Document:

Exhibit 4.5

 

THE
REGISTERED HOLDER OF THIS PURCHASE OPTION, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
OPTION, EXCEPT AS HEREIN PROVIDED, AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD OF SIX MONTHS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) THE REPRESENTATIVE (AS DEFINED HEREIN) OR ITS AFFILIATES OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH
THE OFFERING (DEFINED HEREIN), OR (II) A BONA FIDE OFFICER OR PARTNER OF A REPRESENTATIVE OR OF ANY SUCH REPRESENTATIVE, UNDERWRITER
OR SELECTED DEALER.

 

THIS
PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF: (I) THE CONSUMMATION BY STELLAR ACQUISITION III INC. (THE “COMPANY”)
OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION, STOCK PURCHASE, REORGANIZATION OR OTHER SIMILAR BUSINESS TRANSACTION (A
“BUSINESS TRANSACTION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (AS DEFINED HEREIN))
AND (II) TWELVE MONTHS FOLLOWING THE EFFECTIVE DATE.  THIS PURCHASE OPTION SHALL BE VOID AFTER 5:00 P.M., NEW YORK CITY
LOCAL TIME, ON [●], 2021.

 

UNIT
PURCHASE OPTION

 

FOR
THE PURCHASE OF

 

200,000
UNITS

 

OF

 

Stellar
Acquisition III Inc.

 

	 	1.	Purchase Option.

 

THIS
CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of Maxim Partners LLC, as registered owner of this Unit
Purchase Option (the “Holder” and, together with all other holders of any portion of this Unit Purchase Option
as the context herein requires, the “Holders”), to Stellar Acquisition III Inc., a company formed pursuant
to the laws of the Republic of the Marshall Islands (the “Company”), Holder is entitled, at any time or from
time to time after the closing of the Offering (as defined below) and during the period commencing (the “Commencement
Date”) on the later of: (i) the consummation of a Business Transaction and (ii) twelve months following the Effective
Date (defined below), and expiring at or before 5:00 p.m., New York City local time [●], 2021 (the “Expiration
Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to Two Hundred Thousand
(200,000) units (the “Units”) of the Company.  Each Unit consists of (i) one share of Common
Stock, $.0001 par value (“Common Stock”) and (ii) one warrant (the “Warrant(s)”) to
purchase one share of Common Stock.  The Warrants expire five years from the effective date (the “Effective
Date”) of the registration statement (the “Registration Statement”) pursuant to which Units are offered
for sale to the public (the “Offering”).  Each Warrant is on the same terms and conditions as the
warrants underlying the Units being registered for sale to the public by way of the Registration Statement.  If the
Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option shall expire
on the next succeeding day that is not such a day in accordance with the terms herein.  During the period ending on
the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option.  This Purchase
Option is initially exercisable at $11.50 per Unit (the “Exercise Price”).  The number of Units purchasable
hereunder and the Exercise Price are subject to adjustment as provided in this Purchase Option.

 

     

     

    

  

	 	2.	Exercise.

 

2.1         Exercise.  This
Purchase Option may be exercised by the Holder in whole or in part at any time or in part from time to time on or after the Commencement
Date and before the Expiration Date by: (x) surrendering this Purchase Option to the Company, (y) delivering a subscription
form attached hereto as Annex I (duly executed by the Holder) and (z) making payment of the Exercise Price in cash, certified
or official bank check payable to the order of the Company or wire transfer of immediately available funds (to an account designated
by the Company), in any case in an amount obtained by multiplying (a) the number of Units designated by the Holder in the subscription
form by (b) the Exercise Price then in effect.  In the event of a partial exercise or assignment hereof, the Company
shall issue and deliver to or upon the order of the Holder a new Purchase Option of like tenor, in the name of the Holder or as
the Holder (upon payment by the Holder of applicable transfer taxes) may request, evidencing the right to purchase the aggregate
number of Units for which such Purchase Option may still be exercised.  If the subscription rights represented hereby
shall not be exercised at or before 5:00 p.m., New York City local time on the Expiration Date, this Purchase Option automatically
shall become and be void, without further force or effect, and all rights represented hereby shall cease and expire.

 

2.2         Legend.  Each
certificate for the Units issued upon exercise of this Purchase Option and each certificate representing the underlying Common
Stock and Warrants and the Common Stock issuable upon exercise of the underlying Warrants (the “Warrant Shares”)
shall bear a legend as follows, unless such Units, Common Stock, Warrants and/or Warrant Shares (collectively, the “Securities”)
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

2.3         Cashless
Exercise.  In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase
Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1,
the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option
into Units (the “Conversion Right”) as follows: upon exercise of the Conversion Right, the Company shall deliver
to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants
comprising that number of Units equal to the quotient obtained by dividing (x) the Value (as defined below) of the portion of
the Purchase Option being converted by (y) the Current Market Value (as defined below) of the portion of the Purchase Option being
converted.  The “Value” of the portion of the Purchase Option being converted shall equal the remainder
derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase
Option being converted from (b) the Current Market Value (as defined below) of a Unit multiplied by the number of Units underlying
the portion of the Purchase Option being converted.

 

As
used herein, the term “Current Market Value” per Unit at any date shall mean:

 

(a)         in
the event that neither the Units nor Warrants are still trading, the remainder derived from subtracting (i) the exercise price
of the Warrants multiplied by the number of Warrant Shares issuable upon exercise of the Warrants underlying one Unit from (ii)
(x) the Current Market Price of the Common Stock multiplied by (y) the number of shares of Common Stock underlying one Unit, which
shall include the shares of Common Stock underlying Warrants included in such Unit;

 

(b)         in
the event the Units are still trading, the Current Market Price of the Units; and

 

(c)         in
the event that the Units are not still trading but the Common Stock and Warrants underlying the Units are still trading the sum
of (i) the Current Market Price of the Common Stock underlying one Unit, which shall not include the Warrant Shares underlying
the Warrants included in such Unit and (ii) the product of (x) the Current Market Price of the Warrants and (y) the number of
Warrant Shares underlying the Warrants included in one Unit.

 

    	 	-2-	 

     

    

 

As
used herein, the term “Current Market Price” shall mean (i) if the Common Stock (or Units or Warrants, as the
case may be) are listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor Exchange), the average
of the sale price of the Common Stock (or Units or Warrants) in the principal trading market for the Common Stock as reported
by the exchange or the OTC Bulletin Board, as the case may be, for the ten trading days ending on the third business day prior
to exercise; (ii) if the Common Stock (or Units or Warrants, as the case may be) are not listed on a national securities exchange
or quoted on the OTC Bulletin Board (or successor exchange), but are traded in the residual over-the-counter market, the closing
bid price for the Common Stock (or Units or Warrants) on the last trading day preceding the date in question for which such quotations
are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common
Stock (or Units or Warrants) cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of
the Company shall determine, in good faith.

 

2.4         Mechanics
of Cashless Exercise.  The cashless exercise right set forth herein may be exercised by the Holder on any business
day on or after the Commencement Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed
exercise form attached hereto with the cashless exercise section completed to the Company, exercising the cashless exercise right
and specifying the total number of Units the Holder will purchase pursuant to such right.

 

2.5         No
Cash Settlement.  Notwithstanding anything to the contrary contained in this Purchase Option, under no circumstances
will the Company be required to net cash settle the exercise of the Purchase Option or the Warrants underlying the Purchase Option.

 

	 	3. 	Transfer.

 

3.1         General
Restrictions.  Holder agrees that, pursuant to the Lock-Up Period (as defined below) of FINRA Rule 5110(g)(1), it
will not (a) sell, transfer, assign, pledge, hypothecate or otherwise transfer this Purchase Option (including the Securities
hereunder) other than to a bona fide officer or partner of the Holder or any selected dealer in connection with the Offering,
in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Option or the Securities hereunder to
be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Purchase Option or the Securities hereunder, except as provided for in FINRA Rule 5110(g)(2).  As used herein,
the term “Lock-Up Period” means the period beginning on the date hereof and ending on the one hundred eighty
day anniversary of the Effective Date.

 

3.2         Restrictions
Imposed by the Act.  The Securities evidenced by this Purchase Option shall not be transferred unless and until
(i) the Company has received the opinion of counsel for the Holder that the Securities may be transferred pursuant to an exemption
from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable
satisfaction of the Company (the Company hereby agreeing that the opinion of Loeb & Loeb LLP shall be deemed satisfactory
evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to such Securities has been filed by the Company and declared effective by the Securities and Exchange Commission
(the “SEC”) and compliance with applicable state securities law has been established.

 

	 	4.	New Purchase Options to be Issued.

 

4.1         Partial
Exercise or Transfer.  Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or
assigned in whole or in part. In order to make any permitted assignment or transfer, the Holder must deliver to the Company the
assignment form attached hereto as Annex II duly executed and completed, together with the Purchase Option and payment of all
transfer taxes, if any, payable in connection therewith.  The Company shall within five (5) business days transfer this
Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option or Purchase Options of like tenor
to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment or transfer.

 

4.2         Lost
Certificate.  Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and
deliver a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such
loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

    	 	-3-	 

     

    

 

	 	5.	Registration Rights.

 

5.1         Demand
Registration.

 

5.1.1           Grant
of Right.  If at any time during a period of five (5) years commencing on the Effective Date when there
is not an effective registration statement covering all of the Registrable Securities (defined below), the Company, upon written
demand (a “Demand Notice”) of the Holder(s) of at least 51% (the “Majority Holders”) of
the Purchase Options and/or the underlying Units and/or the underlying Securities, agrees to register all or any portion of the
Purchase Option and the underlying Securities (collectively, the “Registrable Securities”) as requested by
the Majority Holders. The Company will file a registration statement or a post-effective amendment to the Registration Statement
covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its commercially reasonable
efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter, subject
to compliance with review by the SEC. The demand for registration may be made at any time beginning on the Commencement Date.  The
Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered
Holders of the Purchase Options and/or the Registrable Securities within ten (10) days from the date of the receipt of any such
Demand Notice.

 

5.1.2           Terms.  The
Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal
counsel selected by the Majority Holders to represent them in connection with the registration of the Registrable Securities (such
fees and expenses of legal counsel not to exceed $[10,000]), but the Holders shall pay any and all underwriting commissions.  The
Company agrees to use its commercially reasonable efforts to qualify or register the Registrable Securities in such States as
are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register
the Registrable Securities in a State in which such registration would cause (i) the Company to be obligated to qualify to do
business in such State, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction
or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company.  The
Company shall cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section
5.1.1 to remain effective for a period of the later of (a) the exercise period of the Warrants or  (b) two (2) years
from the effective date of such registration statement or post-effective amendment; provided, however, the Company shall
not be required to cause such registration statement or post-effective amendment filed pursuant to such demand rights granted
under Section 5.1.1 to remain effective for the periods described in this Section 5.1.2 if such (i) Registrable Securities have
all been sold, transferred, disposed of or exchanged in accordance with such registration statement or post-effective amendment
and such Registrable Securities are no longer subject to transfer restrictions; (ii) such Registrable Securities shall have been
otherwise transferred, new certificates for them (if issued in certificated form) not bearing a legend restricting further transfer
shall have been delivered by the Company and subsequent public distribution of them shall not require registration under the Act;
or (iii) such Registrable Securities shall have ceased to be outstanding.

 

    	 	-4-	 

     

    

 

5.2         “Piggy-Back”
Registration.

 

5.2.1           Grant
of Right.  If at any time during a period of seven (7) years commencing on the Effective Date when there is not
an effective registration statement covering all of the Registrable Securities, the Company shall determine to prepare and file
with the SEC a registration statement relating to an offering under the Act of any of its securities, other than pursuant to SEC
Form S-4 or S-8 or any equivalent form, the Company, upon the request of any Holder, as described below, shall cause the registration
under the Act of the Registrable Securities as part of any such registration statement filed by the Company; provided, however,
that if, in the written opinion of the Company’s managing underwriter or underwriters, if any, for such offering, the inclusion
of the Registrable Securities, when added to the securities being registered by the Company or the selling shareholder(s), will
exceed the maximum amount of the Company’s securities (the “Maximum Number of Shares”) which can be marketed
(i) at a price reasonably related to their then current market value, and (ii) without materially and adversely affecting
the entire offering, then the Company shall include in any such registration:

 

(i)           If
the registration is undertaken for the Company’s account: (A) first, the Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (A), the Common Stock, if any, including the Registrable Securities,
as to which registration has been requested pursuant to written contractual piggy-back registration rights of security holders
that are in effect on the date hereof (pro rata in accordance with the number of shares of Common Stock which each such person
has actually requested to be included in such registration, regardless of the number of shares of Common Stock with respect to
which such persons have the right to request such inclusion) that can be sold without exceeding the Maximum Number of Shares;
and

 

(ii)           If
the registration is a “demand” registration undertaken at the demand of persons other than the holders of Registrable
Securities pursuant to written contractual arrangements with such persons, (A) first, the Common Stock for the account of the
demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (A), the Common Stock or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A) and (B), the Registrable Securities as to which registration has
been requested under this Section 5.2 (pro rata in accordance with the number of shares of Registrable Securities held by each
such holder); and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A), (B) and (C), the Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights which other shareholders desire to sell that can be sold without exceeding the Maximum Number of Shares.

 

5.2.2           Terms.  The
Company shall bear all reasonable fees and expenses attendant to registering the Registrable Securities, including the reasonable
expenses of one legal counsel selected by the Majority Holders to represent them in connection with the registration of the Registrable
Securities (such fees and expenses of legal counsel not to exceed [$10,000]) but the Holders shall pay any and all underwriting
commissions related to 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 fifteen (15) 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
applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until such
time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice, within ten days of the receipt of the Company’s
notice of its intention to file a registration statement. The Company shall cause any registration statement filed pursuant to
the above “piggyback” rights to remain effective for at least nine months from the date that the Holders of the Registrable
Securities are first given the opportunity to sell all of such securities; provided, however, the Company shall not be required
to cause such registration statement to remain effective for the period described above if such (i) Registrable Securities have
all been sold, transferred, disposed of or exchanged in accordance with such registration statement and such Registrable Securities
are no longer subject to transfer restrictions; (ii) such Registrable Securities shall have been otherwise transferred, new certificates
for them (if issued in certificated form) not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of them shall not require registration under the Act; or (iii) such Registrable Securities
shall have ceased to be outstanding.

 

5.2.3           The
Company agrees, at its sole expense, to use its commercially reasonable efforts to qualify or register the Registrable Securities
in such States as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be
required to register the Registrable Securities in a State in which such registration would cause (i) the Company to be obligated
to qualify to do business in such State, or would subject the Company to taxation as a foreign corporation doing business in such
jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the
Company. 

 

    	 	-5-	 

     

    

 

5.3         General
Terms.

  

5.3.1           Indemnification.  The
Company shall, notwithstanding any termination of this Purchase Option, indemnify and hold harmless each Holder, the officers,
directors, agents, brokers, investment advisors and employees of each of them and each person, if any, who controls such Holders
within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the officers, directors, agents and employees of such controlling person, to the fullest extent permitted
by applicable law, from and against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees
and other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced or threatened, or
any claim whatsoever whether arising out of any action between the underwriter and the Company or between the underwriter and
any third party or otherwise) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising out
of or relating to such registration statement filed pursuant to this Section 5 and any prospectus contained in the registration
statement or in any amendment or supplement thereto, except 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 5.1of the Underwriting Agreement
(the “Underwriting Agreement”) between the Company and Maxim Group, LLC, (the “Representative”)
and the other underwriters named therein, dated the Effective Date.  Each Holder of the Registrable Securities to be
sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the
Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the
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 they
may become subject under the 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 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 Purchase Options.  Nothing contained in this Purchase Option shall be construed as requiring any Holder to exercise
their Purchase Options or Warrants underlying such Purchase Options prior to or after the filing of any registration statement
or the effectiveness thereof.

 

5.3.3           Documents
Delivered to Holders.  The Company shall furnish to the Representative, as representative of the Holders participating
in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, 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 public accountants who have
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 the Representative, as representative of the Holders participating in the offering, the
correspondence and memoranda described below and 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 the Representative, as representative of the Holders, 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 the Financial Industry Regulatory Authority, Inc. (“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 and as often as the Representative,
as representative of the Holders, shall reasonably request.  The Company shall not be required to disclose any confidential
information or other records to the Representative, as representative of the Holders, or to any other person, until and unless
such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the
Company), with the Company with respect thereto.

 

5.3.4           Documents
to be Delivered by Holders(s).  Each Holder 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 securityholders.

 

    	 	-6-	 

     

    

 

5.3.5           Underwriting
Agreement.  The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected
by any Holders, whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall
be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company
and its legal counsel, 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.
The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable 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
and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and contribution
obligations for selling shareholders as are customarily contained in agreements of that type used by the managing underwriter.
Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder
shall also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method
of disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.6           Rule
144 Sale.  Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Sections 5.1 or 5.2 for the registration of Registrable Securities held by any Holders (i) where such Holders would
then be entitled to sell under Rule 144 within any three month period (or such other period prescribed under Rule 144 as may be
provided by amendment thereof) all of the Registrable Securities held by such Holders, and (ii) where the number of Registrable
Securities held by such Holders is within the volume limitations under paragraph (e) of Rule 144 (calculated as if such Holders
were an affiliate within the meaning of Rule 144).

 

5.3.7           Supplemental
Prospectus.  Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event
as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holders will immediately discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such Holders’ receipt of the copies of
a supplemental or amended prospectus, and, if so desired by the Company, such Holders shall deliver to the Company (at the expense
of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file
copies then in such Holders’ possession, of the prospectus covering such Registrable Securities current at the time of receipt
of such notice.

 

	 	6.	Adjustments.

 

6.1         Adjustments
to Exercise Price and Number of Securities.  The Exercise Price and the number of Units underlying the Purchase
Option shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1           Stock
Dividends – Split-Ups.  If after the date hereof, the number of outstanding shares of Common Stock is increased
by a stock dividend payable in Common Stock or by a split-up of Common Stock or other similar event, then, on the effective date
thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be increased in proportion
to such increase in outstanding shares of Common Stock.  In such case, the number of shares of Common Stock, and the
exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted
in accordance with the terms of the Warrants.  For example, if the Company declares a two-for-one stock dividend and
at the time of such dividend this Purchase Option is for the purchase of one Unit at $11.50 whole Unit (each Warrant underlying
the Units is exercisable for $11.50 per share), upon effectiveness of the dividend, this Purchase Option will be adjusted to allow
for the purchase of one Unit at $11.50 per Unit, each Unit entitling the holder to receive two shares of Common Stock and two
Warrants (each Warrant exercisable for $5.75 per share).

 

    	 	-7-	 

     

    

 

6.1.2           Aggregation
of Shares.  If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination or reclassification of Common Stock or other similar event, then, on the effective date thereof, the number of shares
of Common Stock underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding
shares of Common Stock.  In such case, the number of shares of Common Stock, and the exercise price applicable thereto,
underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the
Warrants.

 

6.1.3           Replacement
of Securities upon Reorganization, etc.  In case of any reclassification or reorganization of the outstanding shares
of Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares
of Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holders of
this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holders of the number of shares of Common
Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants immediately prior to such event;
and if any reclassification also results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.2, then such adjustment
shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply
to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4           Changes
in Form of Purchase Option.  This form of Purchase Option need not be changed because of any change pursuant to
this Section, and the Purchase Options issued after such change may state the same Exercise Price and the same number of Units
as are stated in the Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holders of the issuance
of new Purchase Options reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring
after the Commencement Date or the computation thereof.

 

6.2           Substitute
Purchase Option.  In case of any consolidation of the Company with, or merger of the Company with, or merger of
the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or change
of the outstanding shares of Common Stock), the corporation formed by such consolidation or merger shall execute and deliver to
the Holders a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding
shall have the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase
Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or merger,
by a holder of the number of shares of Common Stock of the Company for which such Purchase Option might have been exercised immediately
prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall
be identical to the adjustments provided in Section 6. The above provision of this Section shall similarly apply to successive
consolidations or mergers.

 

6.3           Elimination
of Fractional Interests.  The Company shall not be required to issue certificates representing fractions of Common
Stock or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction
up or down to the nearest whole number of Warrants, Common Stock or other securities, properties or rights.

 

    	 	-8-	 

     

    

 

7.           Reservation
and Listing.  The Company shall at all times reserve and keep available out of its authorized Common Stock, solely
for the purpose of issuance upon exercise of the Purchase Options or the Warrants underlying the Purchase Option, such number
of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise thereof.  The
Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise Price therefor, all Common
Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not
subject to preemptive rights of any shareholder.  The Company further covenants and agrees that upon exercise of the
Warrants underlying the Purchase Options and payment of the respective Warrant exercise price therefor, all Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any shareholder.  As long as the Purchase Options shall be outstanding, the Company shall use its commercially
reasonable efforts to cause all (i) Units and Common Stock issuable upon exercise of the Purchase Options, (ii) Warrants
issuable upon exercise of the Purchase Options and (iii) Common Stock issuable upon exercise of the Warrants included in
the Units issuable upon exercise of the Purchase Option to be listed (subject to official notice of issuance) on all securities
exchanges (or, if applicable on the OTC Bulletin Board or any successor trading market) on which the Units, the Common Stock or
the Warrants may then be listed and/or quoted.

 

	 	8.	Certain
    Notice Requirements.

 

8.1         Holder’s
Right to Receive Notice.  Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company.  If, however, at any time prior to the expiration of the Purchase Options and their exercise, any of
the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of
such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the
determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale.  Such notice shall specify
such record date or the date of the closing of the transfer books, as the case may be.  Notwithstanding the foregoing,
the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time
and in the same manner that such notice is given to the shareholders.

 

8.2         Events
Requiring Notice.  The Company shall be required to give the notice described in this Section 8 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its Common Stock for the purpose of entitling
them to receive a dividend or distribution, or (ii) the Company shall offer to all the holders of its Common Stock any additional
shares of capital stock of the Company or securities convertible into, exercisable for or exchangeable for shares of capital stock
of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the
Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets
and business or a merger of the Company wherein the separate existence of the Company shall cease shall be proposed.

 

8.3         Notice
of Change in Exercise Price.  The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holders of such event and change (a “Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s Chief Executive Officer and Chief Financial Officer.

 

8.4         Transmittal
of Notices.  All notices, requests, consents and other communications under this Purchase Option shall be in writing
and shall be deemed to have been duly made when hand delivered, mailed by express mail or private courier service, or sent by
facsimile transmission, with confirmation of receipt: (i) If to the registered Holders of the Purchase Option, to the address
and/or fax number of such Holders as shown on the books of the Company, or (ii) if to the Company, to the following address or
fax number or to such other address or and fax number as the Company may designate by notice to the Holders:

 

Stellar
Acquisition III Inc.

90
Kifissias Avenue

Maroussi
15125

Athens,
Greece

Fax:  __________________

Attn:
Prokopios (Akis) Tsirigakis, Co-Chief Executive Officer

 

    	 	-9-	 

     

    

 

	 	9.	Miscellaneous.

 

9.1         Amendments.  The
Company and the Representative may from time to time supplement or amend this Purchase Option without the approval of any of the
Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the
Company and the Representative may deem necessary or desirable and that the Company and the Representative deem shall not adversely
affect the interest of the Holders.  All other modifications or amendments shall require the written consent of and
be signed by the party against whom enforcement of the modification or amendment is sought.

 

9.2         Headings.  The
headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3         Entire
Agreement.  This Purchase Option (together with the other agreements and documents being delivered pursuant to or
in connection with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof.

 

9.4         Binding
Effect.  This Purchase Option shall inure solely to the benefit of and shall be binding upon, the Holders and the
Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have
or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option
or any provisions herein contained.

 

9.5         Governing
Law; Submission to Jurisdiction.  This Purchase Option shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws.  Each of the Company and the Holder
agree that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be
brought and enforced in the courts of the State of New York located in New York County or of the United States of America for
the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.  Each
of the Company and the Holder hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall
be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and
the Holders agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all
of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with
the preparation therefor.

 

9.6         Waiver,
Etc.  The failure of the Company or the Holders to at any time enforce any of the provisions of this Purchase Option
shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase
Option or any provision hereof or the right of the Company or any Holders to thereafter enforce each and every provision of this
Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall
be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such
waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7         Execution.  It
is agreed that deliver of the Company’s signature hereon by facsimile or other electronic method of delivery shall constitute
a valid signature and delivery.

 

9.8         Exchange
Agreement.  As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that,
at any time prior to the complete exercise of this Purchase Option by Holders, if the Company and the Representative, as representative
of the Holder, enter into an agreement (an “Exchange Agreement”) pursuant to which they agree that all outstanding
Purchase Options will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and
become a party to the Exchange Agreement.

 

    	 	-10-	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized officer as of the [●]th
day of [●], 2016.

 

	STELLAR
    ACQUISITION III INC.	 
	 	 	 
	By:	 	 
	Name:	 Prokopios
    (Akis) Tsirigakis	 
	Title:	 Co-Chief
    Executive Officer	 

 

     

     

    

 

Annex
I

 

Form
to be used to exercise Purchase Option

STELLAR
ACQUISITION III INC.

90
Kifissias Avenue

Maroussi
15125

Athens,
Greece

 

Date:_________________,
201__

 

The
undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase ____ Units of
STELLAR ACQUISITION III INC. hereby makes payment of $____________ (at the rate of $_________ per Unit) in payment of the Exercise
Price pursuant thereto.  Please issue the Warrants as to which this Purchase Option is exercised in accordance with
the instructions given below.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase _________ Units purchasable under the within Purchase Option
by surrender of the unexercised portion of the attached Purchase Option (with a “Value” based of $_______ based on
a “Market Price” of $_______). Please issue the securities comprising the Units as to which this Purchase Option is
exercised in accordance with the instructions given below.

 

	 	 
	Signature	 
	 	 
	Signature
    Guaranteed	 

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name	 
	 	(Print in
    Block Letters)
	 	 
	Address	 

 

NOTICE:
THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY
A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

 

    	 	I-1	 

     

    

 

Annex
II

 

Form
to be used to assign Purchase Option

 

ASSIGNMENT

 

(To
be executed by the registered Holders to effect a transfer of the within Purchase Option):

 

FOR
VALUE RECEIVED,___________________________________________ does hereby sell, assign and transfer unto______________________________________
the right to purchase __________ Units of STELLAR ACQUISITION III INC. (the “Company”) evidenced by the within
Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:___________________,
201_

 

	 	 
	Signature	 
	 	 
	 	 
	Signature
    Guaranteed	 

 

NOTICE:
THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY
A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

 

 

II-1Exhibit 10.9

 

INDEMNITY
AGREEMENT

 

THIS
INDEMNITY AGREEMENT (this “Agreement”) is made as of _________, 2016, by and between STELLAR
ACQUISITION III INC., a corporation incorporated under the laws of the Republic of the Marshall Islands (the “Company”),
and ___________ (“Indemnitee”).

 

RECITALS

 

WHEREAS,
highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of such corporations;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain
qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect
persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been
a customary and widespread practice among United States based corporations and other business enterprises, the Company believes
that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums
and with more exclusions. At the same time, directors, officers and other persons in service to corporations or business enterprises
are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Amended and Restated Articles of Incorporation
(the “Charter”) and the Bylaws (the “Bylaws”) of the Company require indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions
of the Business Corporations Act of the Republic of Marshall Islands (“BCA”). The Charter, the Bylaws
and the BCA expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate
that contracts may be entered into between the Company and members of the board of directors, officers and other persons with
respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate
and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or
continue to serve the Company free from undue concern that they will not be so protected against liabilities;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Charter and Bylaws of the Company and any resolutions adopted pursuant
thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS,
Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection,
and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he be so indemnified; and

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter
agreement dated as of ________, 2016 between the Company and Indemnitee pursuant to the Underwriting Agreement between the Company
and the Underwriters in connection with the Company’s initial public offering, the Company and Indemnitee do hereby covenant
and agree as follows:

 

TERMS
AND CONDITIONS

 

1.
SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve
or continue to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as applicable, for
so long as Indemnitee is duly elected, appointed or retained or until Indemnitee tenders his resignation or until Indemnitee is
removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to
serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement,
however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond
any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

2.
DEFINITIONS. As used in this Agreement:

 

2.1.
References to “agent” shall mean any person who is or was a director, officer or employee of the Company
or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving
in such capacity as a director, officer, employee, advisor, fiduciary or other official of another corporation, partnership, limited
liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests
of the Company or a subsidiary of the Company.

 

2.2. The
terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings
set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

2.3. A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

2.3.1. Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities
of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding
securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership
of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares
of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by
the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part 2.3.3 of
this definition; 

 

2.3.2. Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by
the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the
directors then still in office who were directors on the date hereof or whose election for nomination for election was previously
so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least
a majority of the members of the Board;

 

2.3.3. Corporate
Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination, involving the Company and one or more businesses (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who
were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities
of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more Subsidiaries (as defined below) in substantially the same proportions as their ownership
immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) no
Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of
15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors
of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at
least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors
at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business
Combination;

 

    2

     

    

 

2.3.4. Liquidation.
The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the
Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed
with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

  

2.3.5. Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated
under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

2.4. “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, managing member,
fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving
at the request of the Company.

 

2.5.
“Marshall Islands Court” means the High Court of the Republic of the Marshall Islands.

 

2.6. “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below)
in respect of which indemnification is sought by Indemnitee.

 

2.7. “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request
of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

2.8. “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.9. “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation,
all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness
in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation
for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also
shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without
limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal
bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments
or fines against Indemnitee.

 

2.10. “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law
and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee
in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or
of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below)
giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

2.11. References
to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit
plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee,
agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or
fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and
in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit
plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred
to in this Agreement.

 

    3

     

    

 

2.12. The
term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as
in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries
(as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below)
of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same
proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly
or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

 

2.13. The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative, or investigative or related nature, in which Indemnitee was, is, will or might be involved
as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action (or failure to act) taken by him or of any action (or failure to act) on his part while acting as a director or officer
of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, trustee,
general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in
such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses
can be provided under this Agreement.

 

2.14. The
term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by that Person.

 

3.
INDEMNITY IN THIRD-PARTY PROCEEDINGS.

 

To
the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance
with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or
a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company
to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3,
Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and
amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee
or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal
Proceeding, had no reasonable cause to believe that his conduct was unlawful.

 

4.
INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY.

 

To
the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance
with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or
a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment
in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be
indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or on his behalf in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed
to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall
be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have
been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding
was brought or the Marshall Islands Court shall determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless
or to exoneration.

 

    4

     

    

 

5.
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL.

 

Notwithstanding
any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s
Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense
of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf
in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding,
the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee
was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter
in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue
or matter.

 

6.
INDEMNIFICATION FOR EXPENSES OF A WITNESS.

 

Notwithstanding
any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his Corporate Status,
a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he shall,
to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually
and reasonably incurred by him or on his behalf in connection therewith.

 

7.
ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.

  

7.1 Notwithstanding
any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the
fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened
to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor)
against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)
actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration
rights shall be available under this Section 7.1 on account of Indemnitee’s conduct which constitutes a
breach of Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or
which involves intentional misconduct or a knowing violation of the law.

 

7.2 Notwithstanding
any limitation in Sections 3, 4, 5 or 7.1, except for Section 27, the
Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee
is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to
procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties
and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

  

8.
CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

 

8.1. To
the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether
for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any
right of contribution it may have at any time against Indemnitee.

 

    5

     

    

 

8.2. The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

 8.3. The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be
brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9.
EXCLUSIONS.

 

Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance
expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:  

 

	(a)	for
    which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity provision,
    except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other
    indemnity provision or otherwise;

 

	(b)	for
    an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
    within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or

 

	(c)	except
    as otherwise provided in Sections 14.5 and 14.6 hereof, prior to a Change in Control,
    in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any
    part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees,
    unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the
    Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers
    vested in the Company under applicable law.

 

10.
ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

  

10.1. Notwithstanding
any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable
law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee
within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement
or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to
the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be
made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement
to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all
reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing
and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such
payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt
of an undertaking, by or on behalf of Indemnitee, to repay the advance to the extent that it is ultimately determined that Indemnitee
is not entitled to be indemnified by the Company under the provisions of this Agreement, the Charter, the Bylaws of the Company,
applicable law or otherwise. This Section 10.1 shall not apply to any claim made by Indemnitee for which an indemnification,
hold harmless or exoneration payment is excluded pursuant to Section 9.

 

10.2.
The Company will be entitled to participate in the Proceeding at its own expense.

 

10.3. The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

  

    6

     

    

 

11.
PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

11.1. Indemnitee
agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding claim, issue or matter therein which may be subject to indemnification,
hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the
Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

11.2. Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole
discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification
shall be determined according to Section 12.1 of this Agreement.

 

12.
PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.

  

12.1. A
determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made
in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote
of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated
by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (iv) by vote of the shareholders.
The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled
to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any costs or Expenses (including attorneys’ fees and disbursements) incurred
by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to
hold Indemnitee harmless therefrom.

  

12.2. In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section
12.1 hereof, the Independent Counsel shall be selected as provided in this Section 12.2. The Independent
Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee
shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that
the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of
this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising
him of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee
or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received,
deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel.
If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel
unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without
merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section
11.2 hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may
petition the Marshall Islands Court for resolution of any objection which shall have been made by the Company or Indemnitee to
the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the
Marshall Islands Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act
as Independent Counsel under Section 12.1 hereof. Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section 14.1 of this Agreement, Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    7

     

    

 

12.3. The
Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

 

13.
PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.

 

13.1. In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11.2 of this Agreement, and the Company shall have the burden of proof to overcome
that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.
Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination
prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because
Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested
Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action
or create a presumption that Indemnitee has not met the applicable standard of conduct.

  

13.2. If
the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the
Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted
by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such
indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a
reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination
with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of
documentation and/or information relating thereto.

  

13.3. The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

13.4. For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action
is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for
the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager, or managing member,
or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee,
general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert
selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing
member. The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit in any way the other
circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

  

13.5. The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. 

  

    8

     

    

 

14.
REMEDIES OF INDEMNITEE.

 

14.1. In
the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by
applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement
to indemnification shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days
after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 5, 6, 7 or
the last sentence of Section 12.1 of this Agreement within ten (10) days after receipt by the Company of
a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of
this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement
is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment
to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance
with this Agreement, Indemnitee shall be entitled to an adjudication by the Marshall Islands Court to such indemnification, hold
harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except
as set forth herein, the provisions of Marshall Islands law (without regard to its conflict of laws rules) shall apply to any
such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

  

14.2. In
the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall
be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason
of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14,
Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under
this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated
and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination
pursuant to Section 12.1 of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial
proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company
for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s
entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

  

14.3. If
a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant
to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under applicable law.

  

14.4. The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

14.5. The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee,
to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding or arbitration brought by Indemnitee (i) to enforce his rights under, or to recover damages for breach of, this
Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the
Charter, or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained
by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled
to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may
be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

  

    9

     

    

 

14.6. Interest
shall be paid by the Company to Indemnitee at the legal rate under the laws of the Republic of the Marshall Islands for amounts
which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate
or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated,
contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee
by the Company.

 

15.
SECURITY.

 

Notwithstanding
anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company
may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an
irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be
revoked or released without the prior written consent of Indemnitee.

 

16.
NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

16.1. The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of shareholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced
or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee
in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether
by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses
than would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred
is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
right or remedy.

 

16.2. The
BCA, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against him or incurred by or on behalf of
him or in such capacity as a director, officer, employee or agent of the Company, or arising out of his status as such, whether
or not the Company would have the power to indemnify him against such liability under the provisions of this Agreement or under
the BCA, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall
not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly
provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or
affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

  

16.3. To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person
serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms
to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary,
employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as
to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

  

    10

     

    

 

16.4. In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

   

16.5. The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments
or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except
for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification,
hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee
prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company
shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued
any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or
entity other than the Company.

 

17.
DURATION OF AGREEMENT.

 

All
agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or
officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of
any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at
the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including
any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement)
by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense is incurred
for which indemnification or advancement can be provided under this Agreement.

  

18.
SEVERABILITY.

 

If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed
to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph
or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

  

19.
ENFORCEMENT AND BINDING EFFECT.

  

19.1. The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

19.2. Without
limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company as they may be amended from time to time,
this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

  

19.3. The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets
of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company
or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise
at the Company’s request, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors
and administrators and other legal representatives.

  

    11

     

    

 

19.4. The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no such succession had taken place.

 

19.5. The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other
things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm
and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining
any other relief to which he may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent
permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The
Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent
jurisdiction, and the Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted
by law.

 

20.
MODIFICATION AND WAIVER.

 

No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.
NOTICES.

 

All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have
been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after
the date on which it is so mailed:

 

	(a)	If
    to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall
    provide in writing to the Company.

 

	(b)	If
    to the Company, to:

 

Stellar
Acquisition III Inc.

90
Kifissias Avenue

Maroussi
15125

Athens,
Greece

Attn:
Prokopios (Akis) Tsirigakis

Chief
Executive Officer

 

With
a copy, which shall not constitute notice, to:

 

Ellenoff
Grossman& Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Stuart Neuhauser, Esq.

Fax
No.: (212) 370-7889

 

or
to any other address as may have been furnished to Indemnitee in writing by the Company.

 

    12

     

    

 

22.
APPLICABLE LAW AND CONSENT TO JURISDICTION.

 

This
Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws
of Republic of the Marshall Islands, without regard to its conflict of laws rules. Except with respect to any arbitration commenced
by Indemnitee pursuant to Section 14.1 of this Agreement, to the fullest extent permitted by law, the Company
and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Marshall Islands Court and not in any other state or federal court in the United
States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Marshall Islands
Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection
to the laying of venue of any such action or proceeding in the Marshall Islands Court; and (d) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Marshall Islands Court has been brought in an improper
or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties
hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided
by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof. 

 

23.
IDENTICAL COUNTERPARTS.

 

This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

24.
MISCELLANEOUS.

 

Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect
the construction thereof.

  

25.
PERIOD OF LIMITATIONS.

 

No
legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s
spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such
cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by
the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to any such cause of action such shorter period shall govern.

 

26.
ADDITIONAL ACTS.

 

If
for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to
the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected
or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27.
WAIVER OF CLAIMS TO TRUST ACCOUNT.

 

Indemnitee
hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any
monies in the trust account established in connection with the Company’s initial public offering for the benefit of the
Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or
arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

 

28.
MAINTENANCE OF INSURANCE. 

 

The
Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company
is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies
to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s
performance of its indemnification obligations under this Agreement.  The Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such
policy or policies.  In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors
and officers.

 

[SIGNATURE
PAGE FOLLOWS]

 

    13

     

    

 

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

 

	 	STELLAR
        ACQUISITION III INC.

         

	 	By:	
	 	 	Name:  Prokopios
    (Akis) Tsirigakis
	 	 	Title:    Chief
    Executive Officer

 

	 	INDEMNITEE
	 	Name:  	 
	 	Address: 	 
	 	 	 
	 	 	 

 

 

14

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