. The Securities are not and will not be subject to the preemptive rights of any
        holders of any security of the Company or similar contractual rights granted by the Company. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing Prospectus and
        the Prospectus. The Company has reserved from its duly authorized capital stock the maximum number of Common Shares issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration Statement in conformity
        with the requirements of the Securities Act, which became effective on [___________], 2025 (the &#8220;<u>Effective Date</u>&#8221;), including the Preliminary Prospectus and Prospectus, and such amendments and supplements thereto as may have been required to
        the date of this Agreement.&#160; The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Preliminary
        Prospectus or Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission.&#160; The Company, if required by the rules and regulations of the
        Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b).&#160; At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration
        Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required
        to be stated therein or necessary to make the statements therein not misleading; and the Pricing Prospectus and Prospectus and any amendments or supplements thereto, at the time the Pricing Prospectus and the Prospectus or any amendment or
        supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material
        fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company was at the time of the filing of the Registration Statement eligible to use Form F-1 and is eligible
        to use Form F-1 on the date hereof and on the Closing Date.</div>
      <div>&#160;</div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Capitalization</u>.&#160; The capitalization of the Company is disclosed in SEC Reports.&#160; The Company has not issued any capital stock since its <font style="color: rgb(0, 0, 0);">most recently filed periodic report under the Exchange Act, </font>other than pursuant to the exercise of employee share options under the Company&#8217;s share option plans, the issuance of Common Shares to employees pursuant to the
        Company&#8217;s employee share purchase plans and pursuant to the conversion and/or exercise of Common Share Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act.&#160; No Person has any right of first
        refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.&#160; Except as a result of the purchase and sale of the Securities and as disclosed in the SEC
        Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any
        Person any right to subscribe for or acquire, any Common Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional
        Common Shares or Common Share Equivalents or capital stock of any Subsidiary.&#160; The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Common Shares or other securities to any Person (other than the
        Purchasers). Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or
        instrument upon an issuance of securities by the Company or any Subsidiary.&#160; There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts,
        commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any share appreciation rights or &#8220;phantom share&#8221; plans or
        agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws,
        and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.&#160; The authorized shares of the Company conform in all material respects to all statements relating
        thereto contained in the Registration Statement, the Pricing Prospectus and the Prospectus. The offers and sales of the Company&#8217;s securities were at all relevant times either registered under the Securities Act and the applicable state securities
        or Blue Sky laws or, based in part on the representations and warranties of the purchasers, exempt from such registration requirements.&#160; There are no shareholders agreements, voting agreements or other similar agreements with respect to the
        Company&#8217;s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company&#8217;s shareholders.</div>
      <div>&#160;</div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>SEC Reports; Financial Statements</u>.&#160; The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company
        under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the
        foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Registration Statement, Pricing Prospectus and the Prospectus, being collectively referred to herein as the &#8220;<u>SEC Reports</u>&#8221;)
        on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension.&#160; As of their respective dates, the SEC Reports complied in all material respects with the
        requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in
        order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company
        included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing.&#160; Such financial statements have been
        prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (&#8220;<u>GAAP</u>&#8221;), except as may be otherwise specified in such financial statements or the notes thereto and
        except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the
        results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement, the Pricing
        Prospectus and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act to be described in the Registration Statement, the Pricing
        Prospectus, and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a
        party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Pricing Prospectus and the Prospectus, or (ii) is material to the Company&#8217;s business, has been duly authorized and validly executed
        by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company&#8217;s knowledge, the other parties thereto, in accordance with its terms, except (w) such agreements and other instruments
        that have terminated or expired in accordance with their terms, (x) as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally, (y) as
        enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the
        equitable defenses and to the discretion of the court before which any proceeding therefore may be brought&#160; (regardless of whether enforcement is sought in a proceeding of law or in equity). None of such agreements or instruments has been assigned
        by the Company, and neither the Company nor, to the Company&#8217;s knowledge, any other party is in default thereunder and, to the Company&#8217;s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute
        a default thereunder, except, in each case, for such default that would not reasonably be expected to result in a Material Adverse Effect. To the Company&#8217;s knowledge, performance by the Company of the material provisions of such agreements or
        instruments will not result in a violation of any existing Applicable Law or order or decree of any Governmental Authority or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without
        limitation, those relating to environmental laws and regulations, except, in each case, for such violation that would not reasonably be expected to result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>.&#160; Since the date of the latest audited financial statements included within the SEC Reports,
        except as specifically disclosed in a subsequent filing with the Commission, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not
        incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company&#8217;s
        financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to
        its shareholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to any existing
        Company share option plans and (vi) no officer or director of the Company has resigned from any position with the Company.&#160; The Company does not have pending before the Commission any request for confidential treatment of information.&#160; Except for
        the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or
        their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not
        been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made. Except as otherwise disclosed in the SEC Reports, the Company has not: (i) issued any securities or incurred any liability or obligation,
        direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>.&#160; There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
        against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, Governmental Authority (federal, state, county, local or foreign) (collectively, an &#8220;<u>Action</u>&#8221;) which (i) adversely
        affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) would, if there were an unfavorable decision, reasonably be expected to result in a Material Adverse Effect.&#160; Neither the
        Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.&#160; There has not
        been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.&#160; The Commission has not issued any stop order or
        other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Labor Relations</u>.&#160; No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which would
        reasonably be expected to result in a Material Adverse Effect.&#160; To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract,
        confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer
        does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters that would reasonably be expected to have a Material Adverse Effect.&#160; The Company and its Subsidiaries are in compliance with all
        Applicable Laws relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a
        Material Adverse Effect. The Company and each of the Subsidiaries (A) are in compliance, in all material respects, with all Applicable Laws (including pursuant to the Occupational Health and Safety Act or its foreign equivalents) relating to the
        protection of human health and safety in the workplace (&#8220;<u>Occupational Laws</u>&#8221;); (B) have received all required permits, licenses&#160; or other approvals required of it under applicable Occupational Laws to conduct its business as currently
        conducted, except where the failure to obtain such permits, licenses or other approvals would not reasonably be expected to result in a Material Adverse Effect; and (C) are in compliance, in all material respects, with all terms and conditions of
        such required permits, licenses or other approvals.&#160; No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the Company&#8217;s knowledge, threatened against the Company or any of its Subsidiaries relating to
        Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices that would reasonably be expected to form the basis for or give rise to such actions,
        suits, investigations or proceedings.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance</u>.&#160; Neither the Company nor any Subsidiary is in default under or in violation of (and no event has occurred that has not been waived that, with
        notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or
        credit agreement or any other material agreement or instrument to which it is a party or by which it or any of its properties is bound, except as would not have or reasonably be expected to result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; <u>Environmental Laws</u>. (a) Neither the Company nor any of its Subsidiaries is in violation of any applicable international, national, state or local convention,
        law, regulation, order, governmental license, convention, treaty (including those promulgated by the International Maritime Organization) or other requirement relating to pollution or protection of human health or safety (as they relate to exposure
        to Materials of Environmental Concern (as defined below)) or protection of the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or protection of natural resources, including
        without limitation, conventions, laws or regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum, petroleum products or other
        hydrocarbons (collectively, &#8220;<u>Materials of Environmental Concern&#8221;</u>), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern
        (collectively, &#8220;<u>Environmental Laws&#8221;</u>), nor has the Company or any Subsidiary received any written communication, whether from a Governmental Authority, citizens group, employee or otherwise, that alleges that the Company or any such
        Subsidiary is in violation of any Environmental Law or governmental license required pursuant to Environmental Law; except, in each case, as would not, individually or in the aggregate, have a Material Adverse Effect; (b) there is no claim, action
        or cause of action filed with a court or Governmental Authority and no investigation, or other action with respect to which the Company or any Subsidiary has received written notice alleging potential liability for investigatory costs, cleanup
        costs, governmental response costs, natural resources damages, property damages, personal injuries, attorneys' fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of
        Environmental Concern at any location owned, leased or operated by the Company or any Subsidiary, now or in the past, or from any vessel owned, leased or operated by the Company or any Subsidiary, now or in the past (collectively, &#8220;<u>Environmental
          Claim&#8221;</u>), pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary or any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either
        contractually or by operation of law, except as would not, individually or in the aggregate, have a Material Adverse Effect; (c) to the knowledge of the Company, there are no past or present actions, activities, circumstances, conditions, events or
        incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably would be expected to result in a violation of any Environmental Law, require expenditures to
        be incurred pursuant to Environmental Law, or form the basis of an Environmental Claim against the Company, any Subsidiary or against any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or
        assumed either contractually or by operation of law, except as would not, individually or in the aggregate, have a Material Adverse Effect (for the avoidance of doubt, the operation of vessels in the ordinary course of business shall not be deemed,
        by itself, an action, activity, circumstance or condition set forth in this clause (c)); and (d) none of the Company or any Subsidiary is subject to any pending proceeding under Environmental Law to which a Governmental Authority is a party and
        which the Company reasonably believes is likely to result in monetary sanctions of $100,000 or more. The Company has reasonably concluded that any existing compliance and remediation costs and liabilities arising under Environmental Laws and
        resulting from the business, operations or properties of the Company or any Subsidiary would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Registration
        Statement and the Prospectus. In the ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company and the Subsidiaries, in the course of which
        it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or
        approval, any related constraints on operating activities and any potential liabilities to third parties).&#160; No facts or circumstances have come to the Company's attention that could result in costs or liabilities that could be expected,
        individually or in the aggregate, to have a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160; <u>Regulatory Permits</u>.&#160; T<font style="color: rgb(0, 0, 0);">he Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
          appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a
          Material Adverse Effect (&#8220;<u>Material Permits</u>&#8221;), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160; <u>Title to Assets</u>.&#160; The Company and the Subsidiaries have good and marketable title in fee simple to, or have valid and marketable rights to lease or otherwise
        use, all real property and all personal property that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens except such as are described in the Registration Statement and the Prospectus and except
        for (i) any maritime Liens incurred in the ordinary course, including in connection with any Credit Facility (ii) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made
        of such property by the Company and the Subsidiaries and (iii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP, and the payment of which is neither delinquent
        nor subject to penalties.&#160; Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160; <u>Intellectual Property</u>.&#160; The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications,
        service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the Registration
        Statement and the Prospectus and which the failure to do so could have a Material Adverse Effect (collectively, the &#8220;<u>Intellectual Property Rights</u>&#8221;).&#160; None of, and neither the Company nor any Subsidiary has received a notice (written or
        otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.&#160; Neither the Company nor any Subsidiary
        has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any
        Person.&#160; To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights.&#160; The Company and its Subsidiaries have taken
        reasonable security measures to protect the secrecy, confidentiality and value of all of their Intellectual Property Rights, except where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material
        Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance</u>.&#160; The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts
        as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage.&#160; Neither the Company nor any Subsidiary has any reason to believe that
        it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a material increase in cost.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transactions With Affiliates and Employees</u>.&#160; Except as disclosed in the SEC Reports, none of the officers or directors of the Company or any Subsidiary and,
        to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any
        contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring
        payments to or from, any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or
        partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including share option
        agreements under any share option plan of the Company.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Sarbanes-Oxley; Internal Accounting Controls</u>.&#160; Solely to the extent that the Sarbanes-Oxley Act of 2002, as amended, and the applicable rules and regulations
        promulgated by the Commission thereunder have been applicable to the Company, there is, and has been, no failure on the part of the Company to comply in all material respects with any provision of the Sarbanes-Oxley Act.&#160; The Company has taken all
        necessary actions to ensure that it is in compliance with all provisions of the Sarbanes-Oxley Act that are in effect and with which the Company is required to comply. (including Section 402 related to loans) and is actively taking steps to ensure
        that it will be in compliance with other provisions of the Sarbanes-Oxley Act not currently in effect or which will become applicable to the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain Fees</u>.&#160; Except as set forth in the Registration Statement, the Pricing Prospectus and the Prospectus, no brokerage or finder&#8217;s fees or commissions are
        or will be payable by the Company, any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the
        Transaction Documents.&#160; The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the
        transactions contemplated by the Transaction Documents. To the Company&#8217;s knowledge, there are no other arrangements, agreements or understandings of the Company or, to the Company&#8217;s knowledge, any of its shareholders that may affect the Placement
        Agent&#8217;s compensation, as determined by FINRA. Except as set forth in the Registration Statement, the Pricing Prospectus and Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person,
        as a finder&#8217;s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii)&#160; any FINRA member participating in the
        Offering as defined in FINRA Rule 5110 (a &#8220;<u>Participating Member</u>&#8221;); or (iii) any person or entity that has any direct or indirect affiliation or association with any Participating Member, within the twelve (12) months prior to the date
        hereof. None of the net proceeds of the Offering will be paid by the Company to any Participating Member or its affiliates, except as specifically authorized herein.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities will not be or be an Affiliate
        of an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended.&#160; The Company shall conduct its business in a manner so that it will not become required to register as an &#8220;investment company&#8221; under the Investment
        Company Act of 1940, as amended.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registration Rights</u>.&#160; Except as disclosed in the SEC Reports, no Person has any right to cause the Company or any Subsidiary to effect the registration under
        the Securities Act of any securities of the Company or any Subsidiary.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(w)&#160;&#160;&#160;&#160;&#160;&#160; <u>Listing and Maintenance Requirements</u>.&#160; The Common Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action
        designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such
        registration.&#160; The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Shares are or have been listed or quoted to the effect that the Company is not in compliance with the
        listing or maintenance requirements of such Trading Market. Except as disclosed in the SEC Reports, the Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and
        maintenance requirements. The Common Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust
        Company (or such other established clearing corporation) in connection with such electronic transfer.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Intentionally Omitted</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disclosure</u>.&#160; Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that
        neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise
        disclosed in the SEC Reports.&#160;&#160; The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company.&#160;&#160; None of the SEC Reports, when filed, contained any untrue
        statement of a material fact or omitted to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that no
        Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><a name="z_Toc430524909"></a><a name="z_Toc449254780"></a>(z)&#160;&#160;&#160;&#160;&#160;&#160; <u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers&#8217; representations and warranties set
        forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
        circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company
        are listed or designated.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(aa)&#160;&#160;&#160;&#160;&#160; <u>Solvency</u>.&#160; Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the
        proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company&#8217;s assets exceeds the amount that will be required to be paid on or in respect of the Company&#8217;s existing debts and other liabilities (including known
        contingent liabilities) as they mature, (ii) the Company&#8217;s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
        capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof as such matters are described in the Registration Statement, and (iii) the current cash flow of the
        Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such
        amounts are required to be paid.&#160; The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).&#160; The Company has no
        knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The Sec Reports set forth as
        of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary. For the purposes of this Agreement, &#8220;<u>Indebtedness</u>&#8221; means (x) any liabilities for borrowed money or amounts owed in excess of $100,000
        (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the
        Company&#8217;s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease <a name="z_Toc497644622"></a>payments in excess of $100,000 due under leases required to be capitalized in accordance with GAAP.&#160; Neither the Company nor any Subsidiary is in default with respect to any Indebtedness that would reasonably be expected
        to result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><a name="z_DV_C40"></a>(bb)&#160;&#160;&#160;&#160;&#160; <u>Tax Status</u>.&#160; Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material
        Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is
        subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate
        for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply.&#160; There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and
        the officers of the Company or of any Subsidiary know of no basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and
        unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements.&#160; The term &#8220;taxes&#8221; mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales,
        use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or
        charges of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto.&#160; The term &#8220;returns&#8221; means all returns, declarations, reports, statements, and other documents required to be
        filed in respect to taxes.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(cc)&#160;&#160;&#160;&#160;&#160;&#160; <u>Foreign Corrupt Practices</u>.&#160; Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on
        behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to
        foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
        acting on its behalf of which the Company is aware) which is in violation of Applicable Law, or (iv) violated in any material respect any provision of the FCPA or any foreign equivalent.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(dd)&#160;&#160;&#160;&#160;&#160; <u>Accountants</u>.&#160; The Company&#8217;s accounting firm is set forth in the Pricing Prospectus and Prospectus.&#160; To the knowledge and belief of the Company, such accounting
        firm (i) is an independent registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company&#8217;s Annual Report for the fiscal year ended
        December 31, 2024.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(ee)&#160;&#160;&#160;&#160;&#160; <u>Acknowledgment Regarding Purchasers&#8217; Purchase of Securities</u>.&#160; The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity
        of an arm&#8217;s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby.&#160; The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar
        capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the
        transactions contemplated thereby is merely incidental to the Purchasers&#8217; purchase of the Securities.&#160; The Company further represents to each Purchaser that the Company&#8217;s decision to enter into this Agreement and the other Transaction Documents has
        been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(ff)&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Acknowledgment Regarding Purchaser&#8217;s Trading Activity</u>.&#160; Anything in this Agreement or elsewhere herein to the contrary
          notwithstanding (except for Sections 3.2(f) and 4.13 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or
          selling, long and/or short, securities of the Company, or &#8220;derivative&#8221; securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser,
          specifically including, without limitation, Short Sales or &#8220;derivative&#8221; transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company&#8217;s publicly-traded
          securities; (iii) any Purchaser, and counter-parties in &#8220;derivative&#8221; transactions to which any such Purchaser is a party, directly or indirectly, presently may have a &#8220;short&#8221; position in the</font> Common Shares<font style="color: rgb(0, 0, 0);">,
          and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm&#8217;s length counter-party in any &#8220;derivative&#8221; transaction.&#160; </font>The Company further understands and acknowledges that (y) one or more Purchasers may
        engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined,
        and (z) such hedging activities (if any) could reduce the value of the existing shareholders' equity interests in the Company at and after the time that the hedging activities are being conducted.&#160; The Company acknowledges that such aforementioned
        hedging activities do not constitute a breach of any of the Transaction Documents.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(gg)&#160;&#160;&#160;&#160;&#160;&#160; <u>Regulation M Compliance</u>.&#160; The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to
        cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any
        of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement Agent in
        connection with the placement of the Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(hh)&#160;&#160;&#160;&#160;&#160;&#160; <u>Cybersecurity</u>.&#160; (i)(x) <font style="color: rgb(0, 0, 0);">T</font>here has been no material security breach or other compromise of or relating to any of the
        Company&#8217;s or any Subsidiary&#8217;s information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by them or on their
        behalf), equipment or technology (collectively, &#8220;<u>IT Systems and Data</u>&#8221;) and (y) the Company and the Subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any
        material security breach or other compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or
        arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access,
        misappropriation or modification, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable
        safeguards for companies similarly situated to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have
        implemented commercially reasonable backup and disaster recovery technology consistent with industry standards and practices for companies similarly situated.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Compliance with Data Privacy Laws</u>.&#160; (i) The Company and the Subsidiaries are, and at all times during the last three (3)
          years were, in compliance in all material respects with all applicable state, federal and foreign data privacy and security laws and regulations, including, without limitation, the European Union General Data Protection Regulation (&#8220;<u>GDPR</u>&#8221;)
          (EU 2016/679) (collectively, &#8220;<u>Privacy Laws</u>&#8221;); (ii) the Company and the Subsidiaries have in place, comply with, and take appropriate steps reasonably designed to ensure compliance in all material respects with their policies and procedures
          relating to data privacy and security and the collection, storage, use, disclosure, handling and analysis of Personal Data (as defined below) (the &#8220;<u>Policies</u>&#8221;); (iii) the Company provides accurate notice of its applicable Policies to its
          customers, employees, third party vendors and representatives as required by the Privacy Laws; and (iv) applicable Policies provide accurate and sufficient notice of the Company&#8217;s then-current privacy practices relating to its subject matter, and
          do not contain any material omissions of the Company&#8217;s then-current privacy practices, as required by Privacy Laws. &#8220;<u>Personal Data</u>&#8221; means (i) a natural person&#8217;s name, street address, telephone number, email address, photograph, social
          security number, bank information, or customer or account number; (ii) any information which would qualify as &#8220;personally identifying information&#8221; under the Federal Trade Commission Act, as amended; (iii) &#8220;personal data&#8221; as defined by GDPR; and
          (iv) any other piece of information that allows the identification of such natural person, or his or her family, or permits the collection or analysis of any identifiable data related to an identified person&#8217;s health or sexual orientation. (i)
          None of such disclosures made or contained in any of the Policies have been inaccurate, misleading, or deceptive in violation of any Privacy Laws and (ii) the execution, delivery and performance of the Transaction Documents will not result in a
          breach of any Privacy Laws or Policies, except, in each case, as would not reasonably be expected to result in a Material Adverse Effect.&#160; Neither the Company nor the Subsidiaries (i) to the knowledge of the Company, has received written notice
          of any actual or potential liability of the Company or the Subsidiaries under, or actual or potential violation by the Company or the Subsidiaries of, any of the Privacy Laws; (ii) is currently conducting or paying for, in whole or in part, any
          investigation, remediation or other corrective action pursuant to any regulatory request or demand pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement by or with any court or arbitrator or governmental or
          regulatory authority that imposed any obligation or liability under any Privacy Law, except, in each case, as would not reasonably be expected to result in a Material Adverse Effect.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Share Option Plans</u>. The Company has no stock option plans.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(kk)&#160;&#160;&#160;&#160;&#160; <u>Office of Foreign Assets Control</u>.&#160; Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate
        of the Company&#160; or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#8220;<u>OFAC</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(ll)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>U.S. Real Property Holding Corporation</u>.&#160; The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of
        the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser&#8217;s request.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(mm)&#160;&#160;&#160; <u>Bank Holding Company Act</u>.&#160; Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the &#8220;<u>BHCA</u>&#8221;)

        and to regulation by the Board of Governors of the Federal Reserve System (the &#8220;<u>Federal Reserve</u>&#8221;).&#160; Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the
        outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.&#160; Neither the Company nor any of its
        Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(nn)&#160;&#160;&#160; &#160; <u>Money Laundering</u>.&#160; The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial
        record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the &#8220;<u>Money Laundering Laws</u>&#8221;),

        and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any
        Subsidiary, threatened.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">(oo)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Maritime Representations</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; The vessels described in the Registration Statement and the Prospectus as being owned by the Company or a Subsidiary as described therein (the &#8220;<u>Owned Vessels</u>&#8221;)

        has been duly and validly registered in the name of a Subsidiary under the laws and regulations and flag of the nation of its registration; no other action is necessary to establish and perfect such entity&#8217;s title to and interest in the Owned&#160;
        Vessels as against any third party; and the Owned Vessels are owned directly by such Subsidiary free and clear of all Liens, except for any maritime Liens incurred in the ordinary course and except such as are described in the Registration
        Statement and the Prospectus.&#160; Such Subsidiary has good title to the Owned Vessels, free and clear of all Liens and all defects of the title of record except for any maritime Liens incurred in the ordinary course, as disclosed in the Registration
        Statement and the Prospectus.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as described in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries is a party to any memorandum of agreement
        or option agreement to purchase any vessels.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No vessel is currently being built for the Company or any Subsidiary.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; The Owned Vessels are in good standing with respect to the payment of past and current taxes, fees and other amounts payable under the laws of the jurisdiction in
        which it is registered, except where such lien or defect of title or record would not result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Owned Vessels are operated in compliance with the rules, codes of practice, conventions, protocols, guidelines or similar requirements or restrictions
        imposed, published or promulgated by any Governmental Authority, classification society or insurer applicable to the Owned Vessel (collectively, &#8220;<u>Maritime Guidelines</u>&#8221;) and all applicable international, national, state and local conventions,
        laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws), in each case as in effect on the date hereof, except where such failure to be in compliance would not result in a
        Material Adverse Effect. The Company and the applicable Subsidiary are qualified to own or lease, as the case may be, and operate the Owned Vessel under all applicable international, national, state and local conventions, laws, regulations, orders,
        governmental licenses and other requirements (including, without limitation, all Environmental Laws) and Maritime Guidelines, including the laws, regulations and orders of each such vessel&#8217;s flag state, in each case as in effect on the date hereof,
        except where such failure to be so qualified would not result in a Material Adverse Effect.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt;">(vi)&#160;&#160;&#160;&#160; The Owned Vessels are classed by a classification society which is a full member of the International Association of Classification Societies and the Owned Vessels
        are in class with valid class and trading certificates, without any overdue recommendations, in each case based on the classification and certification requirements in effect on the date hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(pp)&#160;&#160;&#160;&#160;&#160;&#160; <u>Foreign Private Issuer</u>.&#160; The Company is a &#8220;foreign private issuer&#8221; as defined in Rule 405 promulgated under the Securities Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(qq)&#160;&#160;&#160;&#160;&#160; <u>Consent to Jurisdiction</u>.&#160; The Company has the power to submit, and pursuant to this Agreement has legally, validly, effectively and irrevocably submitted, to
        the jurisdiction of any federal or state court in the State of New York, County of New York, and has the power to designate, appoint and empower, and pursuant to this Agreement has legally, validly and effectively designated, appointed and
        empowered, an agent for service of process in any suit or proceeding based on or arising under this Agreement in any federal or state court in the State of New York.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Representations and Warranties of the Purchasers</u>.&#160; Each Purchaser, for itself and for no other
          Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Organization; Authority</u>.&#160; Such Purchaser is either an individual or an entity
          duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter
          into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of
          the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.&#160; Each Transaction Document to
          which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in
          accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii)
          as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">26</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Understandings or Arrangements</u>.&#160; Such Purchaser is acquiring the Securities as
          principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser&#8217;s right
          to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws).&#160; Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchaser Status</u>.&#160; At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
        which it exercises any Warrants, it will be an &#8220;accredited investor&#8221; as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12), or (a)(13) under the Securities Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Experience of Such Purchaser</u>.&#160; Such Purchaser, either alone or together with its
          representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks
          of such investment.&#160; Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.<a name="z_DV_C18"></a></font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity
          to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of
          the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business,
          properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is
          necessary to make an informed investment decision with respect to the investment.&#160; Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information
          or advice with respect to the Securities nor is such information or advice necessary or desired.&#160; Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the
          Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it.&#160; In connection with the issuance of the Securities to such Purchaser, neither the
          Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">27</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 51pt; margin-left: 21pt;"><font style="color: rgb(0, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Certain Transactions and Confidentiality</u>.&#160; Other than consummating the
          transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the
          securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material pricing terms of the
          transactions contemplated hereunder and ending immediately prior to the execution hereof<a name="z_DV_M122"></a>.&#160; Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
          managers manage separate portions of such Purchaser&#8217;s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser&#8217;s assets, the representation set
          forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.&#160; Other than to other Persons party to this Agreement or to
          such Purchaser&#8217;s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in
          connection with this transaction (including the existence and terms of this transaction).&#160; Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions,
          with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser&#8217;s right to rely on the Company&#8217;s representations and warranties contained in
        this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated
        hereby.&#160; Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or
        similar transactions in the future.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE IV.</div>
      <div style="text-align: center;">OTHER AGREEMENTS OF THE PARTIES</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Warrant Shares</u>.&#160; If all or any portion of a Warrant is exercised at a time when there is an
          effective registration statement to cover the issuance or resale of the Warrant Shares or if the Warrant is exercised via cashless exercise, the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends.&#160; If at any
          time following the date hereof the Registration Statement (or any subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available for the sale or resale of the Warrant Shares,
          the Company shall immediately notify the holders of the Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available
          for the sale or resale of the Warrant Shares (it being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance with applicable federal and
          state securities laws).&#160; The Company shall use best efforts to keep a registration statement (including the Registration Statement) registering the issuance or resale of the Warrant Shares effective during the term of the Warrants.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">28</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Furnishing of Information</u>.&#160; Until the earliest of the time that (i) no Purchaser owns Securities or
          (ii) the Warrants have expired, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the
          Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Integration</u>.&#160; The Company shall not sell, offer for sale or solicit offers to buy or otherwise
          negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require
          shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Securities Laws Disclosure; Publicity</u>.&#160; The Company shall (a) by the Disclosure Time, issue a press
          release disclosing the material terms of the transactions contemplated hereby, and (b) file a Report on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act.&#160; From and
          after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of
          their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, in connection with the transactions contemplated by the Transaction Documents.&#160; In addition, effective upon the issuance of
          such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers,
          directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate and be of no further force or effect. The
          Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. The Company and each Purchaser shall consult with each other in issuing any other press
          releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any
          press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which
          case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.&#160; Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name
          of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final
          Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this
          clause (b) and reasonably cooperate with such Purchaser regarding such disclosure.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">29</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Reserved.</u></font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.6</font>&#160;&#160;&#160;&#160;&#160;&#160; <u></u><font style="color: rgb(0, 0, 0);"><u>Non-Public Information</u>.&#160;&#160; Except with respect to the material terms and conditions of the
          transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or
          counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented in writing to the receipt of such information and agreed in
          writing with the Company to keep such information confidential.&#160; The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.&#160; To the extent that the
          Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser&#8217;s consent, the Company hereby covenants and
          agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, or
          a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, not to trade on the basis of, such material, non-public
          information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any
          Subsidiaries, the Company shall simultaneously with the delivery of such notice file such notice with the Commission pursuant to a Report on Form 6-K.&#160; The Company understands and confirms that each Purchaser shall be relying on the foregoing
          covenant in effecting transactions in securities of the Company.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Use of Proceeds</u>.&#160; Except as set forth in the Pricing Prospectus and the Prospectus, the Company
          shall use the net proceeds from the sale of the Securities hereunder as disclosed in the Registration Statement and Prospectus and shall not use such proceeds: (a) for the satisfaction of any portion of the Company&#8217;s debt (other than payment of
          trade payables in the ordinary course of the Company&#8217;s business and prior practices), (b) for the redemption of any Common Shares or Common Share Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or
          OFAC regulations.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">30</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Indemnification of Purchasers</u>.&#160;&#160; <a name="z_Toc430524929"></a><a name="z_Toc449254796"></a><a name="OLE_LINK1"></a><a name="OLE_LINK2"></a>Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other
          Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20
          of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other
          title) of such controlling persons (each, a &#8220;Purchaser Party&#8221;) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and
          reasonable attorneys&#8217; fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this
          Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser
          Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such&#160; Purchaser Party&#8217;s representations, warranties or covenants under the Transaction
          Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially
          determined to constitute fraud, gross negligence or willful misconduct).&#160; If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly
          notify the Company in writing, and, the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.&#160; Any Purchaser Party shall have the right to employ separate counsel
          in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the
          Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel a material conflict on any material issue
          between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.&#160; The Company will not be liable to any
          Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company&#8217;s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss,
          claim, damage or liability is attributable to any Purchaser Party&#8217;s breach of any of the representations, warranties, covenants or agreements made by a Purchaser Party in this Agreement or the other Transaction Documents. The indemnification
          required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred, provided that, in the event that it is judicially determined
          in a final judgement not subject to appeal by a court of competent jurisdiction that such Purchaser Party was not entitled to receive payments for legal and other expenses pursuant to this subparagraph, the Purchaser Party will promptly return
          all sums that had been advanced pursuant hereto.&#160; The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be
          subject to pursuant to law.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Reservation of Common Shares</u>. As of the date hereof, the Company has reserved and the Company shall
          continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Common Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of
          the Warrants.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">31</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.10</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>L</u><a name="z_Toc430524930"></a><a name="z_Toc449254797"></a><u>isting of Common Shares</u>. The Company
          hereby agrees to use reasonable best efforts to maintain the listing or quotation of the Common Shares on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the
          Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Shares traded on any other
          Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as
          promptly as possible.&#160; The Company will then take all action reasonably necessary to continue the listing and trading of its Common Shares on a Trading Market and will comply in all respects with the Company&#8217;s reporting, filing and other
          obligations under the bylaws or rules of the Trading Market.&#160; The Company agrees to maintain the eligibility of the Common Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
          without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Subsequent Equity Sales</u>.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; From the date hereof until ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement to issue or
        announce the issuance or proposed issuance of any Common Shares or Common Share Equivalents or (ii) file any registration statement or amendment or supplement thereto, other than the Prospectus, or filing a registration statement on Form S-8 in
        connection with any employee benefit plan.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; From the date hereof until one hundred eighty (180) days after the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect
        any issuance by the Company or any of its Subsidiaries of Common Shares or Common Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction.&#160; &#8220;<u>Variable Rate Transaction</u>&#8221; means a transaction (for the
        avoidance of doubt, such transaction will not include the accrual of additional shares of the Company&#8217;s 9.00% Series A Cumulative Convertible Perpetual Preferred Shares in accordance with their terms in lieu of cash dividends) in which the Company
        (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Common Shares either (A) at a conversion price, exercise price or exchange rate or other price
        that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being
        reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares or (ii)
        enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or an &#8220;at-the-market offering&#8221;, whereby the Company may issue securities at a future determined price regardless of whether shares
        pursuant to such agreement have actually been issued and regardless of whether such agreement is subsequently canceled.&#160; Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy
        shall be in addition to any right to collect damages.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">32</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.12</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Equal Treatment of Purchasers</u>.&#160; No consideration (including any modification of this Agreement) shall
          be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration is also offered to all of the parties to this Agreement.&#160; For clarification purposes, this provision
          constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting
          in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.13</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other
          Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company&#8217;s securities during the period commencing with
          the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4.</font>&#160; <font style="color: rgb(0, 0, 0);">Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described
          in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction (other than as disclosed to its legal and other representatives).&#160; N</font>otwithstanding the foregoing and notwithstanding anything
        contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the
        Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any
        transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described
        in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company, any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates, or
        agent, including, without limitation, the Placement Agent, after the issuance of the initial press release as described in Section 4.4.&#160; <font style="color: rgb(0, 0, 0);">Notwithstanding the foregoing, in the case of a Purchaser that is a
          multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser&#8217;s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other
          portions of such Purchaser&#8217;s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>[Reserved]</u></font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.15</font>&#160;&#160;&#160;&#160;&#160; <u>Exercise Procedures</u>.&#160; The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the
        Purchasers in order to exercise the Warrants.&#160; No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants.&#160; Without limiting the preceding sentences, no ink-original Notice of
        Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants.&#160; The Company shall honor exercises of the Warrants and shall
        deliver Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.16</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Lock-Up Agreements</u>. Without the prior consent of the Placement Agent, the Company shall not amend,
          modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any party to a Lock-Up Agreement
          breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.</font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE V.</div>
      <div style="text-align: center;">MISCELLANEOUS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Termination</u>.&#160; This Agreement may be terminated by any Purchaser, as to such Purchaser&#8217;s obligations
          hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Trading Day following the date hereof; <u>provided</u>, <u>however</u>, that no such termination will affect the right of any party to sue for any breach by any other party (or
          parties).</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Fees and Expenses</u>.&#160; Except as expressly set forth in the Transaction Documents to the contrary, each
          party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.&#160;
          The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other
          taxes and duties levied in connection with the delivery of any Securities to the Purchasers.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.3</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Entire Agreement</u>.&#160; The Transaction Documents, together with the exhibits and schedules thereto, the
          Pricing Prospectus and the Prospectus, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters,
          which the parties acknowledge have been merged into such documents, exhibits and schedules.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Notices</u>.&#160; Any and all notices or other communications or deliveries required or permitted to be
          provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via email attachment at the email address as set forth on the signature
          pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via email attachment at the email address as set forth on
          the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading
          Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.&#160; The address for such notices and communications shall be as
          set forth on the signature pages attached hereto.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">34</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.5</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Amendments; Waivers</u>.&#160; No provision of this Agreement may be waived, modified, supplemented or amended
          except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares and Prefunded Warrants based on the initial Subscription Amounts hereunder (or, prior to
          the Closing, the Company and each Purchaser) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely
          impacts a Purchaser (or multiple Purchasers), the consent of such disproportionately impacted Purchaser (or at least 50.1% in interest of such multiple Purchasers) shall also be required.&#160; No waiver of any default with respect to any provision,
          condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any
          party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the
          comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of
          Securities and the Company.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Headings</u>.&#160; The headings herein are for convenience only, do not constitute a part of this Agreement
          and shall not be deemed to limit or affect any of the provisions hereof.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Successors and Assigns</u>.&#160; This Agreement shall be binding upon and inure to the benefit of the
          parties and their successors and permitted assigns.&#160; The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger).&#160; Any Purchaser may assign any or all
          of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the
          Transaction Documents that apply to the &#8220;Purchasers.&#8221;</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>No Third-Party Beneficiaries</u>.&#160; The Placement Agent shall be the third party beneficiary of the
          representations, warranties, and covenants of the Company in this Agreement and the representations, warranties, and covenants of the Purchasers in this Agreement.&#160; This Agreement is intended for the benefit of the parties hereto and their
          respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">35</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Governing Law; Agent for Service of Process</u>.&#160; All questions concerning the construction, validity,
          enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.&#160; Each party
          agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
          directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.&#160; Each party hereby irrevocably submits to the exclusive jurisdiction of the
          state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the
          enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or
          Proceeding is improper or is an inconvenient venue for such Proceeding.&#160; Each party hereby irrevocably waives personal service of process, to the extent permitted by law, and consents to process being served in any such Action or Proceeding by
          mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
          sufficient service of process and notice thereof.&#160; Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. In addition to and without limiting the foregoing, the Company hereby
          appoints Company Counsel as its authorized agent (the &#8220;<u>Authorized Agent</u>&#8221;) upon whom process may be served in any suit, action or proceeding arising out of or based upon the this Agreement or the Transaction Documents or the transactions
          contemplated herein which may be instituted in any New York federal or state court, by the Purchasers, the directors, officers, partners, employees and agents of the Purchasers and each affiliate of the Purchasers, and expressly accept the
          non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of
          process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Company hereby authorizes and directs the
          Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent shall cease to act as agent for service of process,
          the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by the
          Purchasers, the directors, officers, partners, employees and agents of the Purchasers and each respective affiliate of the Purchasers, in any court of competent jurisdiction in the Republic of the Marshall Islands. This paragraph shall survive
          any termination of this Agreement, in whole or in part.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Survival</u>.&#160; The representations and warranties contained herein shall survive the Closing and the
          delivery of the Securities.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.11</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Execution</u>.&#160; This Agreement may be executed in two or more counterparts, all of which when taken
          together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart.&#160; In
          the event that any signature is delivered by e-mail delivery of a &#8220;.pdf&#8221; format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
          effect as if such &#8220;.pdf&#8221; signature page were an original thereof.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.12</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a court
          of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
          invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
          restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
          illegal, void or unenforceable.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.13</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Rescission and Withdrawal Right</u>.&#160; Notwithstanding anything to the contrary contained in (and without
          limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within
          the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future
          actions and rights; <u>provided</u>, <u>however</u>, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Common Shares subject to any such rescinded exercise notice
          concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser&#8217;s right to acquire such shares pursuant to such Purchaser&#8217;s Warrant (including, issuance of a
          replacement warrant certificate evidencing such restored right).</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.14</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Replacement of Securities</u>.&#160; If any certificate or instrument evidencing any Securities is mutilated,
          lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but
          only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction.&#160; The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including
          customary indemnity) associated with the issuance of such replacement Securities.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.15</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Remedies</u>.&#160; In addition to being entitled to exercise all rights provided herein or granted by law,
          including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents.&#160; The parties agree that monetary damages may not be adequate compensation for any loss incurred by
          reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.16</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Payment Set Aside</u>.&#160; To the extent that the Company makes a payment or payments to any Purchaser
          pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be
          fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy
          law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such
          payment had not been made or such enforcement or setoff had not occurred.</font></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">37</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.17</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Independent Nature of Purchasers&#8217; Obligations and Rights</u>.&#160; The obligations of each Purchaser under any
          Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction
          Document.&#160; Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other
          kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.&#160; Each Purchaser shall be entitled to
          independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
          party in any Proceeding for such purpose.&#160; Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents.&#160; For reasons of administrative convenience only, each Purchaser and its
          respective counsel have chosen to communicate with the Company through EGS.&#160; EGS does not represent any of the Purchasers and only represents the Placement Agent.&#160; The Company has elected to provide all Purchasers with the same terms and
          Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers.&#160; It is expressly understood and agreed that each provision contained in this Agreement and in each other
          Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.18</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Liquidated Damages</u>.&#160; The Company&#8217;s obligations to pay any partial liquidated damages or other amounts
          owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant
          to which such partial liquidated damages or other amounts are due and payable shall have been canceled.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.19</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);"><u>Saturdays, Sundays, Holidays, etc.</u></font> If the last or appointed
          day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.20</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and
          had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction
          Documents or any amendments thereto. In addition, each and every reference to share prices and Common Shares in any Transaction Document shall be subject to adjustment for reverse and forward share splits, share dividends, share combinations and
          other similar transactions of the Common Shares that occur after the date of this Agreement.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">5.21</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;"><u>WAIVER OF JURY TRIAL</u>.&#160; <u>IN ANY ACTION, SUIT, OR PROCEEDING IN ANY
              JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY
              JURY.</u></font></font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-style: italic;">(Signature Pages Follow)</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">38</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.</div>
      <div>&#160;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z184fddab0c214a6c8802182c3e51ef9b" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="2" style="vertical-align: top;">
              <div style="font-weight: bold;">ICON ENERGY CORP.</div>
            </td>
            <td colspan="1" style="vertical-align: top; width: 2%;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div><u>Address for Notice:</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div>E-Mail:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: top;">
              <div>With a copy to (which shall not constitute notice):</div>
            </td>
            <td colspan="1" style="vertical-align: top; width: 2%;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center;">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
      <div style="text-align: center;">SIGNATURE PAGE FOR PURCHASER FOLLOWS]</div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">39</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center;">[PURCHASER SIGNATURE PAGES TO ICON SECURITIES PURCHASE AGREEMENT]</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.</div>
      <div>&#160;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zed72d32904ed4e939e2becad734a669d" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 14%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Name of Purchaser:</div>
            </td>
            <td colspan="1" style="width: 66%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z2cede50c3e7e4ea2a1dc82d236fed903" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Signature of Authorized Signatory of Purchaser</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></div>
            </td>
            <td colspan="1" style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z3b7995fbd61b4825a7ed12dbaad0f47d" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 22%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Name of Authorized Signatory:</div>
            </td>
            <td colspan="1" style="width: 58%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z92d49cabc7fe4517987f0de2d1696d28" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 22%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Title of Authorized Signatory:</div>
            </td>
            <td colspan="1" style="width: 58%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z1d316357ce4241e4b76a6d1a5d365a2d" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 28%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Email Address of Authorized Signatory:</div>
            </td>
            <td colspan="1" style="width: 52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>Address for Notice to Purchaser:</div>
      <div> <br>
      </div>
      <div>Address for Delivery of Warrants to Purchaser (if not same as address for notice):</div>
      <div><br>
      </div>
      <div>Aggregate Subscription Amount: $_________________</div>
      <div><br>
      </div>
      <div>Common Unit Subscription Amount $_________________</div>
      <div>Common Units: _________________</div>
      <div>Shares: _________________</div>
      <div>Common Warrant Shares __________________&#160; Beneficial Ownership Blocker &#9744; 4.99% or &#9744; 9.99%</div>
      <div><br>
      </div>
      <div>Prefunded Unit Subscription Amount: $_________________</div>
      <div>Prefunded Units: _________________</div>
      <div>Prefunded Warrant Shares: ___________ Beneficial Ownership Blocker &#9744; 4.99% or &#9744; 9.99%</div>
      <div>Common Warrant Shares: __________________ Beneficial Ownership Blocker &#9744; 4.99% or &#9744; 9.99%</div>
      <div>EIN Number: ____________________</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><a name="OLE_LINK14"></a><a name="OLE_LINK13"></a>&#9744;&#160; Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set
        forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the
        Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or
        the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver
        such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center;">[SIGNATURE PAGES CONTINUE] </div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">40</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%41%%%-->
      <div style="text-align: center;"><font style="font-weight: bold;"></font><u><font style="font-weight: bold;">EXHIBIT </font>A</u> </div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;">Form of Lock-Up Agreement</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">41</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><u>EXHIBIT B</u></div>
      <div>&#160;<br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;">Form of Common Warrant</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">42</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><u>EXHIBIT C</u></div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;">Form of Prefunded Warrant</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;"> <br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;"> <br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;"> <font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">43</font> </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-variant: small-caps;">
        <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>14
<FILENAME>ny20040020x3_ex21-1.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 24.12.1.5274
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div>
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="text-align: right; font-weight: bold;">Exhibit 21.1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Icon Energy Corp.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Subsidiaries</div>
    <div style="text-align: center;"> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1907336b80b14d2697b165585d50171c" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Subsidiary</div>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 55%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Jurisdiction of Incorporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 55%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="color: #000000;">Maui Shipping Co.</div>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 55%; vertical-align: top;">
            <div style="color: #000000;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="color: #000000;">Positano Marine Inc.</div>
            <div style="color: #000000;">Reef Shiptrade Ltd</div>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 55%; vertical-align: top;">
            <div style="color: #000000;">Marshall Islands</div>
            <div style="color: #000000;">Marshall Islands</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>15
<FILENAME>ny20040020x3_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 24.12.1.5274
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div>
      <div>
        <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    </div>
    <div style="text-align: right; font-weight: bold;">Exhibit 23.1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">We consent to the reference to our firm under the caption &#8220;Experts&#8221; and to the use of our report dated May 14, 2024<font style="color: #000000;">&#160;</font>(except as to Notes 1, 2, 7, 9 and 12 as to which the date is
        June 12, 2024), in the Registration Statement (Form F-1) and related Prospectus of Icon Energy Corp. for the registration of 4,739,336 Units, each Unit consisting of one Common Share or one Pre-Funded Warrant to Purchase one Common Share and one
        Class A Warrant to Purchase one Common Share.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Athens, Greece</div>
    <div><br>
    </div>
    <div style="text-align: justify;">January 21, 2025</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>16
<FILENAME>ny20040020x3_ex107.htm
<DESCRIPTION>FILING FEES TABLE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 24.12.1.5274
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 107</font><br>
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    <div style="text-align: right;"><font style="font-weight: bold;"> <br>
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        <div style="text-align: center; color: #000000; font-weight: bold;">CALCULATION OF FILING FEE TABLES</div>
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        <div style="text-align: center; color: #000000; font-weight: bold;"><u>Form F-1</u></div>
        <div style="text-align: center; color: #000000;">(Form Type)</div>
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        <div style="text-align: center; color: #000000; font-weight: bold;">Icon Energy Corp.</div>
        <div style="text-align: center; color: #000000;">(Exact Name of Registrant as Specified in its charter)</div>
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        <div style="text-align: center; color: #000000;"><u>Table 1: Newly Registered Securities</u></div>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z21527753fc124c7586ecccaecff906d3" cellpadding="0" cellspacing="0">

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              <div style="text-align: center; color: #000000;">&#160;</div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">Security</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Type</div>
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            <td style="width: 14.68%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Security</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Class Title</div>
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            <td style="width: 12.24%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fee</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Calculation Rule</div>
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            <td style="width: 11.3%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-right: 2px;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Amount</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Registered</div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">Proposed</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Maximum</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Offering</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Price Per Unit</div>
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            <td style="width: 12.26%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Maximum</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Aggregate</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Offering Price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">Fee Rate</div>
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            <td style="width: 13.04%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Amount of Registration Fee</div>
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            <td colspan="9" style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Newly Registered Securities</div>
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            <td rowspan="3" style="width: 6.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fees to Be Paid</div>
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            <td rowspan="3" style="width: 8.84%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Equity</div>
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              <div style="color: #000000;">Units, consisting of:</div>
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            <td style="width: 12.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Other</div>
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            <td style="width: 11.3%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-right: 2px;">&#160;</td>
            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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              <div style="text-align: center; color: #000000;">$0</div>
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              <div style="text-indent: 18pt;"><font style="color: #000000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">Common Shares, par value</font></div>
              <div style="text-indent: 18pt; margin-left: 36pt;"><font style="color: #000000;"> $0.001 per share<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup> or </font></div>
              <div style="text-indent: 18pt; margin-left: 36pt;"><font style="color: #000000;">Pre-funded Warrants to</font></div>
              <div style="text-indent: 18pt; margin-left: 36pt;"><font style="color: #000000;"> purchase Common </font></div>
              <div style="text-indent: 18pt; margin-left: 36pt;"><font style="color: #000000;">Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(3)(4)</sup></font></div>
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            <td style="width: 12.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Rule 457(o)</div>
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              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$10,000,000.00</div>
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            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">0.0001531</div>
              <div>&#160;</div>
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            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$1,531.00</div>
              <div>&#160;</div>
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              <div style="text-indent: 18pt;"><font style="color: #000000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">Class A Warrants to</font></div>
              <div style="text-indent: 18pt; margin-left: 36pt;"><font style="color: #000000;">purchase Common Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
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            <td style="width: 12.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Other</div>
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            <td style="width: 11.3%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-right: 2px;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 6.12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fees to Be Paid</div>
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            <td style="width: 8.84%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Equity</div>
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            <td style="width: 14.68%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Common Shares issuable upon exercise of the Class A Warrants<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)(7)</sup></div>
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            <td style="width: 12.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Other</div>
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            <td style="width: 11.3%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-right: 2px;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$20,000,000.00</div>
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            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">0.0001531</div>
              <div>&#160;</div>
            </td>
            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">3,062.00</div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">Fees to Be Paid</div>
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            <td style="width: 8.84%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Equity</div>
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            <td style="width: 14.68%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Common Shares issuable upon exercise of the Pre-funded Warrants<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)(4)(7)</sup></div>
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            <td style="width: 12.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Other</div>
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            <td style="width: 11.3%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-right: 2px;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 12.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-weight: bold;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#8211;</div>
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            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 6.12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fees to Be Paid</div>
            </td>
            <td style="width: 8.84%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Equity</div>
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            <td style="width: 14.68%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Placement Agent&#8217;s Warrants to purchase Common Shares<sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
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            <td style="width: 12.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="color: #000000;">Rule </font>457(g)</div>
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              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
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            <td style="width: 6.12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fees to Be Paid</div>
            </td>
            <td style="width: 8.84%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Equity</div>
            </td>
            <td style="width: 14.68%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Common Shares issuable upon exercise of the Placement Agent&#8217;s Warrants<sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(6)(7)</sup></div>
            </td>
            <td style="width: 12.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="color: #000000;">Rule </font>457(g)</div>
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            <td style="width: 11.3%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-right: 2px;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
            </td>
            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$550,000.00</div>
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            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">0.0001531</div>
              <div>&#160;</div>
            </td>
            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$85.00</div>
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            <td colspan="5" style="width: 53.18%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Total Offering Amounts <br>
              </div>
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            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$30,550,000.00</div>
            </td>
            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$4,678.00</div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: right; color: #000000; font-weight: bold;">Total Fees Previously Paid</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          </tr>
          <tr>
            <td colspan="5" style="width: 53.18%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: right; color: #000000; font-weight: bold;">Total Fee Offsets</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#8211;</div>
            </td>
          </tr>
          <tr>
            <td colspan="5" style="width: 53.18%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); padding-left: 2px;">
              <div style="text-align: right; color: #000000; font-weight: bold;">Net Fee Due</div>
            </td>
            <td style="width: 11%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 12.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.52%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 13.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$4,678.00</div>
            </td>
          </tr>

      </table>
      <div>
        <div>.<br>
        </div>
        <div><br>
        </div>
        <div>
          <hr style="height: 1pt; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
        <div><br>
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      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z222f26cfe9cd4a2c960f9bfdc1fa0dc5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="color: #000000; text-align: left;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Estimated solely for the purpose of calculating the amount of the registration fee in accordance with Rule 457(o) under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).
                  Pursuant to Rule 416, there are also being registered such indeterminable additional securities as may be issued or resold to prevent dilution as a result of stock splits, stock dividends, recapitalizations, combinations, or similar
                  transactions.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9eb403911d624e57912e0c60ed7b467f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="color: #000000; text-align: left;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">In accordance with Rule 457(g) under the Securities Act, no separate registration fee is required with respect to the warrants registered hereby.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1e4181b1ced42edb801082016c30350" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The proposed maximum aggregate offering price of the Common Shares proposed to be sold in the offering will be reduced on a dollar-for-dollar basis based on the offering price of any pre-funded warrants offered and sold in the
                  offering, and as such the proposed maximum offering price of the Common Shares and pre-funded warrants (including the Common Shares issuable upon exercise of the pre-funded warrants) if any, is $10,000,000.</div>
              </td>
            </tr>

        </table>
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        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z088341dd9e094f8084bb67d99dbbefe9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The registrant may issue pre-funded warrants to purchase Common Shares in the offering. The purchase price of each unit including a pre-funded warrant will equal the price per Unit including one Common Share, minus $0.001, and the
                  exercise price of each pre-funded warrant will be $0.001&#160;per Common Share.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf30f525da25541cba318a0ec1c100a15" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-weight: normal;">
                <div style="text-align: left;">(5)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Based on an assumed per-share exercise price for the Class A Warrants of 200% of the public offering price per unit in this offering.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0bc5bb24c7d04c3f876853563edff507" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left;">(6)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(g) under the Securities Act. The Placement Agent&#8217;s Warrants are exercisable for a number of Common Shares that is equal
                  to 5.0% of the number of units sold in this offering, at a per share exercise price equal to 110% of the public offering price per unit.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf29ea0ffcd541d5adff614ad0be09c8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left;">(7)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Including related preferred stock purchase rights. Preferred stock purchase rights are not currently separable from the Common Shares and are not currently exercisable. The value attributable to the preferred
                  stock purchase rights, if any, will be reflected in the market price of the Common Shares.</div>
              </td>
            </tr>

        </table>
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      <div><br>
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<SEQUENCE>18
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