Document:

Exhibit 4.4

       

      

    

  

  

  

  

  Form of Underwriter's Warrant (Common  Share Warrant)

   

  

  THE REGISTERED HOLDER OF THIS UNDERWRITER'S WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT THIS UNDERWRITER'S WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE
    SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES BY ANY PERSON FOR A PERIOD OF ONE
    HUNDRED AND EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE PUBLIC OFFERING OF THE COMPANY'S SECURITIES PURSUANT TO REGISTRATION STATEMENT NO. 333-245405 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN
    ACCORDANCE WITH FINRA RULE 5110(g)(2).

   

  

  THIS UNDERWITER'S WARRANT IS NOT EXERCISABLE PRIOR TO [________________]1. VOID AFTER 5:00 P.M., EASTERN TIME, [___________________]2.

   

  

  UNDERWRITER'S WARRANT TO PURCHASE COMMON SHARE WARRANTS

   

  

  PYXIS TANKERS INC.

   

  

  Common Share Warrants or Warrant Securities: [_______]3

    Initial Exercise Date: [______] 2021

  

  

   

  

  THIS UNDERWRITER'S WARRANT TO PURCHASE COMMON SHARE WARRANTS (the "Underwriter Warrant") certifies that, for value received, ThinkEquity, a
    division of Fordham Financial Management, Inc., 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 ____, 2021 (the "Initial
      Exercise Date") and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective Date (the "Termination Date") but not thereafter, to subscribe for and
    purchase from Pyxis Tankers Inc., a corporation formed under the laws of the Republic of the Marshall Islands (the "Company"), up to ______ warrants to purchase common shares, par value $0.001 per share, of the Company (interchangeably, the "Common

      Share Warrants" or "Warrant Securities"), as subject to adjustment hereunder. The purchase price of one Common Share Warrant under this Underwriter's Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

   

  

  Section 1. Definitions. In addition to the terms defined elsewhere in this Agreement, 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.

  

  

  "Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed;

  

  

  

  1 Date that is 180 days from the Effective Date of the Registration Statement

  2 Date that is five (5) years from the Effective Date of the Registration Statement

  3 1% of the number of Common Share Warrants sold in the Offering.

  
    
      

  

  
  

  

  provided that banks shall not be deemed to be authorized or obligated to be closed due to a "shelter in place," "non-essential employee" or similar closure of physical branch locations at the direction
    of any governmental authority if such banks' electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.

  

  

  "Commission" means the United States Securities and Exchange Commission.

  

  

  "Common Share Equivalents" means any securities of the Company or its subsidiaries that 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.

  "Common Shares" means the Company's common shares, par value $0.001 per share.

  "Effective Date" means the effective date of the registration statement on Form F-1 (File No. 333-245405) including any related prospectus or prospectuses,
    for the registration of the Company's securities under the Securities Act, that the Company has filed with the Commission.

  

  

  "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.

   

  

  "Rule 144" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or
    regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

   

  

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

   

  

  "Series A Preferred Shares" means the Company's 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares, par value $0.001 per
      share.

  

  

  "Trading Day" means a day on which the New York Stock Exchange is open for trading.

   

  

  "Trading Market" means any of the following markets or exchanges on which the 8.25% Series A Cumulative Redeemable Preferred Shares and Common Shares are listed or quoted for
    trading on the date in question: the NYSE MKT, 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).

  

  

  "Underwriting Agreement" means that certain Underwriting Agreement, dated as of [____], 2020, by and between, the Company and ThinkEquity, a division of Fordham Financial
    Management, Inc., as representatives of the underwriters set forth therein.

  

  

  "VWAP" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Share Warrants are then listed or quoted on a Trading
    Market, the

  
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  daily volume weighted average price of the Common Share Warrants for such date (or the nearest preceding date) on the Trading Market on which the Common Share Warrants 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 a Common Share Warrant for such date (or the
    nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if the Common Share Warrants are not then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common Shares are then reported in the "Pink Sheets" published by OTC
    Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share Warrants so reported, or (d) in all other cases, the fair market value of the Common Share Warrant as
    determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

  

  

  Section 2. Exercise.

   

  

  a) Exercise of the purchase rights represented by this Underwriter's Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or
    before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly
    executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days 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 cashier's check drawn on a United States bank 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 form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
    Underwriter's Warrant to the Company until the Holder has purchased all of the Warrant Securities available hereunder and the Underwriter's Warrant has been exercised in full, in which case, the Holder shall surrender this Underwriter's Warrant to the
    Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Underwriter's Warrant resulting in purchases of a portion of the total number of Warrant Securities
    available hereunder shall have the effect of lowering the outstanding number of Warrant Securities purchasable hereunder in an amount equal to the applicable number of Warrant Securities purchased. The Holder and the Company shall maintain records
    showing the number of Warrant Securities purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt of such notice. The
      Holder and any assignee, by acceptance of this Underwriter's Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Securities
      hereunder, the number of Warrant Securities available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

   b) Exercise Price.  The exercise price per Common Share Warrant under this Underwriter's Warrant shall be $0.01, subject to
    adjustment hereunder (the "Exercise Price").  The Common Share Warrant underlying this Underwriter Warrant shall have the same terms and conditions of the Public Warrants (as such term is defined in the Underwriting Agreement) sold pursuant to
    the Underwriting Agreement, except, the initial Exercise Price (as such term is defined in the Public Warrant) of the Common Share Warrants shall be $1.49 per each common share, par value $0.01, underlying such
    Common Share Warrant.

   

  

  
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  c) Cashless Exercise. If at any time on or after the Initial Exercise Date, there is no effective registration statement registering, or the prospectus contained therein is
    not available for the issuance of the Warrant Securities to the Holder, then this Underwriter's 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 the
    number of Warrant Securities equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

  

  

  	 	
          (A) =

        	
          the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Underwriter's Warrant by means of a "cashless exercise," as set forth in the applicable
            Notice of Exercise;

        
	 	 	 
	 	
          (B) =

        	
          the Exercise Price of this Underwriter's Warrant, as adjusted hereunder; and

        
	 	 	 
	 	
          (X) =

        	
          the number of Warrant Securities that would be issuable upon exercise of this Underwriter's Warrant in accordance with the terms of this Underwriter's Warrant if such exercise were by means
            of a cash exercise rather than a cashless exercise.

        

   

  

  If Warrant Securities 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
    Securities shall take on the registered characteristics of the Underwriter's Warrants being exercised, and the holding period of the Underwriter's Warrants being exercised may be tacked on to the holding period of the Warrant Securities. The Company
    agrees not to take any position contrary to this Section 2(c).

   

  

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

   

  

  d) Mechanics of Exercise.

   

  

  i. Delivery of Warrant Securities Upon Exercise. The Company shall cause the Warrant Securities purchased hereunder to be transmitted by its 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 Securities to or resale of the Warrant Securities by Holder, or (B) the Warrant Securities are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule
    144 and, in either case, the Warrant Securities have been sold by the Holder prior to the Warrant Securities Delivery Date (as defined below), 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 Securities 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 two (2) Trading Days after the delivery
    to the Company of the Notice of Exercise (such date, the "Warrant Securities Delivery Date"). If the Warrant Securities can be delivered via DWAC, the transfer agent shall have received from the Company, at the expense of the Company, any legal
    opinions or other documentation required by it to deliver such Warrant Securities without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and
    requested by the Company prior to the Warrant Securities Delivery Date, the transfer agent shall have received from the Holder a confirmation of sale of the Warrant Securities (provided the requirement of the Holder to provide a confirmation as to the
    sale of Warrant Securities shall not be applicable to the issuance of unlegended Warrant Securities upon a cashless exercise of this Underwriter's Warrant if the Warrant Securities are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant
    Securities shall be deemed to have been issued, and Holder or any other person so designated to be named

  
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  therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Underwriter's Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless
    exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Securities
    subject to a Notice of Exercise by the second Trading Day following the Warrant Securities 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 Securities subject to such
    exercise (based on the VWAP of the Common Share Warrant 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 the second Trading Day following such Warrant Securities Delivery Date until such Warrant Securities are delivered or Holder rescinds such exercise.

  

  

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

   

  

  iii. Rescission Rights. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Securities pursuant to Section 2(d)(i) by the Warrant Securities Delivery Date,
    then the Holder will have the right to rescind such exercise; provided, however, that the Holder shall be required to return any Warrant Securities or Common Shares subject to any such rescinded exercise notice concurrently with the
    return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Securities and the restoration of Holder's right to acquire such Warrant Securities pursuant to this Underwriter's Warrant (including, issuance of a replacement
    warrant certificate evidencing such restored right).

   

  

  iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Securities Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause its transfer
    agent to transmit to the Holder the Warrant Securities pursuant to an exercise on or before the Warrant Securities Delivery Date, 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  Share Warrants  to deliver in satisfaction of a sale by the Holder of the Warrant Securities 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 Share Warrants so purchased exceeds (y) the amount obtained by multiplying (1) the number of
    Common Share Warrants 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, provided

      that such Holder provides reasonable evidence of the date and time of such sell order and (B) at the option of the Holder, either reinstate the portion of the Underwriter's Warrant and equivalent number of Common Share Warrants 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 Share Warrants  that would have been issued had the Company timely complied with its exercise and delivery obligations
    hereunder. For example, if the Holder purchases Common Share Warrants having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Share Warrants 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

  
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  deliver Common Share Warrants upon exercise of the Underwriter's 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 Underwriter's Warrant. If, by reason of any adjustment
    made pursuant to Section 3, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number of Warrant Securities to be issued to
    such Holder.

   

  

  vi. Charges, Taxes and Expenses. Issuance of Warrant Securities 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 Securities, all of which taxes and expenses shall be paid by the Company, and such Warrant Securities 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 Securities are to be issued in a name other than the name of the Holder, this Underwriter's 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 Securities.

   

  

  vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Underwriter's Warrant, pursuant to the terms hereof.

   

  

  viii. Signature. This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the Holder in order to exercise this Underwriter's Warrant.  Without
    limiting the preceding sentences, no ink-original exercise form shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this Underwriter's Warrant.  No
    additional legal opinion, other information or instructions shall be required of the Holder to exercise this Purchase Warrant.  The Company shall honor exercises of this Underwriter's  Warrant and shall deliver Shares underlying this Underwriter's 
    Warrant in accordance with the terms, conditions and time periods set forth herein.

   

  

  e) Holder's Exercise Limitations. The Company shall not effect any exercise of this Underwriter's Warrant, and a Holder shall not have the right to exercise any portion of this Underwriter's
    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), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  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 Underwriter's Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Underwriter's 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 Underwriter's Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this
    Underwriter's 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

  
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  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 Company's transfer agent setting forth the number of Common Shares outstanding.  Upon the written or oral request of a
    Holder, the Company shall within two Trading Days 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 Underwriter's Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding Common Shares was reported. The "Beneficial Ownership Limitation" shall be
    9.99% of the number of shares of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of all warrants held by the Holder. 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 shares of the Common Shares outstanding immediately after giving effect to the issuance of
    Common Shares upon exercise of all warrants 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 Underwriter's Warrant.

   

  

  Section 3. Certain Adjustments.

   

  

  a) Stock Dividends and Splits. If the Company, at any time while this Underwriter's Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on
    shares of 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 Underwriter's 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 shares 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 Underwriter's Warrant shall be proportionately adjusted such that the aggregate Exercise
    Price of this Underwriter's 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 stockholders 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. For the purposes of clarification, the Exercise Price of this Underwriter's Warrant will not be adjusted in the
    event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other
    disposition) any Common Shares or Common Share Equivalents, at an effective price per share less than the Exercise Price then in effect.

   

  

  b)  [RESERVED]

   

  

  

  

  
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  c) 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 Underwriter's 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, 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).

   

  

  d)  Pro Rata Distributions. During such time as this Underwriter's Warrant is outstanding, if the Company shall declare or make any dividend (other than cash dividends) or other distribution of
    its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off,
    reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"), at any time after the issuance of this Underwriter's Warrant, then, in each such case, the Holder shall be entitled to participate
    in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of this Underwriter's Warrant or the Warrant Securities (without regard to any
    limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of
    Common Shares are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership
    Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be
    held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Underwriter's Warrant has not been partially or
    completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Underwriter's Warrant.

   

  

  e)  Fundamental Transaction. If, at any time while this Underwriter's 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, 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 all outstanding 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 or scheme of arrangement) with another Person or
    group of Persons whereby such other Person or

  
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  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 Underwriter's Warrant, the Holder shall have the right to receive, for each Warrant
    Security 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 Underwriter's 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 by holders of Common Shares as a result of
    such Fundamental Transaction for each Common Share for which this Underwriter's Warrant or the Warrant Securities is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
    Underwriter's 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 share
    of Common Shares 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
    Underwriter's Warrant following such 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 Underwriter's Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements prior to or during such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in
    exchange for this Underwriter's Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Underwriter's 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 Underwriter's Warrant (without regard to any limitations on the exercise of this Underwriter's 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 Underwriter's Warrant immediately prior to the consummation of such Fundamental Transaction),
    and which is reasonably satisfactory in form and substance to the Holder. 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 Underwriter's 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
    Underwriter's Warrant with the same effect as if such Successor Entity had been named as the Company herein.

  f) 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.

   

  

  g)  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 send to the Holder(either via mail or e-mail) a
    notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of

  
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  Warrant Securities and setting forth a brief statement of the facts requiring such adjustment.  Provided, however, that the Company may satisfy this notice requirement in this Section 4.4(a) by filing such notice with
    the Commission pursuant to a Report on Form 6-K.

   

  

  ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) 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 stockholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company 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 mail, facsimile or email to the Holder at its last mailing address, facsimile number or email address as it shall appear upon the Warrant Register of the Company, at
    least five (5) calendar 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 shares of the 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 required to be provided hereunder 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. Provided such notice occurs prior to the Termination Date, the Holder shall remain entitled to exercise this Underwriter's 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.

  

  

  Section 4. Transfer of Warrant.

   

  

  a)  Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Underwriter's Warrant nor any Warrant Securities issued upon exercise of this Underwriter's Warrant shall be sold,
    transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days
    immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Underwriter's Warrant is being issued, except the transfer of any security:

   

  

  i. by operation of law or by reason of reorganization of the Company;

   

  

  ii. to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction in this Section 4(a) for the
    remainder of the time period;

   

  

  iii. if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;

   

  

  
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  iv. that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the fund, and
    participating members in the aggregate do not own more than 10% of the equity in the fund; or

   

  

  v. the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period.

   

  Subject to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Underwriter's Warrant and all rights hereunder (including, without limitation,
    any registration rights) are transferable, in whole or in part, upon surrender of this Underwriter's Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Underwriter's 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 Underwriter's 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 Underwriter's Warrant not so assigned, and this Underwriter's Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Underwriter's Warrant to
    the Company unless the Holder has assigned this Underwriter's Warrant in full, in which case, the Holder shall surrender this Underwriter's Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the
    Company assigning this Underwriter's Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Securities without having a new Warrant issued.

   

  

  b) New Warrants. This Underwriter's 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 Underwriter's 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 Underwriter's Warrant or Underwriter's Warrants in exchange for the Underwriter's Warrant or Underwriter's Warrants to be divided or combined in accordance with such notice. All Underwriter's
    Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Underwriter's Warrant and shall be identical with this Underwriter's Warrant except as to the number of Warrant Securities issuable pursuant thereto.

   

  

  c) Warrant Register. The Company shall register this Underwriter's Warrant, upon records to be maintained by the Company for that purpose (the "Warrant Register"), in the name of the
    record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Underwriter's Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
    purposes, absent actual notice to the contrary.

   

  

  d) Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Underwriter's Warrant and, upon any exercise hereof, will acquire the
    Warrant Securities issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Securities or any part thereof in violation of the Securities Act or any applicable state securities law, except
    pursuant to sales registered or exempted under the Securities Act.

  

  

  Section 5. Registration Rights.

  

  

  5.1 [RESERVED].

  

  

  
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  5.2 "Piggy-Back" Registration.

   

  

  5.2.1 Grant of Right.  If at any time on or after the Initial Exercise Date, there is no effective registration statement registering, or the prospectus contained therein is not available for
    the issuance of the Warrant Securities to the Holder or if Rule 144 is not available to the Holder without any volume or other limitations, the Holder shall have the right, for a period of no more than three (3) years from the Initial Exercise Date in
    accordance with FINRA Rule 5110(f)(2)(G)(v), to include the Warrant Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the
    Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable
    discretion, impose a limitation on the number of  Warrant Securities which may be included in the Registration Statement because, in such underwriter(s)' judgment, marketing or other factors dictate such limitation is necessary to facilitate public
    distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion of the Warrant  Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit.
    Any exclusion of Warrant  Securities shall be made pro rata among the Holders seeking to include Warrant  Securities in proportion to the number of Warrant  Securities sought to be included by such Holders; provided, however, that the Company shall not
    exclude any Warrant  Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the
    Warrant  Securities.

   

  

  5.2.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5.2.1 hereof, but the Holders shall pay any and all
    underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders
    of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by
    the Company during the three (3) year period following the Initial Exercise Date until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the "piggy-back" rights
    provided for herein by giving written notice within ten (10) days of the receipt of the Company's notice of its intention to file a registration statement. Except as otherwise provided in this Underwriter's Warrant, there shall be no limit on the
    number of times the Holder may request registration under this Section 5.2.2; provided, however, that such registration rights shall terminate on the third anniversary of the Initial Exercise Date.

   

  

  5.3 General Terms

   

  

  5.3.1 Indemnification. The Company shall indemnify the Holder(s) of the Warrant  Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls
    such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Exchange Act against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in
    investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same
    effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement. The Holder(s) of the Warrant  Securities to be sold pursuant to such registration statement, and
    their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or
    defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or

  
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  on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the
    Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

   

  

  5.3.2 Exercise of Warrants. Nothing contained in this Underwriter's Warrant shall be construed as requiring the Holder(s) to exercise their Underwriter's Warrants prior to or after the initial
    filing of any registration statement or the effectiveness thereof.

  

  

  5.3.3 Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter of any such offering, if any, a signed
    counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date
    of the closing under any underwriting agreement related thereto), and (ii) a "cold comfort" letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of
    the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the Company's financial statements included in such registration statement, in each case covering substantially the
    same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants' letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in
    opinions of issuer's counsel and in accountants' letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence and
    memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to
    the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply
    with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable
    extent and at such reasonable times as any such Holder shall reasonably request.

  

  

  5.3.4 Underwriting Agreement. If applicable, the Company shall enter into an underwriting agreement with the managing underwriter(s).Such agreement shall be reasonably satisfactory in form and
    substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing
    underwriter. If applicable. the Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Warrant  Securities and may, at their option, require that any or all the representations, warranties and covenants of the
    Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as
    they may relate to such Holders, their Warrant Securities and their intended methods of distribution.

   

  

  5.3.5 Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided
    by the Company requesting information customarily sought of selling security holders.

   

  

  5.3.6 Damages. Should the registration or the effectiveness thereof required by Section 5.2 hereof be delayed by the Company or the Company otherwise fails to comply with such provisions, the
    Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions

  
    13

    
      

  

  

  

  or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.

   

  

  Section 6. Miscellaneous.

   

  

  a) No Rights as Stockholder Until Exercise. This Underwriter's Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the
    exercise hereof as set forth in Section 2(d)(i).

   

  

  b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or
    mutilation of this Underwriter's Warrant or any certificate relating to the Warrant Securities, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Underwriter's Warrant, shall
    not include the posting of any bond), and upon surrender and cancellation of such Underwriter's Warrant or stock certificate, if mutilated, the Company will make and deliver a new Underwriter's Warrant or stock certificate of like tenor and dated as of
    such cancellation, in lieu of such Underwriter's 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 Underwriter's 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 Securities upon the exercise of any purchase rights under this Underwriter's Warrant. The Company further covenants that its issuance of this Underwriter's Warrant shall constitute full authority to its officers who are charged
    with the duty of issuing the necessary Warrant Securities upon the exercise of the purchase rights under this Underwriter's Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Securities 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 8.25% Series A Cumulative Redeemable Preferred Shares, the Common Share Warrants and 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 Underwriter's Warrant will, upon exercise of the purchase rights represented by this Underwriter's 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).

  

  

  Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate 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 Underwriter's 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 Underwriter's 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 Underwriter's Warrant and (iii) use commercially reasonable efforts to

  
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  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 Underwriter's Warrant.

   

  

  Before taking any action which would result in an adjustment in the number of Warrant Securities for which this Underwriter's 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) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Underwriter's Warrant shall be determined in accordance with the provisions of the
    Underwriting Agreement.

   

  

  f) Restrictions. The Holder acknowledges that the Warrant Securities acquired upon the exercise of this Underwriter's Warrant, if not registered, and the Holder does not utilize cashless
    exercise, will have restrictions upon resale imposed by state and federal securities laws.

   

  

  g) 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 Underwriter's Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Underwriter's 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.

   

  

  h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the
    Underwriting Agreement.

   

  

  

  

  i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Underwriter's Warrant to purchase Warrant Securities, 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 Warrantor as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of
    the Company.

   

  

  j) 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
    Underwriter's 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 Underwriter's 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.

   

  

  k) Successors and Assigns. Subject to applicable securities laws, this Underwriter's 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 Underwriter's Warrant are intended to be for the benefit of any Holder from time to time of this Underwriter's Warrant and
    shall be enforceable by the Holder or holder of Warrant Shares.

   

  

  l)  Amendment. This Underwriter's Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

  
    15

    
      

  

  

  

  m) Severability. Wherever possible, each provision of this Underwriter's Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of
    this Underwriter's 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 Underwriter's Warrant.

   

  

  n) Headings. The headings used in this Underwriter's Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Underwriter's Warrant.

  

  

   

  

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

   

  

  (Signature Page Follows)

   

  

  

  

   

  

  
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  IN WITNESS WHEREOF, the Company has caused this Underwriter's Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

  

  

   

  

  	 	
          PYXIS TANKERS INC.

           

        
	 	 	 
	 	
          By:

        	 
	 	 	
          Name: Valentios Valentis

        
	 	 	
          Title: Chairman and Chief Executive Officer

        

   

  

  
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  NOTICE OF EXERCISE

   

  

  	
          TO:

        	
          PYXIS TANKERS INC.

        

  _________________________

   

  

  (1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only 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):

   

  

  ☐ 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 Underwriter's 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 register and 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 or by physical delivery of a certificate to:

   

  

  _______________________________

   

  

  _______________________________

   

  

  _______________________________

   

  

  (4) Accredited Investor. If the Underwriter's Warrant is being exercised via cash exercise, the undersigned is an "accredited investor" as defined in Regulation D promulgated under the
    Securities Act of 1933, as amended

  

  

   

  

  [SIGNATURE OF HOLDER]

   

  

  Name of Investing Entity: _______________________________________________________________

   

  

  Signature of Authorized Signatory of Investing Entity: _________________________________________

  

  

   

  

  Name of Authorized Signatory: ___________________________________________________________

   

  

  Title of Authorized Signatory: ____________________________________________________________

   

  

  Date: ________________________________________________________________________________

  

  

  

  

  
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  ASSIGNMENT FORM

   

  

  (To assign the foregoing warrant, execute

    this form and supply required information.

    Do not use this form to exercise the warrant.)

  

  

  

  

  FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

  

  

  _______________________________________________ whose address is

   

  

  _______________________________________________________________.

   

  

  _______________________________________________________________

   

  

  Dated: ______________, _______

  

  

   

  

  Holder's Signature: _____________________________

   

  

  Holder's Address: _____________________________

   

  

  _____________________________

  

  

   

  

  NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Underwriter's Warrant, without alteration or enlargement or any change whatsoever. Officers of corporations and
    those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

   

  

   

  

  
    

    

     

    

  

  

  

  20Exhibit 4.5

  

  

  

  
    Form of Underwriter's Warrant (Series A Preferred Shares)

     

    

    THE REGISTERED HOLDER OF THIS UNDERWRITER'S WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT THIS UNDERWRITER'S WARRANT AND THE SECURITIES
      ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH
      SECURITIES BY ANY PERSON FOR A PERIOD OF ONE HUNDRED AND EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE PUBLIC OFFERING OF THE COMPANY'S SECURITIES PURSUANT TO REGISTRATION STATEMENT NO. 333-245405 AS FILED WITH THE
      SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(g)(2).

     

    

    THIS UNDERWRITER'S WARRANT IS NOT EXERCISABLE PRIOR TO [________________]1. VOID AFTER 5:00 P.M., EASTERN TIME,
      [___________________]2.

     

    

    UNDERWRITER'S WARRANT TO PURCHASE 8.25% SERIES A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED SHARES

     

    

    PYXIS TANKERS INC.

     

    

    Warrant Shares: [_______]3                                                                Initial Exercise Date: [______] 2021

    

    

     

    

    THIS UNDERWRITER'S WARRANT TO PURCHASE 8.25% SERIES A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED SHARES (the "Underwriter's Warrant") certifies that, for value received, ThinkEquity, a division of Fordham Financial Management, Inc., 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 ____, 2021 (the "Initial Exercise Date") and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective Date
      (the "Termination Date") but not thereafter, to subscribe for and purchase from Pyxis Tankers Inc., a corporation formed under the laws of the Republic of the
      Marshall Islands (the "Company"), up to ______ 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares, par value $0.001 per share, of the Company (the
      "Warrant Shares"), as subject to adjustment hereunder. The purchase price of one 8.25% Series A Cumulative Redeemable Perpetual Preferred Share under this
      Underwriter's Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

     

    

    Section 1. Definitions. In addition to the terms defined elsewhere in this Agreement, 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.

    "Business Day" means any
      day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided that banks shall not be deemed to be authorized or obligated to be closed due to a "shelter

    

    

    

    1 Date that is 180 days from the Effective
      Date of the Registration Statement

    2 Date that is five (5) years from the
      Effective Date of the Registration Statement

    3 1%
      of the number of Series A Preferred Shares sold in the  Offering.

    
      
        

    

    
    

    

    in place," "non-essential employee" or similar closure of physical branch locations at the direction of any governmental authority if
      such banks' electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.

    

    

    "Commission" means the
      United States Securities and Exchange Commission.

    

    

    "Common Share
          Equivalents" means any securities of the Company or its subsidiaries that 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.

    "Common Shares"
      means the Company's common shares, par value $0.001 per share.

    "Effective Date"
      means the effective date of the registration statement on Form F-1 (File No. 333-245405) including any related prospectus or prospectuses, for the registration of the Company's securities under the Securities Act, that the Company has filed with the
      Commission.

    

    

    "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.

     

    

    "Rule 144" means Rule 144
      promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such
      Rule.

     

    

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

     

    

    "Series A Preferred Shares"
      means the Company's 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares, par value $0.001 per share.

    

    

    "Trading Day" means a day
      on which the New York Stock Exchange is open for trading.

     

    

    "Trading Market" means any
      of the following markets or exchanges on which the 8.25% Series A Cumulative Redeemable Preferred Shares and Common Shares are listed or quoted for trading on the date in question: the NYSE MKT, 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).

    

    

    "Underwriting Agreement"
      means that certain Underwriting Agreement, dated as of [____], 2020, by and between, the Company and ThinkEquity, a division of Fordham Financial Management, Inc., as representatives of the underwriters set forth therein.

    

    

    "VWAP" means, for any
      date, the price determined by the first of the following clauses that applies: (a) if the Series A Preferred Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Series A Preferred Shares for such date
      (or the nearest

    
      2

      
        

    

    

    

    preceding date) on the Trading Market on which the Series A Preferred 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 a Series A Preferred Shares for such date (or the nearest preceding
      date) on the OTCQB or OTCQX as applicable, (c) if the Series A Preferred Shares are not then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common Shares are then reported in the "Pink Sheets" published by OTC Markets Group,
      Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Series A Preferred Share so reported, or (d) in all other cases, the fair market value of the Series A Preferred Shares as
      determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

    

    

    Section 2. Exercise.

     

    

    a) Exercise of the purchase rights represented by this Underwriter's Warrant may be made, in whole or in part, at any
      time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of
      the Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days 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 cashier's check drawn on a United States bank 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 form be required. Notwithstanding anything herein to
      the contrary, the Holder shall not be required to physically surrender this Underwriter's Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Underwriter's Warrant has been exercised in full, in
      which case, the Holder shall surrender this Underwriter's Warrant to the Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Underwriter's Warrant
      resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering 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 Form within two (2) Business Days of
      receipt of such notice. The Holder and any assignee, by acceptance of this Underwriter's 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.

     

    

    b) Exercise Price. The
      exercise price per share of the Series A Preferred Share under this Underwriter's Warrant shall be $24.92, subject to adjustment hereunder (the "Exercise Price").

     

    

    c) Cashless Exercise. If
      at any time on or after the Initial Exercise Date, 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 Underwriter's Warrant
      may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder

    
      3

      
        

    

    

    

    shall be entitled to receive the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

    

    

    	 	
            (A) =

          	
            the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Underwriter's Warrant by
              means of a "cashless exercise," as set forth in the applicable Notice of Exercise;

          
	 	 	 
	 	
            (B) =

          	
            the Exercise Price of this Underwriter's Warrant, as adjusted hereunder; and

          
	 	 	 
	 	
            (X) =

          	
            the number of Warrant Shares that would be issuable upon exercise of this Underwriter's Warrant in accordance with the terms
              of this Underwriter's 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 Underwriter's Warrants being exercised, and the holding period of the Underwriter's Warrants being exercised may be tacked on to the holding
      period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 2(c).

     

    

    Notwithstanding anything herein to the contrary, on the Termination Date, this Underwriter's 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 its 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 Holder, or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the
      Warrant Shares have been sold by the Holder prior to the Warrant Share Delivery Date (as defined below), 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 two (2) Trading Days after the delivery to the Company of the Notice of
      Exercise (such date, the "Warrant Share Delivery Date"). If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the
      Company, at the expense of the Company, any legal opinions or other documentation required by it to deliver such Warrant Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including with
      respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the transfer agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of
      the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless exercise of this Underwriter's Warrant if the Warrant Shares are then eligible for resale
      pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date
      the Underwriter's Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of
      such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise

    
      4

      
        

    

    

    

    by the second Trading Day following 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 Series A Preferred 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 the second Trading Day following such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

    

    

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

     

    

    iii. Rescission Rights. If the Company fails
      to cause its transfer agent to deliver 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; provided, however, that the Holder shall be required to return any Warrant Shares or Common Shares subject to any
      such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder's right to acquire such Warrant Shares pursuant to this Underwriter's
      Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

     

    

    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 its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the
      Warrant Share Delivery Date, 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, Series A Preferred 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 Series A Preferred Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of
      Series A Preferred 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, provided that such Holder provides reasonable evidence of the date and time of such sell order and (B) at the option of the Holder, either reinstate the portion of the
      Underwriter's Warrant and equivalent number of  Series A Preferred 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 Series A Preferred Shares  that would
      have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Series A Preferred Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an
      attempted exercise of Series A Preferred 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 Series A Preferred Shares upon exercise of the
      Underwriter's 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 Underwriter's Warrant. If, by reason of any adjustment made pursuant to Section 3, a Holder would be entitled, upon the exercise of such Warrant, to
      receive a fractional

    
      5

      
        

    

    

    

    interest in a share, the Company shall, upon such exercise, round down to the nearest whole number of Warrant Shares to be issued to such Holder.

     

    

    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 Underwriter's 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.

     

    

    vii. Closing of Books. The Company will not
      close its stockholder books or records in any manner which prevents the timely exercise of this Underwriter's Warrant, pursuant to the terms hereof.

     

    

    viii. Signature. This Section 2 and the
      exercise form attached hereto set forth the totality of the procedures required of the Holder in order to exercise this Underwriter's Warrant.  Without limiting the preceding sentences, no ink-original exercise form shall be required, nor shall any
      medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this Underwriter's Warrant.  No additional legal opinion, other information or instructions shall be required of the Holder to
      exercise this Underwriter's Warrant.  The Company shall honor exercises of this Underwriter's Warrant and shall deliver Shares underlying this Underwriter's  Warrant in accordance with the terms, conditions and time periods set forth herein.

     

    

    e) Holder's Exercise Limitations. The
      Company shall not effect any exercise of this Underwriter's Warrant, and a Holder shall not have the right to exercise any portion of this Underwriter's 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), would beneficially own
      in excess of the Beneficial Ownership Limitation (as defined below).  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 Underwriter's Warrant is exercisable (in relation to other
      securities owned by the Holder together with any Affiliates) and of which portion of this Underwriter's 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 Underwriter's Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Underwriter's 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. 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 Company's

    
      6

      
        

    

    

    

    transfer agent setting forth the number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading
      Days 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 Underwriter's Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding Common Shares was reported. The "Beneficial
          Ownership Limitation" shall be 9.99% of the number of shares of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of all warrants held by the Holder. 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 shares of the Common Shares outstanding
      immediately after giving effect to the issuance of Common Shares upon exercise of all Warrants 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 Underwriter's Warrant.

     

    

    Section 3. Certain Adjustments.

     

    

    a) Stock Dividends and Splits. If the
      Company, at any time while this Underwriter's Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on  its Series A Preferred Shares or any other equity or equity equivalent securities payable in Series
      A Preferred Shares  (which, for avoidance of doubt, shall not include any Series A Preferred Shares issued by the Company upon exercise of this Underwriter's Warrant), (ii) subdivides outstanding Series A Preferred Shares  into a larger number of
      shares, (iii) combines (including by way of reverse stock split) outstanding Series A Preferred Shares  into a smaller number of shares, or (iv) issues by reclassification of shares of the Series A Preferred 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 Series A Preferred Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the
      denominator shall be the number of Series A Preferred Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Underwriter's Warrant shall be proportionately adjusted such that the aggregate Exercise
      Price of this Underwriter's 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 stockholders 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. For the purposes of clarification, the Exercise Price of this Underwriter's Warrant will not be adjusted in
      the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or
      other disposition) any Series A Preferred Shares, at an effective price per share less than the Exercise Price then in effect.

     

    

    b)  [RESERVED]

     

    

    c) 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
      Series A Preferred 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

    
      7

      
        

    

    

    

    held the number of Series A Preferred Shares acquirable upon complete exercise of this Underwriter's 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 Series A Preferred Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, 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).

     

    

    d)  Pro Rata Distributions. During such time
      as this Underwriter's Warrant is outstanding, if the Company shall declare or make any dividend (other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of Series A Preferred Shares, by way of
      return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
      transaction) (a "Distribution"), at any time after the issuance of this Underwriter's Warrant, then, in each such case, the Holder shall be entitled to
      participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Series A Preferred Shares acquirable upon complete exercise of this Underwriter's Warrant (without regard to any
      limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
      of Series A Preferred Shares are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to
      participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until
      such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Underwriter's Warrant has not been partially or completely exercised at the time of such Distribution,
      such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Underwriter's Warrant.

     

    

    e)  Fundamental Transaction. If, at any time
      while this Underwriter's 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, 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
      all outstanding 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 or scheme of arrangement) with another Person or group of 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 Underwriter's Warrant, the Holder

    
      8

      
        

    

    

    

    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 Underwriter's Warrant), the number of Series A Preferred 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 by holders of Series A Preferred
      Shares as a result of such Fundamental Transaction for each  Series A Preferred Share for which this Underwriter's Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the
      exercise of this Underwriter's 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 Series A Preferred 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  Series A Preferred 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 Underwriter's Warrant following such 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 Underwriter's Warrant in accordance with the provisions of this Section
      3(e) pursuant to written agreements prior to or during such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Underwriter's Warrant a security of the Successor Entity evidenced by a written
      instrument substantially similar in form and substance to this Underwriter's Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Series A Preferred
      Shares  acquirable and receivable upon exercise of this Underwriter's Warrant (without regard to any limitations on the exercise of this Underwriter's 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 Series A Preferred 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 Underwriter's Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
      substance to the Holder. 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 Underwriter's
      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 Underwriter's Warrant with the same effect as if
      such Successor Entity had been named as the Company herein.

     

    

    f) 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.

     

    

    g)  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 send to the Holder(either via mail or e-mail) 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.  Provided, however, that the Company may satisfy this notice requirement in this Section 4.4(a) by filing such notice with the Commission pursuant to
      a Report on Form 6-K.

     

    

    
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    ii. Notice to Allow Exercise by Holder. If
      (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Series A Preferred Shares or Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Series A Preferred
      Shares  or Common Shares, (C) the Company shall authorize the granting to all holders of the Series A Preferred Shares or 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 stockholders of the Company shall be required in connection with any reclassification of the Common Shares or Series A Preferred Shares, any consolidation or merger to which the Company 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 mail, facsimile or email to the Holder at its last mailing address, facsimile number or email address as it shall appear upon the Warrant
      Register of the Company, at least five (5) calendar 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 or Series A Preferred 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 or Series
      A Preferred Shares of record shall be entitled to exchange their shares of the Common Shares or Series A Preferred 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 required to be
      provided hereunder 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. Provided
      such notice occurs prior to the Termination Date, the Holder shall remain entitled to exercise this Underwriter's 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.

    

    

    Section 4. Transfer of Warrant.

     

    

    a)  Transferability. Pursuant to FINRA Rule
      5110(g)(1), neither this Underwriter's Warrant nor any Warrant Shares issued upon exercise of this Underwriter's Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or
      call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this
      Underwriter's Warrant is being issued, except the transfer of any security:

     

    

    i. by operation of law or by reason of reorganization of the Company;

     

    

    ii. to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain
      subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

     

    

    iii. if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being
      offered;

     

    

    iv. that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
      manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or

     

    

    
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    v. the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a)
      for the remainder of the time period.

     

    Subject to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Underwriter's
      Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Underwriter's Warrant at the principal office of the Company or its designated agent, together
      with a written assignment of this Underwriter's 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 Underwriter's 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 Underwriter's Warrant not so assigned, and this Underwriter's Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder
      shall not be required to physically surrender this Underwriter's Warrant to the Company unless the Holder has assigned this Underwriter's Warrant in full, in which case, the Holder shall surrender this Underwriter's Warrant to the Company within
      three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Underwriter's Warrant in full. The Underwriter's Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
      purchase of Warrant Shares without having a new Underwriter's Warrant issued.

     

    

    b) New Warrants. This Underwriter's 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 Underwriter's 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 Underwriter's Warrant or Underwriter's Warrants in
      exchange for the Underwriter's Warrant or Underwriter's Warrants to be divided or combined in accordance with such notice. All Underwriter's Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Underwriter's
      Warrant and shall be identical with this Underwriter's Warrant except as to the number of Warrant Shares issuable pursuant thereto.

     

    

    c) Warrant Register. The Company shall
      register this Underwriter's Warrant, upon records to be maintained by the Company for that purpose (the "Warrant Register"), in the name of the record Holder
      hereof from time to time. The Company may deem and treat the registered Holder of this Underwriter's Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
      actual notice to the contrary.

     

    

    d) Representation by the Holder. The Holder,
      by the acceptance hereof, represents and warrants that it is acquiring this Underwriter's Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
      distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

    

    

    Section 5. Registration Rights.

    

    

    5.1 [RESERVED].

    

    

    5.2 "Piggy-Back" Registration.

     

    

    
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    5.2.1 Grant of Right.  If at any time on or
      after the Initial Exercise Date, 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 or if Rule 144 is not available to the Holder without
      any volume or other limitations, the Holder shall have the right, for a period of no more than three (3) years from the Initial Exercise Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the Warrant Shares as part of any other
      registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in
      connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares of Series A Preferred Shares which may be
      included in the Registration Statement because, in such underwriter(s)' judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration
      Statement only such limited portion of the Warrant Shares  with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Warrant Shares shall be made pro rata among the Holders seeking to
      include Warrant Shares  in proportion to the number of Warrant Shares  sought to be included by such Holders; provided, however, that the Company shall not exclude any Warrant Shares  unless the Company has first excluded all outstanding securities,
      the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Warrant Shares .

     

    

    5.2.2 Terms. The Company shall bear all fees
      and expenses attendant to registering the Warrant Shares  pursuant to Section 5.2.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection
      with the sale of the Warrant Shares . In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Warrant Shares  with not less than thirty (30) days written notice prior to the proposed date of filing of
      such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company during the three (3) year period following the Initial Exercise Date until such time as all of the Warrant Shares
      have been sold by the Holder. The holders of the Warrant Shares shall exercise the "piggy-back" rights provided for herein by giving written notice within ten (10) days of the receipt of the Company's notice of its intention to file a registration
      statement. Except as otherwise provided in this Underwriter's Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 5.2.2; provided, however, that such registration rights shall terminate on
      the third anniversary of the Initial Exercise Date.

     

    

    5.3 General Terms

     

    

    5.3.1 Indemnification. The Company shall
      indemnify the Holder(s) of the Warrant Shares  to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Exchange Act
      against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject
      under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained
      in Section 5.1 of the Underwriting Agreement . The Holder(s) of the Warrant Shares to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim,
      damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the
      Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such

    
      12

      
        

    

    

    

    registration statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to
      which the Underwriters have agreed to indemnify the Company.

     

    

    5.3.2 Exercise of Warrants. Nothing
      contained in this Underwriter's Warrant shall be construed as requiring the Holder(s) to exercise their Underwriter's Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

    

    

    5.3.3 Documents Delivered to Holders. The
      Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company,
      dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a "cold comfort" letter
      dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public
      accounting firm which has issued a report on the Company's financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus included
      therein) and, in the case of such accountants' letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to underwriters in
      underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all
      correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such
      investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall
      include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably
      request.

    

    

    5.3.4 Underwriting Agreement. If applicable,
      the Company shall enter into an underwriting agreement with the managing underwriter(s).Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such
      representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. If applicable. the Holders shall be parties to any underwriting agreement relating
      to an underwritten sale of their Warrant Shares and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of
      such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their Warrant Shares and their intended methods of
      distribution.

     

    

    5.3.5 Documents to be Delivered by Holder(s).
      Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

     

    

    5.3.6 Damages. Should the registration or
      the effectiveness thereof required by Section 5.2 hereof be delayed by the Company or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be
      entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions

    
      13

      
        

    

    

    

    or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.

     

    

    Section 6. Miscellaneous.

     

    

    a) No Rights as Stockholder Until Exercise.
      This Underwriter's Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

     

    

    b) Loss, Theft, Destruction or Mutilation of Warrant.
      The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Underwriter's Warrant or any 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 Underwriter's Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Underwriter's Warrant or stock
      certificate, if mutilated, the Company will make and deliver a new Underwriter's Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Underwriter's 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 Underwriter's Warrant is outstanding, it will reserve from its authorized and unissued
      Series A Preferred Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Underwriter's Warrant. The Company further covenants that its issuance of this Underwriter's
      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 Underwriter's 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 Series A Preferred 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 Underwriter's Warrant will, upon exercise of the purchase rights represented by this Underwriter's 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).

    

    

    Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
      amending its certificate 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 Underwriter's 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
      Underwriter's 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 Underwriter's Warrant and (iii) use commercially
      reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction

    
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    thereof, as may be, necessary to enable the Company to perform its obligations under this Underwriter's Warrant.

     

    

    Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Underwriter's 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) Jurisdiction. All questions concerning
      the construction, validity, enforcement and interpretation of this Underwriter's Warrant shall be determined in accordance with the provisions of the Underwriting Agreement.

     

    

    f) Restrictions. The Holder acknowledges
      that the Warrant Shares acquired upon the exercise of this Underwriter's Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

     

    

    g) 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 Underwriter's
      Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Underwriter's 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.

     

    

    h) Notices. Any notice, request or other
      document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Underwriting Agreement.

    

    

    i) Limitation of Liability. No provision
      hereof, in the absence of any affirmative action by the Holder to exercise this Underwriter's 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 Series A Preferred Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

     

    

    j) 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 Underwriter's 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 Underwriter's 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.

     

    

    k) Successors and Assigns. Subject to
      applicable securities laws, this Underwriter's 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 Underwriter's Warrant are intended to be for the benefit of any Holder from time to time of this Underwriter's Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

     

    

    l)  Amendment. This Underwriter's Warrant
      may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

     

    

    
      15

      
        

    

    

    

    m) Severability. Wherever possible, each
      provision of this Underwriter's Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Underwriter's 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 Underwriter's Warrant.

     

    

    n) Headings. The headings used in this
      Underwriter's Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Underwriter's Warrant.

    

    

     

    

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

     

    

    (Signature Page Follows)

     

    

    

    

     

    

    
      16

      
        

    

    

    

    IN WITNESS WHEREOF, the Company has caused this Underwriter's Warrant to be executed by its officer thereunto duly authorized as of the
      date first above indicated.

    

    

     

    

    	 	
            PYXIS TANKERS INC.

             

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name: Valentios Valentis

          
	 	 	
            Title: Chairman and Chief Executive Officer

          

     

    

    

    

    
      17

      
        

    

    NOTICE OF EXERCISE

     

    

    	
            TO:

          	
            PYXIS TANKERS INC.

          

    _________________________

     

    

    (1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
      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):

     

    

    ☐ 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 Underwriter's 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 register and 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 or by physical delivery of a certificate to:

     

    

    _______________________________

     

    

    _______________________________

     

    

    _______________________________

     

    

    (4) Accredited Investor. If the
      Underwriter's Warrant is being exercised via cash exercise, the undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended

    

    

     

    

    [SIGNATURE OF HOLDER]

     

    

    Name of Investing Entity: _______________________________________________________________

     

    

    Signature of Authorized Signatory of Investing Entity:
      _________________________________________

    

    

     

    

    Name of Authorized Signatory: ___________________________________________________________

     

    

    Title of Authorized Signatory: ____________________________________________________________

     

    

    Date: ________________________________________________________________________________

     

    

    

    

    
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      19

      
        

    

    ASSIGNMENT FORM

     

    

    (To assign the foregoing warrant, execute

      this form and supply required information.

      Do not use this form to exercise the warrant.)

    

    

    

    

    FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Underwriter's Warrant and all rights evidenced thereby are hereby
      assigned to

    

    

    _______________________________________________ whose address is

     

    

    _______________________________________________________________.

     

    

    _______________________________________________________________

     

    

    Dated: ______________, _______

    

    

     

    

    Holder's Signature: _____________________________

     

    

    Holder's Address: _____________________________

     

    

    _____________________________

    

    

     

    

    NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Underwriter's Warrant, without alteration or
      enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Underwriter's Warrant.

     

    

     

    

    
      

      

       

      

    

  

  20

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