Exhibit 4.1


 


GLOBUS MARITIME LIMITED


 


and


 


COMPUTERSHARE INVESTOR SERVICES, as


 


Warrant Agent


 


Warrant Agency Agreement


 


Dated as of June , 2020


 






     


     


    

 


WARRANT AGENCY AGREEMENT


 


WARRANT AGENCY AGREEMENT,
dated as of June , 2020 (“Agreement”), between Globus Maritime Limited, a corporation organized under the laws
of the Republic of the Marshall Islands (the “Company”), and Computershare Investor Services (the “Warrant
Agent”).


 


W I T N E S S E T H


 


WHEREAS, pursuant to
a registered offering by the Company (the “Offering”) of up to ______________ common shares, par value
$0.004 per share (the “Common Shares”) of the Company (or up to ________ Pre-Funded Warrants to purchase Common
Shares for any purchaser who, as a result of purchasing securities in this offering, would, together with its affiliates and other
related parties, beneficially own more than 4.99% or 9.99% of our outstanding Common Shares immediately following the consummation
of the Offering) (the “Pre-Funded Warrants” and, together with the Common Shares and the Common Shares issuable
upon exercise of the Pre-Funded Warrants, the “Shares”) and up to _________ Class A Warrants (the “Warrants”)
to purchase ________ Common Shares (the “Warrant Shares”) at a price of $____ per share; and


 


WHEREAS, the Company
granted an over-allotment option to purchase up to fifteen percent (15%) of  the aggregate number of Shares and/or Warrants
sold, including warrants to purchase an additional ______________Common Shares (the “Over-Allotment Option”)
to the Underwriters; and


 


WHEREAS, upon the terms
and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on Form F-1, as amended
(File No. 333-238119) (the “Registration Statement”), and the terms and conditions of the Warrant Certificate,
the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders,”
which term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants
are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant); and


 


WHEREAS, the Common
Shares (or Pre-Funded Warrants) and Warrants to be issued in connection with the Offering shall be issued separately, but will
be purchased together in the Offering; and


 


WHEREAS, the Company
wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s
transfer agent, the delivery of the Warrant Shares (as defined below).


 


NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:


 


Section
1.               
Certain Definitions. For purposes of this Agreement, all capitalized terms not herein defined shall have the
meanings hereby indicated:


 






     


     


    

 


(a)              
 “Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”).


 


(b)              
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday
in the United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action
to close.


 


(c)              
“Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided,
however, that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business
Day.


 


(d)              
“Person” means an individual, corporation, association, partnership, limited liability company, joint
venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.


 


(e)              
 “Warrant Certificate” means a certificate in substantially the form attached as Exhibit 1 hereto,
representing such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate
in this Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).


 


All other capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.


 


Section
2.               
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company
in accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.


 


Section
3.               
Global Warrants.


 


(a)              
The Warrants shall be registered securities and shall be evidenced by a global warrant (the “Global Warrants”),
in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede &
Co., a nominee of The Depository Trust Company (the “DTC”), or as otherwise directed by the DTC. Ownership of
beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by (i) the DTC or its nominee for each Global Warrant or (ii) institutions that have accounts with the DTC (such institution, with
respect to a Warrant in its account, a “Participant”).


 


(b)              
If the DTC subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for,
or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions
to the DTC to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent
to deliver to each Holder a Warrant Certificate.


 


(c)              
A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant
Certificate Request Notice (as defined below).


 






    3


     


    

 


Upon written notice by a Holder to the
Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a separate certificate substantially in
the form attached hereto as Exhibit 1 (such separate certificate, a “Definitive Certificate”) evidencing
the same number of Warrants, which request shall be in the form attached hereto as Exhibit 2 (a “Warrant Certificate
Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant
Certificate Request Notice Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants
for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Warrant Agent
shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder a Definitive Certificate for such
number of Warrants in the name set forth in the Warrant Certificate Request Notice.  Such Definitive Certificate shall be
dated the original issue date of the Warrants, shall be executed manually or by facsimile by an authorized signatory of the Company,
shall be substantially in the form attached hereto as Exhibit 1 and shall be reasonably acceptable in all respects to such
Holder.  In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver,
the Definitive Certificate to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the
delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). 
If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to a Warrant Certificate Request
Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as
a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants)
of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant
Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Definitive Certificate,
the Holder rescinds such Warrant Exchange.  The Company covenants and agrees that, upon the date of delivery of the Warrant
Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything
to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions
of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein,
shall not apply to the Warrants evidenced by the Definitive Certificate.  Notwithstanding anything to the contrary contained
in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision in a Definitive Certificate,
as it may from time to time be amended, the terms of such Definitive Certificate shall control.


 


(d)               A
Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from
time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below).
Upon written notice by a Holder to the Company for the exchange of some or all of such Holder’s Warrants evidenced by a
Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the DTC evidencing the
same number of Warrants, which request shall be in the form attached hereto as Exhibit 3 (a “Global Warrants
Request Notice” and the date of delivery of such Global Warrants Request Notice by the Holder, the “Global
Warrants Request Notice Date” and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive
Certificates for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form
through the DTC, a “Global Warrants Exchange”), the Company shall promptly effect the Global Warrants
Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder Global Warrants for such number of
Warrants in the Global Warrants Request Notice, which beneficial interest in such Global Warrants shall be delivered by the
DTC’s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants
Request Notice.  In connection with a Global Warrants Exchange, the Company shall direct the Warrant Agent to deliver
the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request
Notice pursuant to the delivery instructions in the Global Warrant Request Notice (“Global Warrants Delivery
Date”). The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request Notice, the
Holder shall be deemed to be the beneficial holder of such Global Warrants.


 






    4


     


    

 


Section
4.               
Form of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common
Shares (“Notice of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be substantially
in the form of Exhibit 1 hereto.


 


Section
5.               
Countersignature and Registration. The Warrant Certificates shall be executed on behalf of the Company by
its Chief Executive Officer or Chief Financial Officer, by facsimile signature. The Warrant Certificates shall be countersigned
by the Warrant Agent by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer
of the Company who shall have signed any of the Warrant Certificates shall cease to be such officer of the Company before countersignature
by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by
the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificate
had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person
who, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant
Certificate, although at the date of the execution of this Warrant Agreement any such person was not such an officer.


 


The Warrant Agent will
keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer of
the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders of the Warrant
Certificates, the number of warrants evidenced on the face of each of such Warrant Certificate and the date of each of such Warrant
Certificate.  The Warrant Agent will create a special account for the issuance of Warrant Certificates.


 


Section
6.                Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates.
With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first
paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions
the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close
of Business on the Termination Date (as such term is defined in the Warrant Certificate), any Warrant Certificate or Warrant
Certificates or Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Warrant
Certificate or Warrant Certificates or Global Warrant or Global Warrants, entitling the Holder to purchase a like number of
Common Shares as the Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants surrendered then
entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Warrant Certificate or
Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall surrender the Warrant Certificate
or Warrant Certificates to be transferred, split up, combined or exchanged at the principal office of the Warrant Agent,
provided that no such surrender is applicable to the Holder of a Global Warrant. Any requested transfer of Warrants, whether
in book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such
request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this
first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant
Certificates, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange
of Warrant Certificates. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the
parties hereto and provided separately on the date hereof.


 






    5


     


    

 


Upon receipt by the
Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate,
which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof
remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount (but shall not include the posting
of any bond by the Holder), and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto,
and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver
a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost,
stolen, destroyed or mutilated.


 


Section
7.               
Exercise of Warrants; Exercise Price; Termination Date.


 


(a)               The
Warrants shall be exercisable commencing on the Issue Date. The Warrants shall cease to be exercisable and shall terminate
and become void as set forth in the Warrant Certificate.  Subject to the foregoing and to Section 7(b) below, the Holder
of a Warrant may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate, if required, with the
executed Notice of Exercise and payment of the Exercise Price, which may be made, at the option of the Holder, by wire
transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the principal office of the
Warrant Agent or to the office of one of its agents as may be designated by the Warrant Agent from time to time. In the case
of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise
Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant
is a beneficial interest in a Global Warrant held in book-entry form through the DTC (or another established clearing
corporation performing similar functions), shall effect exercises by delivering to the DTC (or such other clearing
corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise
that are required by the DTC (or such other clearing corporation, as applicable). The Company acknowledges that the bank
accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in its name
and that the Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for
its benefit of funds held in those accounts from time to time.  Neither the Company nor the Holders will receive
interest on any deposits or Exercise Price.  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. The Company hereby
acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a
Global Warrant held in book-entry form through the DTC (or another established clearing corporation performing similar
functions), upon delivery of irrevocable instructions to such holder’s Participant to exercise such warrants, that
solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants.


 






    6


     


    

 


(b)              
Upon receipt of a Notice of Exercise for a Cashless Exercise the Company will promptly calculate and transmit to the Warrant
Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise
to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise.


 


(c)              
Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant
Agent shall cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order
of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such Holder,
no later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant
in the DWAC system of the DTC and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates
for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by crediting the account of the Holder’s broker
with the DTC through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders
pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant Certificate, such obligation shall be solely that of the Company and not
that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise,
if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant
Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery
Date, the Warrant Agent will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such
payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until
such payment is delivered to the Warrant Agent.


 


(d)              
The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account
of the Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing)
and shall advise the Company via email at the end of each day on which notices of exercise are received or funds for the exercise
of any Warrant are received of the amount so deposited to its account.


 


Section
8.                Cancellation
and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer,
split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant
Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant
Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The
Company shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire,
any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant
Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the Company,
destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the
Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled
certificates.


 






    7


     


    

 


Section
9.               
Certain Representations; Reservation and Availability of Common Shares or Cash.


 


(a)              
This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution
and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against
the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming
due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration
Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their
terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally or by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in equity or at law).


 


(b)              
As of the date hereof, the authorized capital stock of the Company consists of (i) 500,000,000 Common Shares, of which approximately
6,416,666 Common Shares are issued and outstanding as of June 15, 2020, and ____________Common Shares are reserved for issuance
upon exercise of the Warrants, (ii) 100,000,000 Class B common shares, par value $0.001 per share, and (iii) 100,000,000 preferred
shares, par value $0.001 per share, of which 5,000 Series B preferred shares are issued and outstanding. Except as disclosed in
the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase
from the Company any class of capital stock of the Company.


 


(c)              
The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued
Common Shares or its authorized and issued Common Shares held in its treasury, free from preemptive rights, the number of Common
Shares that will be sufficient to permit the exercise in full of all outstanding Warrants.


 


(d)              
The Warrant Agent will create a special account for the issuance of Common Shares upon the exercise of Warrants.


 


(e)               The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and
charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates
evidencing Common Shares upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or
governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant
Certificates or the issuance or delivery of certificates for Common Shares in a name other than that of the Holder of the
Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for Common Shares
upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or
governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been
established to the Company’s reasonable satisfaction that no such tax or governmental charge is due.


 






    8


     


    

 


Section
10.           
Common Shares Record Date. Each Person in whose name any certificate for Common Shares is issued (or to whose
broker’s account is credited Common Shares through the DWAC system) upon the exercise of Warrants shall for all purposes
be deemed to have become the holder of record for the Common Shares represented thereby on, and such certificate shall be dated,
the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant
is duly surrendered (but only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received
on or prior to the Warrant Share Delivery Date; provided, however, that if the date of submission of the Notice of
Exercise is a date upon which the Common Shares transfer books of the Company are closed, such Person shall be deemed to have become
the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Shares transfer
books of the Company are open.


 


Section
11.           
Adjustment of Exercise Price, Number of Common Shares or Number of the Company Warrants. The Exercise Price,
the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time
as provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant
to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares
of capital stock of the Company other than Common Shares, thereafter the number of such other shares so receivable upon exercise
of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to
the provisions with respect to the shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11
and 12 of this Agreement with respect to the Common Shares shall apply on like terms to any such other shares.  All Warrants
originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall
evidence the right to purchase, at the adjusted Exercise Price, the number of Common Shares purchasable from time to time hereunder
upon exercise of the Warrants, all subject to further adjustment as provided herein.


 


Section
12.           
Certification of Adjusted Exercise Price or Number of Common Shares. Whenever the Exercise Price or the number
of Common Shares issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a)
promptly prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts
accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Shares a copy
of such certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.


 


Section
13.           
Fractional Common Shares.


 


(a)              
The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants.
Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall
reflect a rounding of such fraction to the nearest whole Warrant (rounded down).


 






    9


     


    

 


(b)              
 The Company shall not issue fractions of Common Share upon exercise of Warrants or distribute stock certificates which
evidence fractional Common Shares. Whenever any fraction of a Common Share would otherwise be required to be issued or distributed,
the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.


 


Section
14.           
Conditions of the Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set
forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the
rights hereunder of the Holders from time to time of the Warrant Certificates shall be subject:


 


(a)              
Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation detailed
on the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof for all services rendered
by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees)
incurred without gross negligence or willful misconduct by the Warrant Agent in connection with the services rendered hereunder
by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability
or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, arising out of or in connection
with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such
liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection
herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent’s
satisfaction. The indemnities provided by this paragraph shall survive the resignation or discharge of the Warrant Agent or the
termination of this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent
be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages
of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been
advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent’s
aggregate liability to the Company, or any of the Company’s representatives or agents, under this Section 14(a) or under
any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not
exceed in any circumstances, one (1) year’s fees received by the Warrant Agent as fees and charges under this Agreement,
but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.


 


(b)              
Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the
Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for
or with any of the Holders of Warrant Certificates or beneficial owners of Warrants.


 


(c)              
Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company,
and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.


 






    10


     


    

 


(d)              
 Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken
or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other
paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.


 


(e)              
Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire
any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to
the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company
and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations
of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent
the Warrant Agent from acting as trustee under any indenture to which the Company is a party.


 


(f)               
No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for
interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.


 


(g)              
No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement
or the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).


 


(h)              
No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations
herein or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely
by the Company.


 


(i)                
No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the
Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant
Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which
may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion,
assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any
of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or
for the application by the Company of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility
in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates
or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including,
without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings
at law.


 






    11


     


    

 


Section
15.           
Purchase or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent
or any successor Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger
or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the
corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under
this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided
that such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case
at the time such successor Warrant Agent shall succeed to the agency created by this Agreement  any of the Warrant Certificates
shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor
Warrant Agent and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates
shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of
the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall
have the full force provided in the Warrant Certificates and in this Agreement.


 


In case at any time
the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but
not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such
Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have
the full force provided in the Warrant Certificates and in this Agreement.


 


Section
16.           
Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement
upon the following terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:


 


(a)              
The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the
Company), and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any
action taken or omitted by it in good faith and in accordance with such opinion.


 


(b)              
Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate
shall be full authentication to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of
this Agreement in reliance upon such certificate.


 


(c)              
Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence
or willful misconduct, or for a breach by it of this Agreement.


 


(d)              
The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such
statements and recitals are and shall be deemed to have been made by the Company only.


 






    12


     


    

 


(e)              
 The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and
delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant
Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise
Price or the making of any change in the number of Common Shares required under the provisions of Section 11 or 13 or responsible
for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment
or change (except with respect to the exercise of Warrants evidenced by the Warrant Certificates after actual notice of any adjustment
of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Common Shares to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any Common
Shares will, when issued, be duly authorized, validly issued, fully paid and nonassessable.


 


(f)               
Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto
for the carrying out or performing by any party of the provisions of this Agreement.


 


(g)              
The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from
the Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice
or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action
taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries
out such instructions without gross negligence or willful misconduct.


 


(h)              
The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of
the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be
interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent
under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for
any other legal entity.


 


(i)                
The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act,
default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof.


 


Section
17.            Change
of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’
notice in writing sent to the Company and to each transfer agent of the Common Shares, and to the Holders of the Warrant
Certificates. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing,
sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Shares,
and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become
incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such
notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply
to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this
Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant
Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the
laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate
trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its
appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant
Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant
Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed
necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor Warrant Agent and each transfer agent of the Common Shares, and mail a notice thereof in
writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or
any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the
appointment of the successor Warrant Agent, as the case may be.


 






    13


     


    

 


Section
18.           
Issuance of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants
to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved
by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of
shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the
provisions of this Agreement.


 


Section
19.            Notices.
Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant
Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any
Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant
Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following
the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another
recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by
registered or certified mail (return receipt requested), and (d) the date of transmission, if such notice or communication is
delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next
Business Day after the date of transmission, if such notice or communication is delivered via facsimile or email attachment
on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the
parties at the following addresses (or at such other address for a party as shall be specified by like notice):


 


(a)         
If to the Company, to:


 


Globus Maritime Limited


128 Vouliagmenis Avenue, 3rd
Floor


166 74 Glyfada, Attica, Greece


Email: a.g.feidakis@globusmaritime.gr


Facsimile: +30 210 9608359


Attn: Chief Executive Officer


 


(b)         
If to the Warrant Agent, to:


 


Computershare Investor Services


462 South 4th Street, Suite 1600


Louisville, KY, 40202


Email: [ ]


Facsimile: [ ]


Attn: [ ]


 


For any notice delivered
by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on
the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such
email.


 


(c)              
If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company.
Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of
the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a
Holder of any Warrant, such notice shall be sufficiently given if given to the DTC (or its designee) pursuant to the procedures
of the DTC or its designee.


 


Section
20.           
Supplements and Amendments.


 


(a)              
The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders
of Global Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global
Warrants or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided that such addition
or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material
respect.


 






    14


     


    

 


(b)               In
addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than
a majority of the Common Shares issuable under Warrants which are not beneficially owned by Affiliates of the Company, the
Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Warrant Agreement or modifying in any manner the rights of the Holders of the
Global Warrants; provided, however, that no modification of the terms (including but not limited to the
adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive
liquidated damages or other payments in cash from the Company or reducing the percentage required for consent to modification
of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby. As
a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent
a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms
of this Section 20.


 


Section
21.           
Successors. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.


 


Section
22.           
Benefits of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the
Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement. 
This Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates. 
Notwithstanding anything to the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with
any provision of this Agreement, the provisions of the Warrant Certificate shall govern and be controlling.


 


Section
23.           
Governing Law. This Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed
by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of law principles
thereof.


 


Section
24.           
Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.


 


Section
25.           
Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions hereof.


 


Section
26.           
Information. The Company agrees to promptly provide to the Holders of the Warrants any information it 
provides to the holders of the Common Shares, except to the extent any such information is publicly available on the EDGAR system
(or any successor thereof) of the Securities and Exchange Commission.


 


[Signature page to
follow]


 






    15


     


    

 


IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.


 


	 	GLOBUS MARITIME LIMITED
	 	 
	 	By:	 
	 	 	Name: Athanasios Feidakis
	 	 	Title: Chief Executive Officer
	 	 	 
	 	COMPUTERSHARE INVESTOR SERVICES
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 




 






    16


     


    

 


Exhibit 1


 


Form of Warrant Certificate


 





FORM OF CLASS A COMMON SHARE PURCHASE
WARRANT


 


GLOBUS MARITIME LIMITED


 


	Warrant Shares: [_______]	Issue Date: June  , 2020


 


THIS COMMON SHARE PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Issue Date and on or prior to 5:00 p.m. (New York City time) on June , 2025 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Globus Maritime Limited, a Marshall Islands corporation (the “Company”),
up to ______ Common Shares (as subject to adjustment hereunder, the “Warrant Shares”).  The purchase price
of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially
be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”)
shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant
in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.


 


Section
1.               
Definitions.  In addition to the terms defined elsewhere in this Warrant, the following terms have the
meanings indicated in this Section 1.


 


“Affiliate”
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.


 


“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Share is then listed
or quoted on a Trading Market, the bid price of the Common Share for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Share is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Share for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Share is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Share 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
share of the 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.


 


“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.


 






    	 	17	 



     


    

 


“Commission”
means the United States Securities and Exchange Commission.


 


“Common Shares”
means common shares of the Company, par value $0.004 per share, and any other class of securities into which such securities may
hereafter be reclassified or changed.


 


“Common Share
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Shares.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 


“Person”
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.


 


“Registration
Statement” means the Company’s registration statement on Form F-1 (File No. 333-238119).


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 


“Subsidiary”
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.


 


“Trading Day”
means a day on which the Common Share is traded on a Trading Market. “Trading Market” 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).


 


“Transfer
Agent” means Computershare Inc. with offices located at 462 South 4th Street, Suite 1600, Louisville, KY, 40202, and
any successor transfer agent of the Company.


 


“Underwriting
Agreement” means the underwriting agreement, dated as of June , 2020 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.


 






    18


     


    

 


“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are
then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the
nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on
OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if
prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair
market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.


 


“Warrant Agency
Agreement” means that certain warrant agency agreement, dated on or about the Issue Date, between the Company and the
Warrant Agent.


 


“Warrant Agent”
means the Transfer Agent or its affiliate that acts as warrant agent and any successor warrant agent of the Company.


 


“Warrants”
means this Warrant and other Common Share purchase warrants issued by the Company pursuant to the Registration Statement.


 


Section
2.               
Exercise.


 


a)              
Exercise of Warrant.  Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented
by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before the Termination
Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise
in the form annexed hereto (the “Notice of Exercise”).  Within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable
Notice of Exercise by wire transfer or by certified or official bank check in United States dollars unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall lower the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the
Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  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.


 






    19


     


    

 


Notwithstanding the
foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the
appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other
clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant
to the terms of the Warrant Agent Agreement, in which case this sentence shall not apply. Notwithstanding anything to the contrary
contained herein, a beneficial holder of the Warrant shall have all of the rights and remedies of the “Holder” hereunder.


 


b)                 
Exercise Price.  The exercise price per Common Share under this Warrant shall be $ , subject to adjustment
hereunder (the “Exercise Price”).


 


c)                 
Cashless Exercise.  If at the time of exercise hereof, there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder then this Warrant may
also be exercised, in whole or in part, at such time by means of a “cashless exercise” 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:


 


(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 “regular trading hours” (as defined in Rule 600(b)(68)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the
Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the
applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day
and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
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 “regular trading hours” on such Trading Day;


 


(B) = the Exercise Price of this Warrant,
as adjusted hereunder; and


 


(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.


 


If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrant being exercised. The Company
agrees not to take any position contrary to this Section 2(c).


 






    20


     


    

 


Notwithstanding anything
herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to
this Section 2(c).


 


d)                 
Mechanics of Exercise.


 


i.            
Delivery of Warrant Shares Upon Exercise.  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’s or its designee’s balance
account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) 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’s share register in the name of the Holder or
its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the
Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the
instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such date, (ii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise, provided that payment of the aggregate
Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such
date (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise and the Exercise Price
relating thereto, the Holder shall be deemed, as of the earlier of (i) the following Trading Day or (ii) the date of issuance of
the Warrant Shares relating thereto, for all corporate purposes to have become the holder of record of such Warrant Shares, irrespective
of the date of delivery of such Warrant Shares. If the Company fails for any reason (other than failure of the Holder to timely
deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise) 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 such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
 “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.


 


ii.            
Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
or cause the Warrant Agent to deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased
Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.


 






    21


     


    

 


iii.         
 Rescission Rights.  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.


 


iv.           
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other
rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in
accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than as a result of failure of the Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised
by means of a cashless exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder’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 “Buy-In”), then the
Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases
Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant
to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of
the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company
written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss.  Nothing herein shall limit a Holder’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’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.


 


v.            No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall round down to the nearest whole share.


 


vi.           Charges,
Taxes and Expenses.  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; provided, however, that in the event that Warrant Shares are to be issued in a name
other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form
attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees
required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.


 






    22


     


    

 


vii.         
Closing of Books.  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.


 


e)              Holder’s
Exercise Limitations.  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’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such
Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below).  For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the
Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this
Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be
issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of
its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other  Common Share Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties.  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.   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’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such
determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the
foregoing determination.   In addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For
purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of
outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of Common Shares outstanding.  Upon the written 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.  In any case, the number of outstanding Common Shares shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding Common Shares was reported.  The
 “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by the Holder prior to the issuance of
any Warrants, 9.99%) of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common
Shares issuable upon exercise of this Warrant.  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 the Common Shares outstanding immediately after giving effect to the issuance of Common
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is
delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) 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.


 






    23


     


    

 


Section
3.               
Certain Adjustments.


 


a)             
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable
in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding Common Shares into a smaller number of shares or (iv) issues by reclassification of the Common Shares
any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and
of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares
issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification.


 


b)             Subsequent
Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to
the record holders of any class of Common Shares (the “Purchase Rights”), 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’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).


 


c)             
Pro Rata Distributions.  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, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction),
except to the extent an adjustment was already made pursuant to Section 3(a) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case, then the Exercise Price shall be decreased, effective immediately
after the effective date of such Distribution, by the amount of cash and/or the fair market value (as determined by the Company’s
Board of Directors, in good faith) of any securities or other assets paid on each Common Share in respect of such Distribution
in order that subsequent thereto upon exercise of the Warrants the Holder may obtain the equivalent benefit of such Distribution.


 






    24


     


    

 


d)              Fundamental
Transaction. 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, (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 50% or more of the outstanding Common Shares, (iv) the
Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or
more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of
Persons (other than Georgios Feidakis, Athanasios Feidakis, Firment Shipping Inc. or Goldenmare Limited or associated or
affiliated persons) whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including
any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other
Persons making or party to, such stock or share purchase agreement or other business combination) (each a
 “Fundamental Transaction”), 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 “Alternate Consideration”) receivable as
a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a
reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders
of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
Warrant following such Fundamental Transaction.  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’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.  “Black Scholes Value” means
the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a
period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
Termination Date, (B) an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the HVT
function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately
prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation
of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of
the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.  The payment of the Black
Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s
election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume
in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e)
pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holders
holding Warrants to purchase at least a majority of the Common Shares underlying the then outstanding Warrants (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in
exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holders holding Warrants to purchase at least a majority of the Common Shares underlying the then
outstanding Warrants. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to
the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity
had been named as the Company herein.


 






    25


     


    

 


e)             
Calculations. 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.


 


f)              
Notice to Holder.


 


i.              Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.


 


ii.             Notice
to Allow Exercise by Holder. If (A) the Company shall declare a Distribution 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 (and its Subsidiaries, taken as a
whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the
Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it
shall appear upon the Warrant Register of the Company, at least 10 Trading Days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to
exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the
delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the
extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth
herein.


 






    26


     


    

 


g)            
Voluntary Adjustment by Company.  Subject to the rules and regulations of the Trading Market, the Company may
at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the board of directors of the Company.


 


Section
4.               
Transfer of Warrant.


 


a)             
Transferability.  This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full.  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.


 


b)            
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.


 


c)              Warrant
Register. The Warrant Agent (or the Company, if this Warrant is not held in global form through DTC (or any successor
depository)) shall register this Warrant, upon records to be maintained by the Warrant Agent (or the Company, as applicable)
for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to
time.  The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes.


 






    27


     


    

 


Section
5.               
Miscellaneous.


 


a)             
No Rights as Shareholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to
any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section
2(d)(i), except as expressly set forth in Section 3.  Without limiting any rights of a Holder to receive Warrant Shares on
a “cashless exercise” 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.


 


b)            
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of an affidavit
of loss reasonably satisfactory to the Company evidencing the loss, theft, destruction or mutilation of this Warrant or any 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.


 


c)             
Saturdays, Sundays, Holidays, etc.  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.


 


d)              Authorized
Shares.


 


The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the
exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.  The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant
will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with
such issue).


 






    28


     


    

 


Except and to the extent
as waived or consented to by the holders of a majority of the then outstanding Warrants (based on the number of Warrant Shares
underlying such Warrants), the Company shall not by any action, including, without limitation, amending its articles of incorporation
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing,
the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.


 


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.


 


e)             
Governing Law.  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.


 


f)               Jurisdiction;
Agent for Process. 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’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district
court and the state court in which a Holder may bring a claim under the federal securities laws. The Company hereby
irrevocably designates and appoints Watson Farley & Williams LLP, 250 West 55th Street, 31st Floor, New York, New York
10019 (the “Process Agent”) as its authorized agent upon whom process may be served in any claim brought against
the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall
become effective immediately without any further action on the part of the Company. The Company represents to each Purchaser
that it has notified the Process Agent of such designation and appointment and that the Process Agent has accepted the
same.  The Company hereby irrevocably authorizes and directs the Process Agent to accept such service.


 






    29


     


    

 


g)                 
Restrictions.  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.


 


h)                 
Nonwaiver and Expenses.  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’s rights, powers or remedies. 
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’ 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.


 


i)                  
Notices.  Any and all notices or other communications or deliveries to be provided by the Holders hereunder
including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile, e-mail (except
with respect to the Warrant Agent) or sent by a nationally recognized overnight courier service, addressed to:


 


If to the Warrant Agent


 


Computershare Investor Services


 


462 South 4th Street, Suite 1600


 


Louisville, KY 40202


 


Attention: _____________________________


 


e-mail address: _________________________


 


If to the Company


 


Globus Maritime Limited


128 Vouliagmenis Avenue, 3rd Floor


166 74 Glyfada


Athens, Greece


Tel: +30 210 960 8300


Email: a.g.feidakis@globusmaritime.gr


Facsimile: +30 210 9608359


Attn: Chief Executive Officer


 


or such other facsimile number, email address
or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or
deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent
by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e- mail address or address
of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (a) the time of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or e-mail attachment at the email address set forth on the signature pages attached hereto at or prior
to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or e-mail attachment at the e-mail address as set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 6-K.


 






    30


     


    

 


j)                  
Limitation of Liability.  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.


 


k)                 
Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery
of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby
agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.


 


l)                  
Successors and Assigns.  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.  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.


 


m)              
Amendment.  This Warrant may be modified or amended (or the provisions hereof waived) in accordance with the
provisions set forth in Section 20 of the Warrant Agency Agreement.


 


n)                 
 Severability.  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.


 


o)                 
Headings.  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.


 


p)                 
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depository) this Warrant
is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions
of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.


 


********************


 


(Signature Page Follows)


 






    31


     


    

 





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.


 


	 	GLOBUS MARITIME LIMITED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 






    	 	32	 



     


    

 


NOTICE OF EXERCISE


TO:         GLOBUS MARITIME LIMITED


 


(1)       The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
required if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.


 


(2)       Payment
shall take the form of (check applicable box):


 


[  ] wire transfer or certified or
official bank check in lawful money of the United States; or


 


[  ] 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).


 


(3)       Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:


 


The Warrant Shares
shall be delivered to the following DWAC Account Number:


 


	DTC number:	 	 
	Account name:	 	 
	Account number:	 	 


 


[SIGNATURE OF HOLDER]


 


	Name of Investing Entity:	 
	Signature of Authorized Signatory of Investing Entity:	 
	Name of Authorized Signatory:	 



 


	Title of Authorized Signatory:	 
	Date:	 



 






    33


     


    

 


EXHIBIT B


ASSIGNMENT FORM


 


(To assign the foregoing Warrant,
execute this form and supply required information.  Do not use this form to purchase shares.)


 


FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to


 


	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)
	Phone Number:	 
	Email Address:	 
	Dated: _______________ __, ______	 
	Holder’s Signature: _______________	 
	Holder’s Address: _______________	 


  






    34


     


    

 


Exhibit 2


 


Form of Warrant Certificate Request
Notice


 


WARRANT CERTIFICATE REQUEST NOTICE


 


To: Computershare Investor Services., as
Warrant Agent for Globus Maritime Limited (the “Company”)


 


The undersigned Holder of Common Share
Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive
a Warrant Certificate evidencing the Warrants held by the Holder as specified below:


 


		1.	Name of Holder of Warrants in form of Global Warrants: _____________________________
	 	 	 



		2.	Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of
Global Warrants): ________________________________
	 	 	 



		3.	Number of Warrants in name of Holder in form of Global Warrants: ___________________
	 	 	 



		4.	Number of Warrants for which Warrant Certificate shall be issued: __________________
	 	 	 



		5.	Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate,
if any: ___________
	 	 	 



		6.	Warrant Certificate shall be delivered to the following address:



 


______________________________


 


______________________________


 


______________________________


 


______________________________


 


The undersigned hereby acknowledges and
agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have
surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced
by the Warrant Certificate.


 


[SIGNATURE OF HOLDER]


 


Name of Investing Entity: ____________________________________________________


 


Signature of Authorized Signatory of
Investing Entity: ______________________________


 


Name of Authorized Signatory: ________________________________________________


 


Title of Authorized Signatory: _________________________________________________


 


Date: _______________________________________________________________


 






    35


     


    

 


Exhibit 3


 


Form of Global Warrant Request Notice


 


GLOBAL WARRANT REQUEST NOTICE


 


To: Computershare Investor Services, as
Warrant Agent for Globus Maritime Limited (the “Company”)


 


The undersigned Holder of Common Share
Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby elects to receive
a Global Warrant evidencing the Warrants held by the Holder as specified below:


 


		1.	Name of Holder of Warrants in form of Warrant Certificates: _____________________________
	 	 	 



		2.	Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant
Certificates): ________________________________
	 	 	 



		3.	Number of Warrants in name of Holder in form of Warrant Certificates: ___________________
	 	 	 



		4.	Number of Warrants for which Global Warrant shall be issued: __________________
	 	 	 



		5.	Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant,
if any: ___________
	 	 	 



		6.	Global Warrant shall be delivered to the following address:



 


______________________________


 


______________________________


 


______________________________


 


______________________________


 


The undersigned hereby acknowledges and
agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant, the Holder is deemed to have
surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of Warrants evidenced
by the Global Warrant.


 


[SIGNATURE OF HOLDER]


 


Name of Investing Entity: ____________________________________________________


 


Signature of Authorized Signatory of
Investing Entity: ______________________________


 


Name of Authorized Signatory: ________________________________________________


 


Title of Authorized Signatory: _________________________________________________


 


Date: _______________________________________________________________


 






    36