Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 191

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 7
Chunk 191
---
employees.

The

terms

of

the

non-competition

agreement provide that it

will terminate on the

date that (i) our

ownership of OceanPal’s equity

securities

represents less than

10% of total

outstanding voting power

and (ii)

we and

OceanPal share no

common

executive officers.

OceanPal Inc. Right of First Refusal

On November

2, 2021

we entered

into a

right of

first refusal

agreement with

OceanPal Inc.

pursuant to

which we granted OceanPal

Inc. a right of

first refusal over six

drybulk carriers owned

by us, as of

the date

of the agreement, and identified in the agreement. Pursuant to this right of first refusal,

OceanPal Inc. has

the right, but not the obligation, to purchase one or all of the six identified vessels from us

when and if we

make a determination

to sell one

or more of

the vessels at

a price equal

to the fair

market value of

each

vessel at

the time

of sale,

as determined

by the

average of

two independent

shipbroker valuations

from

brokers mutually

agreeable to

us and

OceanPal Inc.

If OceanPal

Inc. does

not exercise

its right

to purchase

a vessel, we have the

right to sell the vessel

to any third party for

a period of three months

from the date

notified OceanPal Inc.

of our intent to

sell the vessel.

As of the

date of the

annual report, only one

of the

six vessels identified in the agreement remains unsold.

Series D Preferred Stock

In June 2021, we

issued 400 shares of

its newly-designated Series

D Preferred Stock,

par value $0.01

per

share,

to

Tuscany

Shipping

Corp.,

an

entity

controlled

by

its

Chief

Executive

Officer,

Mrs.

Semiramis

Paliou, for

an aggregate

purchase price

of

$360,000. The

Series D

Preferred Stock

has no

dividend or

liquidation rights.

Each share of

Series D Preferred

Stock shall entitle

the holder thereof

to two hundred

thousand (200,000) votes on all

matters submitted to a