Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 190

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 7
Chunk 190
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 total

number of

votes, provided

further, that the

total number

of votes

entitled to

vote, including

common

stock or any other voting security, would not exceed 49% of the total number of votes.

Series C Preferred Shares do

not have voting rights unless

they are related to amendments

of the Articles

of Incorporation that adversely

alter the preference, powers

or rights of the

Series C Preferred

Shares or

to

issue

Parity

Stock

or

create

or

issue

Senior

Stock.

Series

C

Preferred

Shares

are

convertible

into

common stock

at the

Company’s option,

at a

conversion price

equal to

the lesser

of $6.5

and the

10-trading

day trailing VWAP of

OceanPal’s common shares,

subject to adjustments.

Additionally, Series C Preferred

Shares have a cumulative preferred dividend accruing

at the rate of 8% per annum, payable in cash or, at

OceanPal’s election,

in kind

and has

a liquidation

preference equal

to the

stated value

of $10,000.

Dividend

income from the OceanPal preferred shares during 2024 amounted to $16,560.

OceanPal Inc. Non-Competition Agreement

We have entered into a non-competition agreement with OceanPal Inc. ("OceanPal"), dated November 2,

2021, pursuant to which we

granted to OceanPal (i) a

right of first refusal over any

opportunity available to

us

(or

any

of

our

subsidiaries)

to

acquire

or

charter-in

any

dry

bulk

vessel

that

is

larger

than

70,000

deadweight

tons

and

that

was

built

prior

to

2006

and

(ii)

a

right

of

first

refusal

over

any

employment

opportunity for

a dry bulk

vessel pursuant

to a spot

market charter

presented or

available to

us with respect

to

any

vessel

owned

or

chartered

in,

directly

or

indirectly,

by

us.

The

non-competition

agreement

also

prohibits

us

and

OceanPal

from

soliciting

each

other's