Exhibit 10.4


 


AMENDMENT NO. 1 TO LOAN AGREEMENT


 


This AMENDMENT NO.
1 TO LOAN AGREEMENT (this “Agreement”), is dated as of November 28, 2016 between GLOBUS MARITIME LIMITED, a
Marshall Islands corporation having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH96960, Marshall Islands, as borrower (the “Borrower”) and SILANER INVESTMENTS LIMITED, a company duly
incorporated in Cyprus and having its registered office at 1 Kostaki Pantelidi Street, Kolokasides Building 3rd Floor,
PC 1010, Nicosia, Cyprus, as lender (the “Lender” and together with the Borrower, the “Parties”).


 


RECITALS


 


WHEREAS, the Borrower
and the Lender entered into an Agreement for a Revolving Credit Facility of up to US$3,000,000 dated as of January 12, 2016 (as
supplemented, amended or restated from time to time, the “Loan Agreement”).


 


WHEREAS, the Amendment
No. 1 to the Loan Agreement is being made in order to facilitate the issuance of stock and warrants by the Borrower pursuant to
that certain “Share and Warrant Purchase Agreement” of even date herewith, which agreement requires the Borrower to
issue stock and warrants on fulfillment of various conditions to the counterparty to such Share and Warrant Purchase Agreement
(the date of the first issuance of any stock or warrants to such counterparty pursuant to such Share and Warrant Purchase Agreement
shall be the “Effective Date”).


 


WHEREAS, as the date
hereof, there is an outstanding aggregate of $3,189,048 of the principal and all accrued interest under the Loan Agreement.


 


WHEREAS, the parties
to this Agreement desire to amend the Loan Agreement as set forth herein to allow for a prepayment in the amount of $3,115,000
(the “Prepayment”) on the Effective Date leaving a balance on the Effective Date equal to the sum of the interest
accruing from the date hereof to the Effective Date plus $74,048 (the “Balance”).


 


WHEREAS, the Lender
and Borrower have agreed that the Borrower shall make the Prepayment by the Borrower issuing to the Lender a number of Common Shares
(as defined below) and a Warrant (as defined below).


 


NOW THEREFORE, in consideration
of the foregoing and the mutual promises and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Borrower and the Lender hereby covenant and agree as follows:


 




    	 	 	 



     


    

 


Section 1.             Definitions.
Unless otherwise defined herein, words and expressions defined in the Loan Agreement have the same meanings when used herein, including
in the recitals hereto.


 


Section 2.             Amendment
of the Loan Agreement. The parties hereto agree that effective as of the Effective Date:


 


(a)          All
references to “this Agreement” shall be deemed to refer to the Loan Agreement as amended hereby.


 


(b)          Section
4.02 (Voluntary Prepayment) of the Loan Agreement is hereby deleted in its entirety and replaced with the following (with the Balance
on the Effective Date inserted in place of the “●” symbol):


 


“Subject to the terms and
conditions of this Agreement, on the date hereof the Borrower shall issue to the Lender one share of common stock, par value $0.004
per share (the “Common Stock”) of the Borrower (the “Common Shares”) and a warrant (the “Warrant”)
to purchase up to 0.3690006420545746 shares of Common Stock at a price of US$1.60 per share (subject to adjustment) (the “Exercisable
Shares”), substantially in the form attached hereto as Exhibit A, for each $1.00 of the Prepayment amount. The
Parties acknowledge and agree that the aggregate number of Common Shares to be issued pursuant to the previous sentence shall be
3,115,000 Common Shares, and the Warrant shall be exercisable to purchase up to an aggregate of 1,149,437 Exercisable Shares.


 


After the Prepayment is made,
the Balance shall be $ ● such Balance to accrue Interest as provided in Section 3.01 hereof and the Borrower shall be deemed
as of the date of the Prepayment not to have failed to pay any sum due under this Agreement.”


 


Section 3.             Representations
and Warranties.


 


(a)          Each
of the Lender and the Borrower hereby reaffirms, as of the date hereof and as of the Effective Date, each and every representation
and warranty made thereby in the Loan Agreement and further represents and warrants to each other as of the date hereof and as
of the Effective Date that:


 


(i)       the
execution, delivery and performance of this Agreement by it and its consummation of the transactions contemplated hereby do not
and shall not conflict with, result in a breach of, or constitute a default under, any applicable law, the organizational documents
of such party or under any indenture, mortgage, deed of trust, or other instrument or agreement to which it is a party or by which
it or any of its assets may be bound;


 


(ii)       the
execution, delivery and performance of this Agreement by it and the consummation of the transactions contemplated hereby have been
duly authorized by any necessary governmental action, and no further consent, authorization or approval of, or exemption by, or
the giving of notice to, or registration with or the taking of any other action in respect of any governmental authority is required
in connection with such execution, delivery and performance;


 




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(iii)       this
Agreement constitutes its legal, valid and binding obligation and is enforceable against it in accordance with its terms, except
as such enforceability may be limited by bankruptcy, insolvency, reorganization and other laws of general applicability relating
to or affecting creditors’ rights and by general principles of equity, including principles of commercial reasonableness,
fair dealing and good faith;


 


(iv)       it
has the corporate power and authority to enter into and perform its obligations under this Agreement and all other documents pursuant
hereto; and


 


(v)        there
are no actions, suits or proceedings pending or, to the best knowledge of such party, threatened against it before any court or
administrative agency, which either individually or in the aggregate, would reasonably be expected to have a material adverse effect
on the ability of such party to perform its obligations under this Agreement.


 


(b)          The
Borrower represents and warrants to the Lender that:


 


(i)       each
of (a) the Common Shares to be issued to the Lender pursuant to Section 1(b) of this Agreement have been, and (b) upon the due
exercise of Warrant, the Exercisable Shares shall be, duly authorized in accordance with the articles of incorporation of the Borrower
and, when issued and delivered, will be validly issued, fully paid and non-assessable;


 


(ii)       assuming
the accuracy of the representations and warranties of the Lender contained in this Agreement, the issuance of the Common Shares
and Warrant pursuant to this Agreement will be exempt from registration requirements of the Securities Act, and neither the Borrower
nor, to its knowledge, any authorized representative acting on its behalf, has taken or will take any action hereafter that would
cause the loss of such exemption;


 


(iii)      neither
the Borrower nor any of its affiliates have, or will have at the Effective Date, directly or indirectly through any agent, sold,
offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the
Securities Act of 1933, as amended from time to time, and the rules and regulations of the United States Securities and Exchange
Commission (the “Commission”) promulgated thereunder (the “Securities Act”)) that is or will
be integrated with the sale of the Common Shares or the Warrant in a manner that would require registration under the Securities
Act;


 


(iv)      neither
the Borrower nor any person acting on behalf of the Borrower has offered or sold or will offer or sell at or prior to the Effective
Date any of the Common Shares or the Warrant by any form of general solicitation or general advertising (within the meaning of
Regulation D promulgated under the Securities Act, and including (1) any advertisement, article, notice or other communication
published in any newspaper, magazine, or similar media or broadcast over television, radio, or the internet; and (2) any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising) nor has it seen or been aware
of any activity that, to its knowledge, constitutes general solicitation or general advertising. Neither the Borrower nor any person
acting on behalf of the Borrower has engaged nor will engage in any “directed selling efforts” (as defined in Regulation
S under the Securities Act) in the United States in respect of the Common Shares or the Warrant, which would include any activities
undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United
States for the resale of the Common Shares or the Warrant, including placing an advertisement in a publication with a general circulation
in the United States, nor has it seen or been aware of any activity that, to its knowledge, constitutes directed selling efforts
in the United States;


 




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(v)       no
fees or commissions are or will be payable by the Borrower to brokers, finders, or investment bankers with respect to the sale
and purchase of any of the Common Shares, the Warrant or the issuance of the Exercisable Shares with respect to the Warrant or
the consummation of the transaction contemplated by this Agreement; and


 


(vi)      neither
the Borrower nor any agents of the Borrower provided to Lender any offering materials or other documents in connection with offer
and sale of the Common Shares.


 


(c)          The
Lender represents and warrants to the Borrower both as of the date hereof and as of the Effective Date that:


 


(i)       no
fees or commissions are or will be payable by the Lender to brokers, finders, or investment bankers with respect to the purchase
of any of the Common Shares or the Warrant or the issuance of the Exercisable Shares or the consummation of the transaction contemplated
by this Agreement. The Lender agrees that it will indemnify and hold harmless the Borrower from and against any and all claims,
demands, or liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by the Lender
in connection with the purchase of the Common Shares or the issuance of the Exercisable Shares or the consummation of the transactions
contemplated by this Agreement;


 


(ii)       the
Common Shares and the Warrant are being acquired for the Lender’s own account, not as a nominee or agent, and with no present
intention of distributing the Common Shares, the Warrant or the Exercisable Shares or any part thereof, and the Lender has no present
intention of selling or granting any participation in or otherwise distributing the same in any transaction. The Lender was not
formed for the purpose of acquiring any of the Common Shares, the Warrant or the Exercisable Shares. If the Lender should in the
future decide to dispose of any of the Common Shares, the Warrant or the Exercisable Shares, the Lender understands and agrees
(a) that it may do so only in compliance with the Securities Act and applicable state or other securities laws, as then in effect,
including a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to
an exemption from the Securities Act, and (b) that stop-transfer instructions to that effect will be in effect with respect to
such securities. The Lender further understands and agrees that there is no public trading market for the Warrant purchased hereunder,
that none is expected to develop, and that the Warrant must be held indefinitely unless and until it is duly exercised and the
Exercisable Shares are registered under the Securities Act or an exemption from registration is available;


 




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(iii)        the
Lender represents and warrants to, and covenants and agrees with, the Borrower that, (a) it is an “accredited investor”
within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act, (b)by reason of its
business and financial experience it has such knowledge, sophistication and experience in making similar investments and in business
and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment in the Common
Shares, the Warrant and the Exercisable Shares, (c) was advised by the Borrower to obtain United States counsel, either obtained
United States counsel or had a full and fair opportunity and the means to obtain United States counsel, (d) is able to bear the
economic risk of such investment and is able to afford a complete loss of such investment, and (e) it was provided access to all
information regarding the Company and its business as the Purchaser desired, and was offered the opportunity to ask questions of
management of the Company and to receive any documents and information on the Company. The questionnaire concerning accredited
investor status previously signed by the Lender was true when furnished to the Borrower, remains true on the date hereof, and is
not misleading. The Lender has no reason to believe that any statements contained in such questionnaire will change in any material
way at any point in the foreseeable future;


 


(iv)       the
Lender understands that the Common Shares, the Warrant and the Exercisable Shares may be characterized as “restricted securities”
under the Securities Act inasmuch as they are being acquired from the Borrower in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold (i) without registration under the Securities
Act only in certain limited circumstances or (ii) if such resale is registered under the Securities Act.. In this connection, the
Lender represents that it is a sophisticated party knowledgeable with respect to the rules and regulations of the Commission promulgated
under the Securities Act by which securities may be sold without filing a registration statement, including §§3-4 of
the Securities Act, Regulation A, Regulation D, Rule 701, Regulation S, Rule 144, and Rule 144A. The Lender (i) acknowledges that
after the date hereof and/or after issuance of the Exercisable Shares, the Lender may be deemed an “affiliate” of the
Borrower under the Securities Act, (ii) acknowledges understanding the additional restrictions under the Securities Act applicable
to affiliates of the Borrower, and (iii) either (a) confirms having discussed such restrictions with United States securities counsel
or (b) acknowledges that it both the means and a full and fair opportunity to obtain United States securities counsel and discuss
such restrictions prior to entering into this Agreement;


 


(v)        the
Lender understands that any certificates or statements evidencing any Common Shares, the Warrants or the Exercisable Shares may
bear a legend in substantially the following form: “These securities have not been registered under the Securities Act of
1933, as amended (the “Securities Act”). These securities may not be sold or offered for sale except pursuant to an
effective registration statement under the Securities Act or pursuant to an exemption from registration thereunder, in each case
in accordance with all applicable securities laws of the states or other jurisdictions, and in the case of a transaction exempt
from registration, such securities may only be transferred if Globus Maritime Limited and transfer agent for such securities has
received documentation satisfactory to it that such transaction does not require registration under the Securities Act.”;


 


(vi)       the
Lender is not aware of any form of general solicitation or general advertising (within the meaning of Regulation D promulgated
under the Securities Act) in respect of the Common Shares or the Warrant, including (1) any advertisement, article, notice or other
communication published in any newspaper, magazine, or similar media or broadcast over television, radio, or the internet; and
(2) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising). The Lender is
not aware of any form of “directed selling efforts” (as defined in Regulation S under the Securities Act) in the United
States in respect of the Common Shares or the Warrant, which would include any activities undertaken for the purpose of, or that
could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of the Common Shares
or the Warrant, including placing an advertisement in a publication with a general circulation in the United States;


 




    	 	5	 



     


    

 


(vii)       at
the time the Lender received the offer to purchase the Common Shares and the Warrant it was not in the United States. The Lender
is not a U.S. person (as defined in Regulation S promulgated under the Securities Act). The Lender’s receipt and execution
of each this Agreement, and any other agreement relating hereto or thereto, has occurred or will occur outside the United States.
The Lender understands and acknowledges that the offering and sale of the Common Shares and the Warrant are not being, and will
not be, made, directly or indirectly, in or into, or by the use of the mails or any means or instrumentality (including telephonically
or electronically) of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States;


 


(viii)      the
Lender is not a broker dealer registered under Section 15(a) of the Securities Exchange Act of 1934, as amended from time to time,
and the rules and regulations of the Commission promulgated thereunder, or a member of Financial Industry Regulatory Authority,
Inc. or an entity engaged in the business of being a broker-dealer;


 


(ix)        the
Lender acknowledges and understands that all offers and sales of the Common Shares or the Warrant or the Exercisable Shares prior
to the expiration of the 40-day period commencing the day after the date hereof shall be made only in accordance with the provisions
of Regulation S promulgated under the Securities Act, pursuant to registration of the securities under the Securities Act, or pursuant
to an available exemption from the registration requirements of the Act. The Lender further represents and warrants and agrees
that the offer or resale of the Common Shares or the Warrant or the Exercisable Shares by the Lender, if made prior to the expiration
of the 40-day period commencing the day after the date hereof, shall not be made to a U.S. person (as defined in Regulation S promulgated
under the Securities Act) or for the account or benefit of a U.S. person (other than a distributor);


 


(x)         the
Lender conducted its own due diligence on the Borrower and was afforded: (i) the opportunity to ask such questions as it deemed
necessary of, and to receive answers from, representatives of the Borrower concerning the terms and conditions contained herein
and the merits and risks of investing in the Borrower, (ii) access to information about the Borrower and its subsidiaries and their
respective financial condition, results of operations, business, properties, vessels, management and prospects sufficient to enable
you to evaluate the investment, and (iii) the opportunity to obtain such additional information that the Borrower possesses or
can acquire that is necessary to make an informed investment decision with respect to the investment and has received all the information
requested in connection with your decision to obtain the Common Shares and the Warrant;


 


(xi)        the
Lender did not receive from the Borrower or its agent any offering materials or other documents in connection with offers and sales
of the Common Shares or the Warrant; and


 




    	 	6	 



     


    

 


(xii)       the
Lender and its beneficial owners of 20% or more of the Borrower’s outstanding voting equity securities, calculated on the
basis of voting power (each, a “Covered Person”) is not subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a
Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Lender has exercised reasonable care to
determine whether any Covered Person is subject to a Disqualification Event. The purchase of the Common Shares, the purchase of
the Warrant, and the exercise of the Warrant by the Lender will not subject the Borrower to any Disqualification Event. There are
no matters that would have triggered disqualification under Rule 506(d)(1) under the Securities Act but occurred before September
23, 2013.


 


Section 3.             Entire
Agreement. This Agreement and the Exhibit hereto represents the entire agreement of the Parties with respect to the subject
matter hereof and supersedes all prior agreements and understanding of the Parties with respect to the subject matter covered hereby.


 


Section 4.             Counterparts.
This Agreement may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument. Documents signed and exchanged by
electronic mail, including PDFs, shall be treated the same as signed originals.


 


Section 5.             Further
Assurances. The Lender and the Borrower agree to cooperate to cause to be done, executed, acknowledged and delivered each and
every such further act, conveyance and assurance reasonably required in order to accomplish the purpose of this Agreement as may
be reasonably requested by the other party hereto.


 


Section 6.             Governing
Law. This Agreement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York,
without regard to its principles of conflicts of law which might require the law of another jurisdiction to apply. Any controversy,
dispute or claim arising out of or in connection with this Agreement (including, without limitation, the existence, validity, interpretation
or breach hereof and any claim based on contract, tort of statute) shall be finally settled under the Rules of Arbitration of the
International Chamber of Commerce arbitration by three arbitrators appointed in accordance with the said Rules. Each of the Parties
consents to process being served by the other party hereto in any suit, action, proceeding or arbitration by the mailing of a copy
thereof in accordance with the provisions of Section 7.


 


Section 7.             Notice.
All notices and demands provided for hereunder shall be in writing and shall be given by mail, facsimile, air courier guaranteeing
overnight delivery or personal delivery to the following addresses:


 


		(a)	If to the Lender:



 


Silaner Investments
Limited


1 Kostaki
Pantelidi Street


Kolokasides
Building 3rd Floor


PC 1010 Nicosia
Cyprus          


 


with a copy to (which shall not constitute notice):


 


L Papaphilippou
& Co LLC


17 Ifigenias
Sreet, 2007 Strovolos


P.O. Box
2854


Nicosia Cyprus


Fax +357
22 271111


 




    	 	7	 



     


    

 


		(b)	If to the Borrower:



 


Globus Maritime Limited

c/o Globus Shipmanagement Corp.


128 Vouliagmenis Avenue, 3rd Floor


166 74 Glyfada


Athens Greece


Attention: Athanasios Feidakis


Facsimile: +30 210 9608359


 


with a copy to (which shall not constitute notice):


 


Watson Farley & Williams LLP


250 West 55th Street


New York, New York 10019


Attention: Steven Hollander

Facsimile: +1-212-922-1512


 


or to such other address as the Borrower
or the Lender may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; upon actual receipt if sent by registered or certified mail, return receipt requested, or regular
mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing
overnight delivery.


 


Section 8.             Miscellaneous.


 


(e)         Benefit
and Binding Effect. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, each of the Lender
and the Borrower and its respective successors and permitted assigns.


 


(f)         Amendment.
This Agreement may not be amended, supplemented, waived or otherwise modified, nor may the transaction contemplated hereby be unwound
or altered, in each case without the prior written consent of the Borrower and the Lender.


 


(g)        Headings.
The headings of the various sections of this Agreement are for convenience of reference only and shall not modify, define or limit
any of the terms or provisions hereof.


 


(h)       Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF,
the Lender and the Borrower have caused this Agreement to be executed by their respective duly authorized officers as of the day
and year first above written.


  


	 	GLOBUS MARITIME LIMITED as Borrower
	 	 	 
	 	By: 	/s/ Athanasios Feidakis
	 	 	Name:  Athanasios Feidakis
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	SILANER INVESTMENTS LIMITED as Lender
	 	 	 
	 	By: 	/s/ Philippos Philippou
	 	 	Name:  Philippos Philippou
	 	 	Title: Director


 







    	 	 	 



     


    

  


Exhibit A


 


Form of Warrant


 




    	 	 	 



     


    

 


THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF have not been registered under the Securities Act of 1933,
as amended (the “Securities Act”), and may not be sold or offered for sale except pursuant to an effective registration
statement under the Securities Act or pursuant to an exemption from registration thereunder, in each case in accordance with all
applicable securities laws of the states or other jurisdictions, and in the case of a transaction exempt from registration, such
securities may only be transferred if the company AND transfer agent for such securities has received documentation satisfactory
to it that such transaction does not require registration under the Securities Act.


 


WARRANT TO PURCHASE


COMMON SHARES


OF


GLOBUS MARITIME
LIMITED


 


Expires [24 months
after issuance], 2018


 


No.: 003 


Number of Shares:
1,149,437 (subject to adjustment)


Date of Issuance:
[l], 2016


 


FOR VALUE RECEIVED, 
Globus Maritime Limited, a Marshall Islands corporation (the “Company”), hereby certifies that Silaner Investments
Limited, a Marshall Islands corporation (the “Holder”) is entitled, subject to the terms set forth below, to
purchase from the Company up to an aggregate of 1,149,437 shares of common stock, par value US$0.004 per share, of the Company
(the “Common Stock”) at the Exercise Price (as defined in Section 2.2 below) and otherwise in accordance
with the terms set forth in this warrant (this “Warrant”), which is subject to adjustment.  The shares
of fully paid, duly authorized and non-assessable Common Stock issuable upon exercise of this Warrant are referred to herein as
the “Warrant Shares”. The number of Warrant Shares that may be exercised pursuant to this Warrant and the Exercise
Price is subject to adjustment as set forth in Section 6.


 


SECTION 1. TERM
OF THE WARRANT.  Subject to the terms and conditions hereof, at any time or from time to time after [l],
2016 (the “Warrant Issue Date”) and prior to 5:00 p.m., New York City time, on [l],
2018 (the “Expiration Date”), the Holder of this Warrant may exercise this Warrant for all or any part of the
Warrant Shares purchasable hereunder (subject to adjustment as provided herein).  If this Warrant is not exercised on
or prior to the Expiration Date, notwithstanding anything to the contrary herein, then this Warrant shall become void, and all
rights hereunder shall cease at such time.


 




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SECTION 2. EXERCISE
OF THE WARRANT; RESTRICTIONS ON EXERCISE; EXERCISE PRICE.


 


2.1 EXERCISE OF
THE WARRANT.


 


Subject to Section 2.3,
this Warrant may be exercised in full or in part by the Holder hereof by surrender of this Warrant (in original), with the form
of subscription attached hereto as Exhibit A duly executed by such Holder, to the Company at its principal office, accompanied
by payment of the aggregate Exercise Price (as determined in accordance with this Section 2.1) for the number of Warrant
Shares in respect of which this Warrant is then exercised as designated by Holder in the subscription. The aggregate Exercise Price
shall be an amount equal to the product obtained by multiplying (a) the number of Warrant Shares in respect of which this Warrant
is being exercised by (b) the Exercise Price (as the same may be adjusted pursuant to Section 6 of this Warrant).  Payment
of the aggregate Exercise Price shall be made wire transfer of funds or by certified or official bank check payable to the order
of the Company in the amount of such aggregate Exercise Price. The Exercise Price will be considered to have been paid only
upon clearance of the wire transfer or check.


 


The stock certificate,
or if shares of Common Stock are uncertificated, stock ledger, book-entry statement or other equivalent document produced by the
Company, or if appointed, the transfer agent for the Common Stock (the “Transfer Agent”), will be issued and
delivered as soon as practicable after the conditions set forth in this Section 2.1 have been satisfied.


 


2.2 EXERCISE PRICE.  The
price per share at which the Warrant Shares shall be purchasable upon exercise of this Warrant shall be US$1.60 per share of Common
Stock, subject to adjustment as provided in Section 6 hereof (the “Exercise Price”).


 


2.3 RESTRICTIONS
ON EXERCISE.  This Warrant may not be exercised if the issuance of the Warrant Shares upon such exercise would (i)
constitute a violation of any applicable federal or state securities laws or other laws or regulations or (ii) in the reasonable
determination of the Company, violate or otherwise breach any provision (including covenants) of any loan agreement, credit facility
or other financing agreement or arrangement to which the Company or any of its subsidiaries is a party or to which any of their
material assets are subject.


 


2.4 PARTIAL EXERCISE.  
In event that this Warrant is exercised in respect of fewer than all of the Warrant Shares issuable on such exercise at any time
prior to the Expiration Date, a new Warrant will be issued evidencing the following number of Warrant Shares: the total number
of Warrant Shares for which this Warrant is then exercisable minus the number of Warrant Shares that have been exercised.


 


SECTION 3. PAYMENT
OF TAXES.  The Company will pay all documentary stamp taxes attributable to any issuance of the Warrant Shares upon
the exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax or taxes which may be payable
in respect of any transfer involved in the issuance of this Warrant or any certificates (or equivalent) for Warrant Shares in a
name other than that of the registered holder of this Warrant surrendered upon the exercise of this Warrant, and the Company shall
not be required to issue or deliver any such securities unless or until the person or persons requesting the issuance thereof shall
have paid to the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such
tax has been paid.


 




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SECTION 4. MUTILATED
OR MISSING WARRANT.  Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, if requested, upon delivery of an indemnity reasonably satisfactory to it the Company and, in
case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company shall execute and deliver to the
Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as this Warrant
so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this
Warrant in identifiable form is surrendered to the Company for cancellation.  Applicants for such substitute Warrant
shall also comply with such other reasonable regulations and pay such other reasonable charges as the Company may prescribe.


 


SECTION 5. RESERVATION
OF WARRANT SHARES.  The Company shall at all times reserve and keep available, out of its authorized and unissued
shares of Common Stock, that number of shares of Common Stock sufficient to provide for the full exercise of this Warrant. The
Company or the Transfer Agent will be authorized and directed at all times to reserve such number of authorized shares as shall
be required for such purpose. The Company will keep a copy of this Warrant on file with the Transfer Agent.


 


SECTION 6. ADJUSTMENT
OF NUMBER OF WARRANT SHARES AND EXERCISE PRICE.  The number of Warrant Shares issuable upon the exercise of this
Warrant and the Exercise Price per Warrant Share are subject to adjustment from time to time upon the occurrence of the events
set forth in Section 6.1 or 6.2 below.


 


6.1 Adjustment
to Number of Warrant Shares and Exercise Price Upon Dividend, Subdivision or Combination of Common Stock.  If the
Company shall, at any time or from time to time after the Warrant Issue Date but prior to the Expiration Date, (a) pay a dividend
or make any other distribution upon the Common Stock or any other capital stock of the Company payable in shares of Common Stock,
or (b) subdivide (by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number
of shares, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to any such dividend, distribution
or subdivision shall be proportionately increased and the Exercise Price shall be proportionally decreased.  If the Company
at any time prior to the Expiration Date combines (by combination, reverse stock split or otherwise) its outstanding shares of
Common Stock into a smaller number of shares, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior
to such combination shall be proportionately decreased and the Exercise Price shall be proportionally increased. Any adjustment
under this Section 6.1 shall become effective at the close of business on the date the dividend, subdivision or combination
becomes effective.


 




    	 	3	 



     


    

 


6.2 Adjustment
for Reorganization, Reclassification, Consolidation, Merger, etc.  In the event of, prior to the Expiration Date,
any (a) capital reorganization of the Company, (b) reclassification of the stock of the Company (other than a change in par value
or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up
or combination of shares), (c) consolidation or merger of the Company with or into another Person, (d) sale of all or substantially
all of the assets of the Company to another Person (other than a sale/leaseback, mortgage or other financing transaction) or (e)
other similar transaction (other than any such transaction covered by Section 6.1), in each case which entitles the holders
of Common Stock to receive (either directly or upon subsequent liquidation) stock, securities or assets (other than cash) with
respect to or in exchange for Common Stock, this Warrant shall, immediately after such reorganization, reclassification, consolidation,
merger, sale or similar transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be)
the number of Warrant Shares then exercisable under this Warrant, be exercisable for the kind and number of shares of stock or
other securities or assets (other than cash) of the Company or of the successor Person resulting from such transaction to which
the Holder would have been entitled upon such reorganization, reclassification, consolidation, merger, sale or similar transaction
if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, consolidation,
merger, sale or similar transaction and acquired the applicable number of Warrant Shares then issuable hereunder as a result of
such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant); and, in such
case, appropriate adjustment shall be made with respect to the Holder’s rights under this Warrant to ensure that the provisions
of this Section 6 hereof shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares
of stock, securities or assets (other than cash) thereafter acquirable upon exercise of this Warrant. The provisions of this Section
6.2 shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales or similar
transactions that occur prior to the Expiration Date. The Company shall not affect any such reorganization, reclassification, consolidation,
merger, sale or similar transaction unless, the shareholders of the Company are entitled to receive only cash as a result
thereof or prior to the consummation thereof, the successor Person (if other than the Company) resulting from such reorganization,
reclassification, consolidation, merger, sale or similar transaction, shall assume, by written instrument substantially similar
in form and substance to this Warrant, the obligation to deliver to the Holder such shares of stock, securities or assets which,
in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant (as adjusted
described above). Notwithstanding anything to the contrary contained herein, with respect to any corporate event or other transaction
contemplated by the provisions of this Section 6.2, the Holder shall have the right prior to the Expiration Date to elect
prior to the consummation of such event or transaction, to give effect to the exercise rights contained in Section 2.1 instead
of giving effect to the provisions contained in this Section 6.2 with respect to this Warrant.  With respect to
any corporate event or other transaction contemplated by the provisions of this Section 6.2 the result of which is that
the shareholders of the Company shall receive only cash, the Holder shall only have the right prior to the Expiration Date to elect
prior to the consummation of such event or transaction, to give effect to the exercise rights contained in Section 2.1.
For purposes hereof, “Person” means any individual, sole proprietorship, partnership, limited liability company,
corporation, joint venture, trust, incorporated organization or government or department or agency thereof.


 


6.3 Notice as
to Adjustments. In case of any adjustment or readjustment in the price, number or kind of securities issuable on the exercise
of this Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a notice, certified
and confirmed by the Board of Directors of the Company, setting forth such adjustment or readjustment and showing in reasonable
detail the facts upon which such adjustment or readjustment is based.


 




    	 	4	 



     


    

 


6.4 When No Adjustment
Required.


 


(a) No adjustment need
be made for a transaction referred to in Section 6.1 or Section 6.2 if the Holder is able to participate in the transaction
on a basis and with notice that the Board of Directors of the Company determines to be fair and appropriate in light of the basis
and notice on which holders of Common Stock participate in the transaction.


 


(b) Other than as described
in Section 6.1 and Section 6.2 (but subject to Section 6.4(a)), no adjustment need be made for the
issuance of any additional shares of Common Stock, preferred shares convertible into Common Stock, or debt, warrants, options or
other instruments or securities which are convertible into or exercisable for shares of Common Stock. No adjustment need be made
for the issuance of any other securities of the Company (other than as described in Section 6.1 and Section 6.2,
subject to Section 6.4(a)).


 


SECTION 7. FRACTIONAL
INTERESTS.  No fractional shares may be issued upon any exercise of this Warrant, and any fractions shall be rounded
down to the nearest whole number of shares.  If upon any exercise of this Warrant, a fraction of a share results, the
Company will pay the cash value of any such fractional shares, calculated on the basis of the proportional amount of the Exercise
Price for a full share of Common Stock.


 


SECTION 8. REDEMPTION
OF WARRANTS.  The Company shall be under no obligation under this Warrant to redeem this Warrant, and this Warrant
shall not be redeemable at the Company’s option.


 


SECTION 9. REPRESENTATION,
WARRANTIES AND CERTAIN AGREEMENTS OF THE HOLDER.


 


The Holder hereby represents and warrants
to the Company that:


 


9.1 Authorization.  This
Warrant constitutes the Holder’s valid and legally binding obligation, enforceable in accordance with its terms except as
may be limited by (a) applicable bankruptcy, insolvency, reorganization or other laws of general application relating to or affecting
the enforcement of creditors’ rights generally and (b) the effect of rules of law governing the availability of equitable
remedies. The Holder represents that such Holder has full power and authority to enter into this Warrant.


 


9.2 Non-U.S. Person.
The Holder is a non-U.S. person (as defined in Regulation S (“Regulation S”) under the Securities Act of 1933,
as amended (the “Securities Act”).


 




    	 	5	 



     


    

 


9.3 Investment.
This Warrant and the Warrant Shares (collectively, the “Securities”) are being acquired for the Holder’s
own account, not as a nominee or agent, and with no present intention of distributing the Securities or any part thereof, and the
Holder has no present intention of selling or granting any participation in or otherwise distributing the same. The Holder was
not formed for the purpose of acquiring any of the Securities. If the Holder should in the future decide to dispose of any of the
Securities, the Holder understands and agrees (a) that it may do so only in compliance with the Securities Act and applicable
state or other securities laws, as then in effect, including a sale contemplated by any registration statement pursuant to which
such securities are being offered, or pursuant to an exemption from the Securities Act, and (b) that stop-transfer instructions
to that effect will be in effect with respect to such Securities. The Holder further understands and agrees that there is no public
trading market for this Warrant, that none is expected to develop, and that this Warrant must be held indefinitely unless and until
it is duly exercised and the Warrant Shares are registered under the Securities Act or an exemption from registration is available.


 


9.4 Disclosure
of Information.   The Holder conducted its own due diligence on the Company and was afforded: (i) the opportunity
to ask such questions as it deemed necessary of, and to receive answers from, representatives of the Company concerning the terms
and conditions contained herein and the merits and risks of investing in the Company, (ii) access to information about the Company
and its subsidiaries and their respective financial condition, results of operations, business, properties, vessels, management
and prospects sufficient to enable you to evaluate the investment, and (iii) the opportunity to obtain such additional information
that the Company possesses or can acquire that is necessary to make an informed investment decision with respect to the investment
and has received all the information requested in connection with your decision to obtain the Securities. The Holder did not receive
from the Company or its agents any offering materials or other documents in connection with the issuance of this Warrant.


 


9.5 Nature of
Holder.  The Holder understands that the purchase of the Securities involves substantial risk. The Holder represents
and warrants to, and covenants and agrees with, the Company that, ((i) it is an “accredited investor” within the meaning
of Rule 501 of Regulation D promulgated pursuant to the Securities Act, ((j) by reason of its business and financial experience
it has such knowledge, sophistication and experience in making similar investments and in business and financial matters generally
so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, ((k) was advised by the
Company to obtain United States counsel, either obtained United States counsel or had a full and fair opportunity and the means
to obtain United States counsel, ((l) is able to bear the economic risk of such investment, (v) would be able to afford a complete
loss of such investment, and (vi) was provided access to all information regarding the Company and its business as the Holder desired,
and was offered the opportunity to ask questions of management of the Company and to receive any documents and information on the
Company. The questionnaire concerning accredited investor status previously signed by the Holder was true when furnished to the
Company, remains true on the date hereof, and is not misleading. The Holder has no reason to believe that any statements contained
in such questionnaire will change in any material way at any point in the foreseeable future.


 




    	 	6	 



     


    

 


1.          9.6 Restricted
Securities; Affiliate Status.  The Holder understands that the Securities may be characterized as “restricted
securities” under the Securities Act inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that under such laws and applicable regulations such Securities may be resold (i) without registration under
the Securities Act only in certain limited circumstances or (ii) if such resale is registered under the Securities Act. In this
connection, the Holder represents that it is a sophisticated party knowledgeable with respect to the exemptions from registration
available under the Securities Act and applicable state securities laws (including, if available, the rules and regulations promulgated
under the Securities Act by which securities may be sold without filing a registration statement, including but not limited to
§§3-4 of the Securities Act, Regulation A, Regulation D, Rule 701, Regulation S, Rule 144, and Rule 144A). The Holder
(i) acknowledges that after the Warrant Issuance Date and/or after issuance of the Warrant Shares, the Holder may be deemed an
“affiliate” of the Company under the Securities Act, (ii) acknowledges understanding the additional restrictions under
the Securities Act applicable to affiliates of the Company, and (iii) either (a) confirms having discussed such restrictions with
United States securities counsel or (b) acknowledges that it both the means and a full and fair opportunity to obtain United States
securities counsel and discuss such restrictions prior to entering into this Warrant.


 


9.7 No General
Solicitation or General Advertising; No Directed Selling Efforts.  The Holder is not aware any form of general solicitation
or general advertising (within the meaning of Regulation D promulgated under the Securities Act) or directed selling efforts (as
defined in Regulation S) relating to this Warrant.


 


9.8 Legends.  The
Holder understands that any certificates or statements evidencing any Warrant Shares may bear a legend in substantially the following
form: “These securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”).
These securities may not be sold or offered for sale except pursuant to an effective registration statement under the Securities
Act or pursuant to an exemption from registration thereunder, in each case in accordance with all applicable securities laws of
the states or other jurisdictions, and in the case of a transaction exempt from registration, such securities may only be transferred
if the Company and transfer agent for such securities has received documentation satisfactory to it that such transaction does
not require registration under the Securities Act.”


 


9.9 Bad Actor.
The Holder and its beneficial owners of 20% or more of the Company’s outstanding voting equity securities, calculated on
the basis of voting power (each, a “Covered Person”) is not subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a
Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Holder has exercised reasonable care to
determine whether any Covered Person is subject to a Disqualification Event. The purchase of the Securities by the Holder will
not subject the Company to any Disqualification Event. There are no matters that would have triggered disqualification under Rule
506(d)(1) under the Securities Act but occurred before September 23, 2013.


 


9.10 No Assignment
or Transfer.  This Warrant shall not be transferred or assigned by the Holder without prior written consent of the
Company.


 


SECTION 10. NO
RIGHTS AS SHAREHOLDER; NO NOTICES TO HOLDER. Nothing contained in this Warrant shall be construed as conferring upon the Holder
or its permitted transferees the right to vote or to receive dividends or to consent to or receive notice as a shareholder in respect
of any meeting of shareholders for the election of directors of the Company or any other matter, or any rights whatsoever as a
shareholder of the Company.


 




    	 	7	 



     


    

 


SECTION 11. NOTICES.  Any
notices, requests and demands by the Holder to the Company pursuant to this Warrant to be effective shall be in writing, and, unless
otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or three (3) days
after being deposited in the mail, postage prepaid, or, in the case of a facsimile notice, when received, or, in the case of delivery
by a nationally recognized overnight courier, when received, addressed:


 


If to the Holder:


 


Silaner Investments Limited


1 Kostaki Pantelidi Street


Kolokasides Building 3rd
Floor


PC 1010 Nicosia Cyprus


 


With a copy to (which
shall not constitute notice):


 


L Papaphilippou &
Co LLC


17 Ifigenias Street, 2007
Strovolos


P.O. Box 2854 Nicosia
Cyprus


Fax +357 22 271111


 


If to the Company, to:


 


Globus Maritime Limited

c/o Globus Shipmanagement Corp.


128 Vouliagmenis Avenue,
3rd Floor


166 74 Glyfada


Athens Greece


Attention: Athanasios
Feidakis


Facsimile: +30 210 9608359


 


With a copy to (which
shall not constitute notice):


 


Watson Farley & Williams
LLP


250 West 55th
Street


New York, New York 10019


Attention: Steven Hollander

Facsimile: +1-212-922-1512


 


Each party hereto may
from time to time change the address to which notices to it are to be delivered or mailed hereunder by notice in writing to the
other party.


 




    	 	8	 



     


    

 


SECTION 12. GOVERNING
LAW; JURISDICTION; ATTORNEYS’ FEES.  This Warrant will be construed in accordance with and governed by the
laws of the State of New York without regard to conflicts of laws. Any controversy, dispute or claim arising out of or in connection
with this Warrant (including, without limitation, the existence, validity, interpretation or breach hereof and any claim based
on contract, tort of statute) shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce
arbitration by three arbitrators appointed in accordance with the said Rules. Each of the parties hereto consents to process being
served by the other party hereto in any suit, action, proceeding or arbitration by the mailing of a copy thereof in accordance
with the provisions of Section 11.


 


SECTION 13. SUCCESSORS.  All
the covenants and provisions of this Warrant by or for the benefit of the Company shall bind and inure to the benefit of the successors
and assigns of the parties hereto.


 


SECTION 14. BENEFITS
OF THIS WARRANT.  Nothing in this Warrant shall be construed to confer upon any person other than the Company and
the Holder (and their respective successors and assigns) any legal or equitable right, remedy or claim under this Warrant and this
Warrant shall be for the sole and exclusive benefit of the Company and the Holder, and their respective assignees.


 


SECTION 15. CAPTIONS.  The
captions of the Sections of this Warrant have been inserted for convenience only and shall have no substantive effect.


 


SECTION 16. COUNTERPARTS.  This
Warrant may be executed in any number of counterparts each of which when so executed shall be deemed to be an original; but such
counterparts together shall constitute but one and the same instrument.


 


SECTION 17. AMENDMENT,
WAIVER AND COURSE OF DEALING.  No course of dealing or any delay or failure to exercise any right hereunder on the
part of any party thereto shall operate as a waiver of such right or otherwise prejudice the rights, powers or remedies of such
party.  This Warrant and any term hereof may be amended, waived or terminated only by an instrument in writing signed
by the party against which enforcement of such change, waiver or termination is sought.


 


SECTION 18. FURTHER
ASSURANCES.  From and after the date of this Warrant, the Company and the Holder shall execute and deliver such instruments,
documents or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent
and purposes of this Warrant.


 


SECTION 19. ENTIRE
AGREEMENT.  This Warrant and the documents referred to herein constitute the entire agreement among the parties with
respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof.


 


[Signature Page Follows]


 




    	 	9	 



     


    

 


IN WITNESS WHEREOF, the Company has duly executed
this Warrant as of the Warrant Issue Date.


 


	 	GLOBUS MARITIME LIMITED   
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:


  


Accepted and agreed:


 


SILANER INVESTMENTS LIMITED


 


	By:		 
	 	Name:	 
	 	Title:	 


 


Signature Page to Warrant of Globus Maritime
Limited


 




    	 	 	 



     


    

  


Exhibit A


 


WARRANT SHARES
PURCHASE FORM


(To be executed if the Holder desires to
purchase Warrant Shares)


 


Globus Maritime Limited

c/o Globus Shipmanagement Corp.


128 Vouliagmenis Avenue, 3rd Floor


166 74 Glyfada


Athens Greece


Attention: Athanasios Feidakis


 


Reference is hereby made
to the Warrant dated [l], 2016 (as amended, modified or supplemented from time to time,
the “Warrant”) issued by Globus Maritime Limited, a Marshall Islands corporation (the “Company”)
to the undersigned. Capitalized terms used herein and not defined have the meanings assigned to such terms in the Warrant. The
undersigned hereby irrevocably elects to exercise the Warrant to purchase the number of Warrant Shares set forth below.


 


1.       The
undersigned hereby elects to purchase the Warrant Shares set forth below and tenders herewith payment of the aggregate Exercise
Price for such Warrant Shares in full.


 


2.       The
undersigned makes the representations set forth on Annex 1 attached to this Purchase Form. If the undersigned cannot make
such representations because they would be factually incorrect, it shall be a condition to the undersigned’s exercise of
the Warrant that the Company receive such other representations as the Company considers reasonably necessary to assure the Company
that the issuance of its securities upon exercise of this Warrant shall not violate any United States or state securities laws.


 


3.       The
undersigned requests a stock certificate, or if Warrant Shares are uncertificated, a stock ledger, book-entry statement or other
equivalent document produced by the Company or the Transfer Agent, if any, representing the following number of Warrant Shares
(in the name of the undersigned or in such other name as is specified below):


 


Warrant Shares:        ___________________


 


Name:        ___________________


 


4.       The
undersigned hereby requests that such proof of the Warrant Shares as set forth in subsection 3 above to be delivered by:


 


	(a)  	certified mail to the address of the Holder, or
	(b)  	certified mail to the prime broker of the Holder at


 




    	 	 	 



     


    

 


Name:
_____________________________________


Address:
____________________________________


Attention:
__________________________________


Tel.
No.: ___________________________________


 


	(c)  	electronically (DWAC Instructions: ____________________), or
	(d)  	other (specify) _____________________________________


  


	 	 	 
	 	 	 
	 	By:	 


 


	 	Name:	 


 


	 	Title:	 


 


	 	Address:	 


 





    	 	2	 



     


    

 


Annex 1


 


THIS REPRESENTATION LETTER MUST BE COMPLETED,
SIGNED AND RETURNED TO COMPANY ALONG WITH THE PURCHASE FORM BEFORE THE SHARES ISSUABLE UPON EXERCISE OF THE WARRANT WILL BE ISSUED.


 


Date: _____________


 


Globus Maritime Limited

c/o Globus Shipmanagement Corp.


128 Vouliagmenis Avenue, 3rd Floor


166 74 Glyfada


Athens Greece


Attention: Athanasios Feidakis


(a)       


 


(b)       The
undersigned, _______________ (the “Holder”), intends to acquire _______ shares of common stock, US$0.004 par
value per share (the “Warrant Shares”), of Globus Maritime Limited, a Marshall Islands corporation (the “Company”),
from the Company pursuant to the exercise of a certain Warrant to purchase Common Shares held by the Holder dated [l],
2016. The Warrant Shares will be issued to the Holder in a transaction not involving a public offering and pursuant to an exemption
from registration under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities
Act”), and applicable state securities laws. In connection with such purchase and in order to comply with the exemptions
from registration relied upon by the Company, the Holder represents, warrants and agrees as follows:


 


1.       The
Warrant Shares are being acquired for the Holder’s own account, not as a nominee or agent, and with no present intention
of distributing the Warrant Shares or any part thereof, and the Holder has no present intention of selling or granting any participation
in or otherwise distributing the same. The Holder was not formed for the purpose of acquiring any of the Warrant Shares. If the
Holder should in the future decide to dispose of any of the Warrant Shares, the Holder understands and agrees (a) that it
may do so only in compliance with the Securities Act and applicable state or other securities laws, as then in effect, including
a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption
from the Securities Act, and (b) that stop-transfer instructions to that effect will be in effect with respect to such Warrant
Shares.


 


2.       The
Holder has received or has had full access to all the information it considers necessary or appropriate to make an informed investment
decision with respect to the Warrant Shares.  The Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the Warrant Shares and to obtain additional information (to the
extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any
information furnished to the Holder or to which the Holder had access.


 




    	 	3	 



     


    

 


3.       The
Holder understands that the purchase of the Warrant Shares involves substantial risk. The Holder represents and warrants to,
and covenants and agrees with, the Company, that it (i) is an “accredited investor” within the meaning of Rule 501
of Regulation D promulgated pursuant to the Securities Act, (ii) by reason of its business and financial experience has such knowledge,
sophistication and experience in making similar investments and in business and financial matters generally so as to be capable
of evaluating the merits and risks of the prospective investment in the Warrant Shares, (iii) was advised by the Company to obtain
United States counsel, either obtained United States counsel or had a full and fair opportunity and the means to obtain United
States counsel, (iv) is able to bear the economic risk of such investment, would be able to afford a complete loss of such investment,
and (v) was provided access to all information regarding the Company and its business as the Holder desired, and was offered the
opportunity to ask questions of management of the Company and to receive any documents and information on the Company. The questionnaire
concerning accredited investor status previously signed by the Holder was true when furnished to the Company, remains true on the
date hereof, and is not misleading. The Holder has no reason to believe that any statements contained in such questionnaire will
change in any material way at any point in the foreseeable future.


 


4.       The
Holder understands that the Warrant Shares may be characterized as “restricted securities” under the Securities Act
inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws
and applicable regulations such Warrant Shares may be resold (i) without registration under the Securities Act only in certain
limited circumstances or (ii) if such resale is registered under the Securities Act. In this connection, the Holder represents
that it is a sophisticated party knowledgeable with respect to the exemptions from registration under the Securities Act and applicable
state securities laws (including, if available, the rules and regulations promulgated under the Securities Act by which securities
may be sold without filing a registration statement, including but not limited to §§3-4 of the Securities Act, Regulation
A, Regulation D, Rule 701, Regulation S, Rule 144, and Rule 144A).


 


5.       Exemptions.
The Holder (i) acknowledges that after the Warrant Issuance Date and/or after issuance of the Warrant Shares, the Holder may be
deemed an “affiliate” of the Company under the Securities Act, (ii) acknowledges understanding the additional restrictions
under the Securities Act applicable to affiliates of the Company, and (iii) either (a) confirms having discussed such restrictions
with United States securities counsel or (b) acknowledges that it both the means and a full and fair opportunity to obtain United
States securities counsel and discuss such restrictions prior to exercising the relevant Warrant.


 


6.       The
Holder is not aware any form of general solicitation or general advertising (within the meaning of Regulation D promulgated under
the Securities Act) or directed selling efforts (as defined in Regulation S) relating to the Warrant Shares.


 




    	 	4	 



     


    

 


7.       The
Holder understands that any certificates or statements evidencing any Warrant Shares may bear a legend in substantially the following
form: “These securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”).
These securities may not be sold or offered for sale except pursuant to an effective registration statement under the Securities
Act or pursuant to an exemption from registration thereunder, in each case in accordance with all applicable securities laws of
the states or other jurisdictions, and in the case of a transaction exempt from registration, such securities may only be transferred
if the Company and transfer agent for such securities has received documentation satisfactory to it that such transaction does
not require registration under the Securities Act.”


 


8.       The
Holder and its beneficial owners of 20% or more of the Company’s outstanding voting equity securities, calculated on the
basis of voting power (each, a “Covered Person”) is not subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a
Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Holder has exercised reasonable care to
determine whether any Covered Person is subject to a Disqualification Event. The purchase of the Warrant Shares by the Holder will
not subject the Company to any Disqualification Event. There are no matters that would have triggered disqualification under Rule
506(d)(1) under the Securities Act but occurred before September 23, 2013.


 


9.       The
Holder understands that the Warrant Shares are being offered and sold to it in reliance upon specific exemptions from the registration
requirements of the Securities Act, the rules and regulations and state securities laws, and that the Company is relying upon the
truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility of
the Holder to acquire the Warrant Shares.


 


The Holder has carefully
read this letter and has discussed its requirements and other applicable limitations upon the Holder’s resale of the Warrant
Shares with the Holder’s counsel.


 


	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


  




    	 	5