Document:

Exhibit 4.4 

   

    

  Execution Version

  

  

  

  

  

  REGISTRATION RIGHTS AGREEMENT

  This Registration Rights Agreement (this "Registration Rights Agreement") is made and entered into February 2, 2021, by and among Star Bulk
    Carriers Corp., a Marshall Islands corporation (the "Company"), and Scorpio Bulkers Inc., a Marshall Islands corporation ("SALT").

  RECITALS

  A.         WHEREAS, the Company has entered into that certain Master Agreement dated February 2, 2021 between the Company, SALT and certain
    other parties thereto (the "Master Agreement"). For purposes of this Registration Rights Agreement, "Common Stock" shall refer to the
    Company's common stock, par value $0.01 per share.

  B.         WHEREAS, pursuant to Clause 2 of the Master Agreement, the Company has committed to prepare and file a resale registration
    statement, registering offers and sales by SALT of up to 3,000,000 of the Company's shares of Common Stock (the "Warrant Shares") pursuant to Rule 415 under the Securities Act.

  
     

    

  

  
    NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable
      consideration the receipt and sufficiency of which are hereby acknowledged, and subject to the satisfaction or waiver of the conditions hereof, the parties hereto agree as follows:

  

  1.            Definitions. As used in this Registration Rights Agreement, the following terms shall have the following meanings:

  "Advice" shall have the meaning set forth in Section 6(b).

  "Affiliate" means, with respect to any person, any other person that, directly or indirectly, through one or more intermediaries, controls, is
    controlled by or is under common control with, such person.  For purposes of this definition "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause
    the direction of the management or policies of a person, whether through the ownership of securities or partnership or other ownership interests, as trustee or executor, by contract or otherwise.

   "Business Day" means any day except Saturday, Sunday and any day which shall be a federal legal holiday or a day on which banking institutions
    in Athens, Amsterdam, State of New York or Shanghai are authorized or required by law or other governmental action to close.

  "Commission" means the Securities and Exchange Commission.

  "Common Stock" shall have the meaning set forth in the recitals.

  "Company" shall have the meaning set forth in the preamble above.

  "Effectiveness Period" shall have the meaning set forth in Section 2(a).

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

  "Existing Registration Rights Agreement" means the Amended and Restated Registration Rights Agreement dated July 11, 2014 (as the same may be
    amended, modified, or supplemented from time to time).

  "Filing Deadline" shall have the meaning set forth in Section 2(a).

  
    
      

  

  

  

  "Holder" or "Holders" means SALT and any permitted transferees or assignees under Section 6(f)
    of this Registration Rights Agreement that is an Affiliate of SALT.

  "Indemnified Party" shall have the meaning set forth in Section 5(c).

  "Indemnifying Party" shall have the meaning set forth in Section 5(c).

  "Inspection Acceptance Notice" shall have the meaning set forth in the Master Agreement.

  "Losses" shall have the meaning set forth in Section 5(a).

  "Master Agreement" shall have the meaning set forth in the recitals.

  "Plan of Distribution" shall have the meaning set forth in Section 2(a).

  "Proceeding" means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
    such as a deposition), whether commenced or threatened.

  "Prospectus" means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any
    information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms
    of the offering of any portion of the SALT Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or
    deemed to be incorporated by reference in such Prospectus.

  "Registration Rights Agreement" shall have the meaning set forth in the preamble above.

  "Registration Statement" means each registration statement required to be filed hereunder, including the Prospectus, amendments and supplements
    to the registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in the Registration Statement.

  "Rule 415" means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any
    similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

  "Rule 424" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any
    similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

  "SALT" shall have the meaning set forth in the preamble above.

  "SALT Registrable Securities" means the Warrant Shares that are issuable in respect of each Vessel for which an Inspection Acceptance Notice
    has been delivered to or waived by the Company as of the Filing Deadline, together with any securities issued or issuable upon any exchange, stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing;
    provided that SALT Registrable Securities shall cease to be SALT Registrable Securities when such securities (i) are sold pursuant to an effective Registration Statement under the Securities Act, (ii) are sold pursuant to Rule 144 or another available
    safe-harbor or exemption from registration, (iii) when all such SALT Registrable Securities held by SALT may be sold, transferred or otherwise disposed of pursuant to Rule 144 under the Securities Act in a single transaction without regard to volume
    limitation or other restrictions on transfer thereunder or (iv) shall have ceased to be outstanding.

  "Securities Act" means the Securities Act of 1933, as amended.

  
    
      

  

  

  

  "Suspension Certificate" shall have the meaning set forth in Section 6(d).

  "Trading Market" means the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Capital Market; and, with respect to any particular
    date, shall mean the Trading Market on which the Common Stock is listed or quoted for trading on such date.

  "Vessel" shall have the meaning set forth in the Master Agreement.

  "Warrant Shares" shall have the meaning set forth in the recitals.

  2. Registration.  (a) No
    later than February 10, 2021 (the "Filing Deadline"), the Company shall file with the Commission a Registration Statement (and/or a Prospectus as applicable) covering the offering and resale of all of the SALT
    Registrable Securities pursuant to Rule 415, or if Rule 415 is not available for offers or sales of the SALT Registrable Securities, for such other means of distribution of SALT Registrable Securities as the Holder may reasonably request. The
    Registration Statement required hereunder shall be on Form F-3 (except if the Company is not then eligible to register for resale the SALT Registrable Securities on Form F-3, in which case the Registration shall be on Form F-1 or another appropriate
    form as shall be selected by the Company upon advice of its counsel). The Registration Statement required hereunder shall contain a "Plan of Distribution" reasonably acceptable to the Holder and the Company. The
    Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act as soon as practicable after the Filing Deadline, but in no event later than the earlier of (i) the 90th
    calendar day following the Filing Deadline if the Commission notifies the Company that it will "review" the Registration Statement and (ii)the 5th business day after the date the Company is notified (orally or in writing, whichever is earlier) by the
    Commission that the Registration Statement will not be "reviewed" or will not be subject to further review. The Company shall use its commercially reasonable efforts to keep such Registration Statement continuously effective under the Securities Act
    (including the filing of any necessary amendments, post-effective amendments and supplements) with respect to such Holder until such Holder no longer owns SALT Registrable Securities  (the "Effectiveness Period"),

    provided, however, that the Company's obligations to include the SALT Registrable Securities in the Registration Statement are contingent upon and subject to (i) the Holder furnishing a completed and executed selling shareholders
    questionnaire in the form contained in the Master Agreement to the Company that contains the information required by Commission rules for a Registration Statement regarding the Holder, the securities of the Company held by the Holder, and the intended
    method of disposition of the SALT Registrable Securities to effect the registration of the SALT Registrable Securities no later than two Business Days prior to the Filing Deadline, (ii) the terms and conditions contained in the Existing Registration
    Rights Agreement and (iii) the Holder executing such other documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations.

  (b) Right to Piggyback. To the extent the Company does not
    maintain an effective registration statement for any portion of the SALT Registrable Securities at any time during the Effectiveness Period, if the Company proposes to register any of its common equity securities under the Securities Act (other than a
    registration statement on Form S-8 or on Form F-4 or any similar successor forms thereto or in connection with (A) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan, (B) a dividend
    reinvestment plan or (C) a merger or the acquisition of the securities or substantially all the assets of another entity), whether for its own account or for the account of one or more shareholders of the Company, and the registration form to be used
    may be used for any registration of SALT Registrable Securities (a "Piggyback Registration"), the Company shall give prompt written notice to all Holders of its intention to effect such a registration and shall,
    subject to Sections 2(a)(ii) and 2(c), include in such registration all such SALT Registrable Securities with respect to which the Company has received written requests for inclusion therein within fifteen (15) Business Days after the delivery of the
    Company's notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion.

  (c) Priority on Primary Piggyback Registrations.  If, (i) as a
    result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a primary registration on behalf of the Company, cannot be so
    included, or (ii) a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in

  
    
      

  

  

  

  such registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, then the Company shall include in such registration statement (x) first,
    100% of the securities that the Company proposes to sell, (y) second, such number of SALT Registrable Securities requested to be included therein (allocated pro rata among the Holders based on the relative number of such SALT Registrable
    Securities then held by each such Holder or in such manner as they may otherwise agree) and (iii) third, and only if all of the SALT Registrable Securities referred to in clause (ii) have been included in such registration, any other securities
    eligible for inclusion in such registration.

  (d) Priority on Secondary Piggyback Registrations. If, (i) as a
    result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a secondary registration on behalf of a holder of the Company's
    securities other than SALT Registrable Securities, cannot be so included or (ii) a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company's securities other than SALT Registrable Securities, and the
    managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration statement exceeds the number which can be sold in such offering without having an adverse effect on such
    offering, the Company shall include in such registration (x) first, 100% of the securities that the Company proposes to sell, (y) second, such number of SALT Registrable Securities requested to be included therein (allocated pro rata
    among the Holders based on the relative number of such SALT Registrable Securities then held by each such Holder or in such manner as they may otherwise agree) and (iii) third, and only if all of the SALT Registrable Securities referred to in
    clause (ii) have been included in such registration, any other securities eligible for inclusion in such registration.

  (e) Other Registrations. If the Company has previously filed a
    Registration Statement with respect to the SALT Registrable Securities, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other registration of any of its
    securities under the Securities Act, whether on its own behalf or at the request of any holder or holders of such securities.  Notwithstanding any provision in this agreement, the rights, including the priority rights enumerated in this Registration
    Rights Agreement are subject, to the extent applicable, to the terms and conditions of the Existing Registration Rights Agreement.

  3. Registration Procedures.

  In connection with the Company's registration obligations hereunder, the Company shall:

  (a) Not less than two (2) Business Days prior to the filing of the
    Registration Statement or any related Prospectus or any amendment or supplement thereto, (i) furnish to the Holders copies of all such documents proposed to be filed (including documents incorporated or deemed incorporated by reference to the extent
    requested by such person and not already filed by the Company with the Commission) which documents will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond
    to such inquiries as shall be necessary, in the reasonable opinion of respective legal counsel to conduct a reasonable investigation within the meaning of the Securities Act.  The Company shall not file the Registration Statement or any such Prospectus
    or any amendments or supplements thereto to which the Holders of a majority of the SALT Registrable Securities shall reasonably object in good faith; provided, however, that any period of time which the Registration Statement is delayed due to a
    willful breach of this Registration Rights Agreement by the Company will be added to such filing date.

  (b) (i) Prepare and file with the Commission such amendments, including
    post-effective amendments, to the Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the SALT Registrable Securities for the Effectiveness Period;
    (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) consistent with Section 2(a) above, respond as promptly as reasonably
    possible to any comments received from the Commission with respect to the Registration Statement or any amendment thereto; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the
    disposition of all SALT Registrable Securities covered by the Registration

  
    
      

  

  

  

  Statement in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented.

  (c) Notify the Holders of SALT Registrable Securities to be sold as
    promptly as reasonably possible (and, in the case of (i)(A) below, not less than two (2) Business Days prior to such filing) and (if requested by any such person) confirm such notice in writing promptly following the day (i) (A) when a Prospectus or
    any Prospectus supplement or post-effective amendment to the Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a "review" of the Registration Statement and whenever the Commission
    comments in writing on the Registration Statement (the Company shall upon request provide true and complete copies thereof and all written responses thereto as promptly as reasonably possible to each of the Holders who so requests provided such
    requesting Holders agree to keep such information confidential until it is publicly disclosed); and (C) with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the
    Commission or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or Prospectus or for additional information; (iii) of the
    issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement covering any or all of the SALT Registrable Securities or the initiation of any Proceedings for
    that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the SALT Registrable Securities for sale in any jurisdiction, or the initiation or
    threatening of any Proceeding for such purpose, and (v) of the occurrence of any event or passage of time that makes the financial statements included in the Registration Statement ineligible for inclusion therein or any statement made in the
    Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other documents so that, in
    the case of the Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
    light of the circumstances under which they were made, not misleading (provided that such Holder of SALT Registrable Securities agrees to keep such information confidential until it is publicly disclosed).

  (d) Use its commercially reasonable efforts to avoid the issuance of,
    or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of the Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the SALT Registrable Securities for sale in any
    jurisdiction, at the earliest practicable moment.

  (e) To the extent requested by such Holders, furnish to each Holder,
    without charge, at least one conformed copy of the Registration Statement and each amendment thereto, including financial statements and schedules promptly after the filing of such documents with the Commission.

  (f) Promptly deliver to each Holder, without charge, as many copies of
    the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such persons may reasonably request in connection with resales by the Holder of SALT Registrable Securities. The Company hereby consents to
    the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the SALT Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except
    after the giving of any notice pursuant to Section 3(c).

  (g) Use its commercially reasonable efforts to register or qualify or
    cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such SALT Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such
    jurisdictions within the United States as any Holder reasonably requests in writing, to keep each of the registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things
    reasonably necessary to enable the disposition in such jurisdictions of the SALT Registrable Securities covered by the Registration Statement; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction
    where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.

  
    
      

  

  

  

  (h) If requested by the Holders, cooperate with the Holders to
    facilitate the timely preparation and delivery of certificates representing SALT Registrable Securities to be delivered to a transferee that were validly sold pursuant to an effective Registration Statement, which certificates shall be free, of all
    restrictive legends, and to enable such SALT Registrable Securities to be in such denominations and registered in such names as any such Holders may request.

  (i) Upon the occurrence of any event contemplated by Section
      3(c)(v), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
    incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact
    required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

  The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and the person
    thereof that has voting and dispositive control over the Warrant Shares, for purposes of disclosure in the "Selling Stockholder" table in the Registration Statement.

  4. Registration Expenses.
    All fees and expenses incident to the performance of or compliance with this Registration Rights Agreement by the Company shall be borne by the Company whether or not any SALT Registrable Securities are sold pursuant to the Registration Statement. The
    fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Trading Market on
    which the Common Stock is then listed for trading, and (B) for compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for SALT Registrable Securities and
    of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the SALT Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses and (iv) fees and
    disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, fees and expenses of all other persons retained by the Company in connection with the consummation of the transactions
    contemplated by this Registration Rights Agreement. In addition, the Company shall be responsible for all of its internal and accounting expenses incurred in connection with the consummation of the transactions contemplated by this Registration Rights
    Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties and all fees and expenses of the Company's certified public accountants), the expense of the preparation of all
    financial statements and any audit or review thereof by the Company's accountants, including in connection with their rendering a "cold comfort" letter to the underwriters, if requested. In no event shall the Company be responsible for any broker,
    underwriter or similar commissions or any taxes, legal fees or other costs of the Holders.

  5. Indemnification.

  (a) Indemnification by the Company. The Company shall indemnify
    and hold harmless each Holder, the officers, directors, agents and employees of each of them, each person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers,
    directors, agents and employees of each such controlling person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and
    expenses (collectively, "Losses"), as incurred, to the extent arising out of or relating to any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or any
    form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
    therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or any violation or alleged violation by the Company of the Securities Act, Exchange Act or
    any state securities law, or any rule or regulation thereunder, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based upon information regarding such Holder furnished in writing to the Company by such
    Holder expressly for use therein, or to the extent that such information relates to such Holder or

  
    
      

  

  

  

  such Holder's proposed method of distribution of SALT Registrable Securities as set forth in the Plan of Distribution approved by such Holder expressly for
    use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (2) such Holder used an outdated or defective Prospectus after the Company has notified such Holder in writing that the
    Prospectus is outdated or defective including after receipt by such Holder of the Advice contemplated in Section 6(b) or the Suspension Certificate contemplated in Section 6(d).

  (b) Indemnification by Holders. Each Holder shall, severally and
    not jointly, indemnify and hold harmless the Company, its officers, directors, agents and employees, each person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers,
    directors, agents and employees of each such controlling person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred, to the extent arising out of or based upon: (1) such Holder's failure to comply with
    the prospectus delivery requirements of the Securities Act or (2) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or
    in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or
    supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the
    Company specifically for inclusion in the Registration Statement or such Prospectus expressly for use therein, or (3) the use by such Holder of an outdated or defective Prospectus; provided that such use by the Holder is after the Company has notified
    such Holder in writing that the Prospectus is outdated or defective including after receipt by such Holder of the Advice contemplated in Section 6(b) or the Suspension Certificate contemplated in Section 6(d).

  (c) Conduct of Indemnification Proceedings. If any Proceeding
    shall be brought or asserted against any person entitled to indemnity hereunder (an "Indemnified Party"), such Indemnified Party shall promptly notify the person from whom indemnity is sought (the "Indemnifying Party") in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of
    all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Registration Rights
    Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party.

  An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall
    be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ
    counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified
    Party shall have been advised by counsel that a conflict of interest is reasonably likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the
    Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one
    separate counsel (the Indemnified Party's counsel who first notifies the Company of such obligation) shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected
    without its written consent. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
    an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

  All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such
    Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Business Days of written notice thereof to the Indemnifying Party; provided, that the Indemnified Party shall
    promptly reimburse the Indemnifying

  
    
      

  

  

  

  Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is not entitled to indemnification hereunder, determined based upon the relative faults of
    the parties.

  (d) Contribution. If a claim for indemnification under Section

      5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party
    as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other
    relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a
    material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties' relative intent, knowledge, access to information and
    opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys' or
    other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in
    accordance with its terms.

  The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of
    allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any
    amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the SALT Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by
    reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying
    Parties may have to the Indemnified Parties.

  6. Miscellaneous.

  (a) Compliance. Each Holder covenants and agrees that it will
    comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of SALT Registrable Securities pursuant to the Registration Statement.

  (b) Discontinued Disposition. Each Holder agrees by its
    acquisition of such SALT Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such SALT Registrable
    Securities under the Registration Statement until such Holder's receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the "Advice") by the
    Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration
    Statement. In the event of a discontinued disposition under this Section 6(b), the Company will use its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable and to provide copies
    of the supplemented Prospectus and/or amended Registration Statement or the Advice as soon as possible in order to enable each Holder to resume dispositions of the SALT Registrable Securities. The Company may provide appropriate stop orders to enforce
    the provisions of this paragraph.

  (c) Amendments in Writing. No amendment, modification, waiver,
    termination or discharge of any provision of this Registration Rights Agreement, or any consent to any departure by the Company and any Holder of the then outstanding SALT Registrable Securities from any provision hereof, shall in any event be
    effective unless the same shall be in writing and signed by the Company and SALT, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific instance and for the specific purpose for which given. No
    provision of this Registration Rights Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by the Company and SALT.

  
    
      

  

  

  

  (d) Suspension of Trading. At any time after the SALT
    Registrable Securities are covered by an effective Registration Statement, the Company may deliver to the Holders of such SALT Registrable Securities a certificate (the "Suspension Certificate") approved by the
    Chief Executive Officer, Chief Financial Officer or Chief Operating Officer of the Company and signed by an officer of the Company stating that the effectiveness of and sales of SALT Registrable Securities under the Registration Statement would:

  (i) materially interfere with any transaction that would require the
    Company to prepare financial statements under the Securities Act that the Company would otherwise not be required to prepare in order to comply with its obligations under the Exchange Act, or

  (ii) require public disclosure of any transaction of the type
    discussed in Section 6(d)(i) prior to the time such disclosure might otherwise be required.

  After the delivery of a Suspension Certificate by Holders of SALT Registrable Securities, the Company may, in its discretion, require such Holders of SALT Registrable Securities to
    refrain from selling or otherwise transferring or disposing of any SALT Registrable Securities or other Company securities then held by such Holders for a specified period of time that is customary under the circumstances (not to exceed thirty (30)
    days. Notwithstanding the foregoing sentence, the Company shall be permitted to cause Holders of SALT Registrable Securities to so refrain from selling or otherwise transferring or disposing of any SALT Registrable Securities or other securities of the
    Company on only one occasion during the Effectiveness Period. The Company may impose stop transfer instructions to enforce any required agreement of the Holders under this Section 6(d).

  (e) Notices. All notices, requests, consents and other
    communications under this Registration Rights Agreement shall be in writing and shall be deemed delivered (i) on the date of transmission when delivered via facsimile prior to 5:00 p.m. (New York City time) on a Business Day, (ii) one Business Day
    after transmission when delivered via facsimile later than 5:00 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) upon delivery when delivered personally, (iv) three (3) days after being sent by
    registered or certified mail, return receipt requested, postage prepaid, or (v) one (1) Business Day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient
    as set forth below:

  If to the Company:

  

    

    Star Bulk Carriers Corp.

  c/o Star Bulk Management Inc.

  40 Agiou Konstantinou Str.

  Maroussi 15124

  Athens, Greece

  Attention: General Counsels

  Email: Compliance@starbulk.com

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

  

  

  Seward & Kissel LLP

    One Battery Park Plaza

    New York, NY 10004

    Attention: Keith J. Billotti, Esq.

    Email: billotti@sewkis.com

  If to SALT, to:

  

  

  Scorpio Bulkers Inc.

    150 E. 58th Street

    New York, New York 10022

  
    
      

  

  

  

  Attention: Hugh Baker

    Email: HBaker@scorpiogroup.net

  With a copy to:

  

  

  Seward & Kissel LLP

    One Battery Park Plaza

    New York, NY 10004

    Attention: Edward Horton, Esq.

    Email: Horton@sewkis.com

  Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth
    in this Section.

  (f) Successors and Assigns. This Registration Rights Agreement
    shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors and assigns. The Company may not assign its rights or obligations hereunder without the prior written consent of all of
    the Holders of the then-outstanding SALT Registrable Securities, provided a sale of the Company shall not be deemed an assignment. SALT may assign its rights hereunder to a purchaser or transferee of SALT Registrable Securities; provided, that
    (i) the Company is furnished a written notice of the name and address of such transferee or assignee and the SALT Registrable Securities with respect to which such registration rights are being assigned; (ii) such purchaser or transferee shall, as a
    condition to the effectiveness of such assignment, be required to execute a counterpart to this Registration Rights Agreement agreeing to be treated as a Holder whereupon such purchaser or transferee shall have the benefits of, and shall be subject to
    the restrictions contained in, this Registration Rights Agreement as if such purchaser or transferee was originally included in the definition of an Holder herein and had originally been a party hereto; and (iii) the transferee is an Affiliate of SALT
    at the time of transfer.

  (g) Execution in Counterparts; Facsimile Signatures. This
    Registration Rights Agreement and any amendment, waiver or consent hereto may be executed by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together
    constitute one and the same instrument. All such counterparts may be delivered among the parties hereto by facsimile or other electronic transmission, which shall not affect the validity thereof.

  (h) Governing Law; Jurisdiction. This Registration Rights
    Agreement shall be governed by and construed under the laws of the State of New York without regard to conflicts of laws principles. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Registration
    Rights Agreement shall be brought against the parties hereto or thereto in the courts of the State of New York, County of New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York,
    and each of the parties consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. The parties hereby expressly waive all rights to
    trial by jury in any suit, action or proceeding arising under this Registration Rights Agreement.

  (i) Cumulative Remedies. All remedies, either under this
    Registration Rights Agreement or by law, afforded to the parties hereto, shall be cumulative and not alternative.

  (j) Severability. Any provision of this Registration Rights
    Agreement, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or
    enforceability of such provision in any other jurisdiction.

  (k) Section Headings and References. The section headings are
    for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this Registration Rights Agreement to a particular section or subsection shall refer to a section or
    subsection of this Registration Rights Agreement, unless specified otherwise.

  
    
      

  

  

  

  (l) Termination.  This Registration Rights Agreement shall
    terminate automatically and be null and void upon the termination of the Master Agreement pursuant to the terms thereof and upon the expiration of the Effectiveness Period.

  [Remainder of page intentionally left blank; Signature pages follow]

  

  

  
    
      

  

  IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement on the date first written above.

  

  

  	 	
          THE COMPANY:

            

        
	 	
          STAR BULK CARRIERS CORP.

            

        
	 	
          By:

        	 /s/ Simos Spyrou

        	 
	 	 	
          Name: Simos Spyrou

          

        
	 	 	
          Title: Co CFO

          

        

  [SALT Signature page follows]

  

  

  

  

  
    
      

  

  

  

  	 	
          SCORPIO BULKERS INC.

            

        
	 	
          By:

        	
          /s/ Cameron K. Mackey

        	 
	 	 	
          Name: Cameron K. Mackey

        
	 	 	
          Title: Chief Operating OfficerExhibit 4.5

    WARRANT

    THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER
      ANY STATE OR FOREIGN SECURITIES LAWS AND THE WARRANT MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED.

    Warrant Certificate No.: 1

    Original Issue Date: February 2, 2021

    FOR VALUE RECEIVED, Star Bulk Carriers Corp., a Marshall Islands company (the “Company”), hereby certifies that Scorpio
      Bulkers Inc., a Marshall Islands company (the “Holder”) is entitled to purchase from the Company up to an aggregate of 3,000,000 duly authorized, validly issued, fully paid and nonassessable shares of Common
      Stock at a purchase price per share of $0.01 (the “Exercise Price”), all subject to the terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used herein are defined in
      Section 1 hereof.

    This Warrant has been issued pursuant to the terms of the Master Agreement, dated as of February 2, 2021 (the “Master Agreement”),
      between the Company and the Holder.

    1.          Definitions.  As used in this
        Warrant, the following terms have the respective meanings set forth below:

    “Additional Shares” means such number of shares equal to (A) the Aggregate Exercise
      Price divided by (B) the NASDAQ closing price of the Common Stock on the Business Day immediately preceding the Exercise Date rounded down to the nearest whole share.

    “Aggregate Warrant Shares” means the aggregate shares of Common Stock purchasable
      upon exercise of this Warrant in accordance with the terms of this Warrant, which amount shall not exceed an aggregate of 3,000,000 shares of Common Stock (subject to adjustment as provided herein).

    “Applicable Delivery Date” means the Date of
      the Delivery (as such term is used in the Master Agreement) of such Vessel.

    “Applicable Vessel Delivery Shares” means (i) with respect to the Applicable Delivery
      Date of the SBI Subaru to SBI Subaru Shipping Company Limited, three hundred and forty eight thousand, five hundred and twenty (348,520) shares of Common Stock, (ii) with respect to the Applicable Delivery Date of the SBI Pegasus to SBI Pegasus
      Shipping Company Limited , three hundred and fifty thousand, seven hundred and ninety seven (350,797) shares of Common Stock, (iii) with respect to the Applicable Delivery Date of the SBI Ursa to SBI Ursa  Shipping Company Limited , three hundred and
      forty eight thousand, five hundred and nineteen (348,519) shares of Common Stock, (iv) with respect to the Applicable Delivery Date of the SBI Capoeira to

    
      
        

    

    
    

    

    SBI Capoeira Shipping Company Limited , four hundred and ninety four thousand, three hundred and five (494,305) shares of Common Stock, (v) with
      respect to the Applicable Delivery Date of the SBI Carioca to SBI Carioca Shipping Company Limited , four hundred and ninety four thousand, three hundred and five (494,305) shares of Common Stock, (vi) with respect to the Applicable Delivery Date of
      the SBI Lambada to SBI Lambada Shipping Company Limited, four hundred and eighty one thousand, seven hundred and seventy seven (481,777) shares of Common Stock, and (vii) with respect to the Applicable Delivery Date of the SBI Macarena to SBI
      Macarena  Shipping Company Limited, four hundred and eighty one thousand, seven hundred and seventy seven (481,777) shares of Common Stock (each of the SBI Subaru, SBI Pegasus, SBI Ursa, SBI Capoeira, SBI Carioca, SBI Lambada and SBI Macarena (each a
      “Vessel” and collectively, the “Scorpio Vessels”).

    “Aggregate Exercise Price” means the product of (i) $0.01 multiplied by (ii)  the
      number of Applicable Vessel Delivery Shares.

    “Board” means the board of directors of the Company.

    “Business Day” means any day, except a Saturday, Sunday or legal holiday, on which
      banking institutions in the city of New York are authorized or obligated by law or executive order to close.

     “Common Stock” means the common stock, par value $0.01 per share, of the Company,
      and any capital stock into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof.

    “Company” has the meaning set forth in the preamble.

    “Exercise Date” means, for any given exercise of this Warrant, the date on which the
      conditions to such exercise as set forth in Section 3 shall have been satisfied at or prior to 5:00 p.m., New York time, on a Business Day.

    “Exercise Notice” has the meaning set forth in Section 3(a)(i).

    “Exercise Price” has the meaning set forth in the preamble.

    “Holder” has the meaning set forth in the preamble.

    “Original Issue Date” means, the date on which the Warrant was issued by the Company
      pursuant to the Master Agreement.

    “NASDAQ” means the NASDΑQ
      Stock Exchange.

    “Person” means any individual, sole proprietorship, partnership, limited liability
      company, corporation, joint venture, trust, incorporated organization or government or department or agency thereof.

    “Securities Act” means the U.S. Securities Act of 1933, as amended.

    
      2

      
        

    

    

    

    “Stock Event” has the meaning set forth in Section 6.

    “Master Agreement” has the meaning set forth in the preamble.

    “Warrant” means this Warrant and all warrants issued upon division or combination of,
      or in substitution for, this Warrant.

    2.          Term of Warrant.  Subject to the
        terms and conditions hereof, the Holder of this Warrant shall exercise this Warrant for the Applicable Vessel Delivery Shares purchasable hereunder, on each of the Applicable Delivery Dates or, if such day is not a Business Day, on the next
        Business Day, provided that Holder shall only exercise this Warrant on seven (7) separate occasions for the Applicable Vessel Delivery Shares issuable on such Exercise Date.  This Warrant shall expire and shall no longer be exercisable upon the
        earlier of the (i) seventh Applicable Delivery Date and (ii) termination of the Master Agreement in respect of all undelivered Vessels in accordance with its terms.

    3.          Exercise of Warrant. 

    (a)          Exercise Procedure.
        This Warrant shall be exercised on each Applicable Delivery Date or, if such day is not a Business Day, on the next Business Day, and in each case for the Applicable Vessel Delivery Shares; provided that the total number of shares of Common Stock
        issuable hereunder shall not exceed the Aggregate Warrant Shares, upon:

    (i)          an exercise notice, in
        the form attached hereto (the “Exercise Notice”), completed and duly signed, and

    (ii)          payment to the
        Company of the Aggregate Exercise Price in accordance with Section 3(b).

    A separate Exercise Notice shall be delivered in connection with the delivery of each Scorpio Vessel; provided that more than one Exercise
      Notice may be delivered to the Company on any single date in accordance with the terms of this Warrant.  The Exercise Notice does not need to be an ink-original, notarized or contain a medallion guarantee or any other guarantee of any nature. The
      Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant
      evidencing the right to purchase the remaining number of Warrant Shares.

    (b)          Payment of the
          Aggregate Exercise Price. The Company is obligated to issue to the Holder the Additional Shares at the same time the Applicable Vessel Delivery Shares are issued to the Holder pursuant to a valid Exercise Notice; provided that payment of the
        Aggregate Exercise Price shall be made by instructing the Company to withhold the Additional Shares.

    (c)          Delivery of Stock
          Certificates.  Upon delivery of an Exercise Notice for the exercise of the Warrant for the Applicable Vessel Delivery Shares and payment of the Aggregate Exercise Price (in accordance with Section 3(a) and (b) hereof), the Company

    
      3

      
        

    

    

    

    shall deliver (or cause to be delivered) to its transfer agent (the “Transfer Agent”) irrevocable instructions (the “Irrevocable Instruction
      Letter”) to issue the Applicable Vessel Delivery Shares, effective as of the Exercise Date; provided that if the Company receives the Exercise Notice at or after 4:00 p.m. (local time in New York City) the Irrevocable Instruction Letter may be
      delivered to the Transfer Agent on the following Business Day. The stock certificate or book-entry position so delivered shall be, to the extent possible, in such denomination or denominations as the exercising Holder shall reasonably request and
      shall be registered in the name of the Holder.  This Warrant shall be deemed to have been exercised and such certificate or book entry position representing the Applicable Vessel Delivery Shares shall be deemed to have been issued, and the Holder
      shall be deemed to have become a holder of record of such Applicable Vessel Delivery Shares for all purposes, as of the Exercise Date, subject to the policies and procedures of the Transfer Agent.

    (d)          Fractional Shares.
        The Company shall not be required to issue a fractional share of Common Stock upon exercise of any Warrant.

    (e)          Valid Issuance of
          Warrant and Aggregate Warrant Shares. Subject to the terms and conditions of the Master Agreement, including the accuracy of the representations and warranties of the Holder contained therein, with respect to the exercise of this Warrant the
        Company hereby represents, covenants and agrees:

    (i)          This Warrant is, and
        any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued and a valid and binding obligation of the Company.

    (ii)          The Aggregate Warrant
        Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Aggregate Warrant Shares are, validly issued,
        fully paid and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges and registered for resale under the Securities Act at the time such
        Aggregate Warrant Shares are issuable hereunder.

    (iii)          The Company shall
        take all such actions as may be necessary to ensure that the Aggregate Warrant Shares are issued without violation by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which
        shares of Common Stock may be listed at the time of such exercise (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance).

    (f)          Payment of Taxes.
        Issuance and delivery of certificates or book entry positions for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any transfer agent fee or issue tax or transfer tax  or withholding tax or other
        incidental tax or expense imposed by the Marshall Islands in respect of the issuance of such certificates, all such taxes and expenses shall be paid by

    
      4

      
        

    

    

    

    the Company; provided, however, that the Company shall not be required to pay any tax that may be
      payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder or in the event the Holder elects to change its domicile or jurisdiction of formation
      subsequent to the original issue date of the Warrant. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

    4.          Transfer of Warrant.  This Warrant
        and all rights hereunder are non-transferable, in whole or in part, by the Holder.  Any such transfer will be null and void.

    5.          Holder Not Deemed a Stockholder;
          Limitations on Liability.  Except as otherwise specifically provided herein, prior to the issuance to the Holder of shares of Common Stock to which the Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall
        not be entitled to vote or  receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a
        stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings,
        receive dividends or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a
        stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

    6.          Adjustments for Stock Event. If at
        any time there shall occur any stock split, stock dividend, reverse stock split or other subdivision, reclassification or similar event involving the Company’s Common Stock (the “Stock Event”), then the number of shares of Common Stock remaining
        issuable upon exercise of this Warrant shall be appropriately adjusted such that the proportion of the number of shares issuable hereunder to the total number of shares of the Company (on a fully diluted basis) prior to such Stock Event is equal to
        the proportion of the number of shares issuable hereunder after such Stock Event to the total number of shares of the Company (on a fully-diluted basis) after such Stock Event.

    7.          Replacement on Loss.  Upon receipt
        of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or
        affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a
        new Warrant of like tenor and exercisable for an equivalent number of Aggregate Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity
        shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.

    8.          Compliance with the Securities Act.

    
      (a)          Agreement to
            comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions of this Section 8

    

    
      5

      
        

    

    

    

    and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not
      offer, sell or otherwise dispose of this Warrant or any Aggregate Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act.  This Warrant shall be stamped or imprinted with
      a legend in substantially the following form:

    “THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND THE WARRANT MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED.”

    (b)          Representations of
          the Holder. In connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof, to the Company by acceptance of this Warrant, as follows:

    (i)          The Holder is an
        “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The Holder is acquiring this Warrant and the Aggregate Warrant Shares to be issued upon exercise hereof for investment for its own account and not
        with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Aggregate Warrant Shares, except pursuant to resales registered or exempted under the Securities Act.

    (ii)          The Holder
        understands and acknowledges that this Warrant and the Aggregate Warrant Shares to be issued upon exercise hereof are “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction
        not involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances.  In addition, the Holder represents that it is
        familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

    (iii)          The Holder
        acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment
        in the Warrant and the Aggregate Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Warrant and the Aggregate Warrant Shares and the
        business, properties, prospects and financial condition of the Company.

    9.          Warrant Register. The Company shall
        keep and properly maintain at its principal executive offices books for the registration of the Warrant.  The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for all purposes, and
        the Company shall not be affected by any notice to the contrary.

    
      6

      
        

    

    

    

    10.          Notices. All notices, requests,
        consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a
        nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after
        normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated
        below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 10).

     

    	
            If to the Company:

          	
            E-mail:         legal@starbulk.com

            Attention:     Co General Counsels

             

          
	
            with a copy to:

          	
            Seward & Kissel LLP

            E-mail:          billotti@sewkis.com

            Attention:      Keith Billotti

             

          
	
            If to the Holder:

          	
            E-mail:         HBaker@Scorpiogroup.net

            Attention:     Hugh Baker

             

          
	
            with a copy to:

          	
            Seward & Kissel LLP

            E-mail:          horton@sewkis.com

            Attention:     Edward Horton, Esq.

             

          

    11.          Cumulative Remedies. The rights
        and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise.

    12.          Equitable Relief. Each of the
        Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate
        remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such
        breach, be entitled to equitable relief,

    
      7

      
        

    

    

    

    including a restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction.

    13.          Entire Agreement. This Warrant,
        together with the Master Agreement and the Registration Rights Agreement, constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous
        understandings and agreements, both written and oral, with respect to such subject matter.

    14.          Successor and Assigns. This
        Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors of the Holder. Such successors of the Holder shall be deemed to be a Holder for
        all purposes hereunder.

    15.          No Third-Party Beneficiaries. This
        Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal
        or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

    16.          Headings. The headings in this
        Warrant are for reference only and shall not affect the interpretation of this Warrant.

    17.          Amendment and Modification; Waiver.
        Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless
        explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar
        or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall
        any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

    18.          Severability. If any term or
        provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or
        provision in any other jurisdiction.

    19.          Governing Law. This Warrant shall
        be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the
        application of laws of any jurisdiction other than those of the State of New York.

    20.          Submission to Jurisdiction. Any
        legal suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case

    
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    located in the city of New York and County of Manhattan, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action
      or proceeding. Service of process, summons, notice or other document by certified or registered mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.
      The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or
      proceeding brought in any such court has been brought in an inconvenient forum.

    21.          Waiver of Jury Trial. Each party
        acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in
        respect of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

    22.          Counterparts. This Warrant may be
        executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
        shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

    23.          No Strict Construction. This
        Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

    [SIGNATURE PAGE FOLLOWS]

    
      9

      
        

    

    

    

    IN WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date.

     

    	 	
            STAR BULK CARRIERS CORP.

             

          
	 	
            By: ___/s/ Simos Spyrou_________

            Name:  Simos Spyrou

            Title:    Co-Chief Financial Officer

          

     

    	
            Accepted and agreed,

             

          
	
            SCORPIO BULKERS INC.

             

          	 
	
            By: __/s/ Cameron Mackey___________

            Name: Cameron Mackey

            Title:   Chief Operating Officer

          	 

    

    

    

    

    
      10

      
        

    

    

    

    EXERCISE NOTICE

    STAR BULK CARRIERS CORP.

    WARRANT NO. 1 DATED FEBRUARY  [  ], 2021

    Ladies and Gentlemen:

    (1)          The undersigned hereby exercises the above-referenced Warrant with respect
        to [Number] shares of Common Stock in connection with the delivery of [Vessel Name].

    (2)          The undersigned hereby instructs the Company to withhold the Additional
        Shares to pay the Exercise Price.

    (3)          Pursuant to this Exercise Notice, the Company shall deliver to the Holder
        the number of Warrant Shares determined in accordance with the terms of the Warrant.

    Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

    

    

    	 	
            HOLDER:

          	 
	 	 	 
	 	 	 
	 	
            Scorpio Bulkers Inc.

          	 

    

    

    	 	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          	 	 
	 	 	
            Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]