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  Ex-4-2    
    


         

  





  



















































DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE  


PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY. FOR INSTRUCTIONS, CONSULT THE INFORMATION AGENT,

PHOENIX ADVISORY PARTNERS, AT (800) 576-4314. 


Delivery
other than in the manner or to the addresses listed below will not constitute valid delivery. 

 






 



			
	If delivering by mail:





	 	If delivering by hand or courier:






	 American Stock Transfer & Trust Company, LLC

Attn: Reorganization Department

P.O. Box 2042

New York, New York 10272
	 	American Stock Transfer & Trust Company, LLC

Operations Center

Attn: Reorganization Department

6201 15th Avenue

Brooklyn, New York 11219




 

 FORM 1 – EXERCISE OF SUBSCRIPTION RIGHTS  


To
subscribe for Series A Preference Shares pursuant to your Subscription Rights, please complete lines (a), (b) and (c) and sign under Form 4 below. To the extent you
subscribe for more Series A Preference Shares than you are entitled under your Subscription Rights, you will be deemed to have elected to purchase the maximum number of subscription rights that
may be exercised with the aggregate subscription price payment you deliver to the rights agent or the maximum number of Shares you are entitled to subscribe for, whichever is lower. 


(a) Exercise
of Subscription Right: 

 






 



																			
	 






  (no. of rights)

(in an equal multiple of 100)	 	÷	 	100

(rights/share)	 	=	 	





  (total number of

Series A Preference Shares)	 	X	 	$100.00

(price/share)	 	=	 	$






  (total required payment)	 	 




 

 (b) Total
Amount of Payment Enclosed =
$                                        



(c) Method
of Payment (CHECK ONE)  





	o
	Wire
transfer of immediately available funds directly to the account maintained by American Stock
Transfer & Trust Company, LLC, as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at JPMorgan Chase Bank, 55 Water Street, New York, New York 10005,
ABA #021000021, Account # 530-354624 American Stock Transfer FBO TBS International plc, with reference to the rights holder's name.



	o
	Check
or bank draft payable drawn upon a U.S. bank or U.S. postal money order and payable to "American Stock
Transfer & Trust Company, LLC (as rights agent for TBS International plc)." 






FORM 2 – DELIVERY TO DIFFERENT ADDRESS  


If
you wish for the Series A Preference Shares issuable upon exercise of your subscription rights to be delivered to an address different from that shown on the face of this Subscription Rights
Certificate, please enter the alternate address below, sign under Form 3 and have your signature guaranteed under Form 4. 








FORM 3 – SIGNATURE  


TO
SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering, and I hereby irrevocably subscribe for the number of shares indicated above on the terms and conditions
specified in the Prospectus. By signing below I confirm that my right to convert the Series A reference Shares received upon exercise of my Rights may be limited, as set forth in
the Prospectus. I also agree to cooperate with the Company and provide to the Company any and all information requested by the Company in connection with the exercise of the Rights or the
applicability of the conversion limitations mentioned in the preceding sentence. 


Signature(s):
                                         
                                       
 


IMPORTANT:
The signature(s) must correspond with the name(s) printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or any other change whatsoever. 


FORM 4 – SIGNATURE GUARANTEE  


This
Form 4 must be completed if you have completed any portion of Form 2. 

 






 



							
	Signature Guaranteed:	 	





  (Name of Bank or Firm)	 	By:	 	





  (Signature of Officer)






 

 IMPORTANT:
The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 











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