Document:

Exhibit 4.35

 

 

Dated as of [●]

 

 

 

 

 

[●]

as Owners

 

 

- and -

 

 

TECHNOMAR SHIPPING
INC

as Supervision Managers

 

 

 

 

 

 

 

---------------------------------------------------------

FORM OF SUPERVISION
AGREEMENT

---------------------------------------------------------

 

 

 

 

 

 

 

 

 

    	 	1	 

    	 

    

THIS SUPERVISION
AGREEMENT is made as of [●].

 

BETWEEN:

 

		(1)	[●], a limited liability company incorporated in the Republic of Liberia and having its registered
office at 80 Broad Street, Monrovia, Liberia (the “Owners”); and

 

		(2)	TECHNOMAR SHIPPING INC., a company incorporated in the Republic of Liberia and having its registered
office at 80 Broad Street, Monrovia, Liberia and an established office at 3-5 Menandrou Str. Kifissia 14561, Athens, Greece (the “Supervision
Managers”).

 

WHEREAS:

 

		(A)	The Owners are to be the registered owners of the vessel [●] (to
be renamed) with IMO no. [●] (the “Vessel”).

 

		(B)	The Owners wish to appoint the Supervision Managers to provide or arrange the provision of various supervision
and other services, including those specified in the Schedules hereto, on the terms and subject to the conditions of this Agreement, which
appointment the Supervision Managers are willing to accept on the terms and subject to the conditions of this Agreement.

 

IT IS AGREED:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		(A)	In this Agreement:

 

“Administrative
& Support Services” means the services set out in Schedule 3.

 

“Affiliate”
means, with respect to a specified Person, any Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled
by, or is under common Control with the specified Person.

 

“Change
in Majority Interests or Control” means (i) a transaction or series of transactions involving the sale, transfer or other disposition
of equity interests in the Owners or in any of its direct or indirect parent companies (including, without limitation, any transfer by
the current owners of equity interests in the Parent), to one or more Persons that are not, immediately prior to such sale, Affiliates
of the Parent, of more than 50% of the beneficial equity or voting interests in the Owners or in any such parent companies; (ii) a transaction
or series of transactions involving the sale, transfer or other disposition of all or substantially all of the assets of the Owners or
any of its direct or indirect parent companies (including, without limitation, the Parent) to one or more Persons that are not, immediately
prior to such sale, transfer, or other disposition, Affiliates of the Parent; (iii) any merger, consolidation or other business combination
of the Owners or any of its direct or indirect parent companies (including, without limitation, the Parent) in which the current owners
of equity interests in the Parent immediately after such transaction cease to own more than 50% of the equity or voting interests in the
Parent (or equity or voting interests of its successors) or the Parent ceases to directly or indirectly own more than 50% of the equity
or voting interests in the Owners or its parent companies (or equity or voting interests of their successors) as a result of such transaction;
or (iv) George Giouroukos’s employment as Executive Chairman of the Parent is terminated by the Parent.

 

“Charter”
means a charter party agreement between the Owner that relates to the Vessel (including any voyage or spot charters), and “Charters”
means all such charter party agreements.

 

    	 	2	 

    	 

    

“Charterer”
means any Person, other than the Owner, that has entered or is to enter into, or assumed or assume the obligations under, by novation
or otherwise, a Charter.

 

“Commercial
Managers” means Conchart Commercial Inc., a Marshall Islands corporation.

 

“Commercial
Management Agreement” means the agreement with respect to the commercial management of the Vessel made between the Owner on
the one hand and the Commercial Managers on the other hand, as may be amended or supplemented from time to time.

 

"Confidential
Information” means all information (of whatever nature and however recorded or preserved) which:

 

		(a)	was disclosed by the Owners to the Supervision Managers, whether before or after the date of this Agreement,
as a result of the discussions leading up to this Agreement, entering into this Agreement or the performance of this Agreement and is
designated as “confidential information” by the Owners at the time of disclosure; or

		(b)	is information which relates to existing or proposed operations, business plans, market opportunities
and business affairs of the Owners or their Affiliates and is clearly confidential from its nature and/or the circumstances in which it
was imparted would be regarded as being confidential by a reasonable business person; or

		(c)	is clearly confidential from its nature and/or the circumstances in which it was imparted, and including
information which relates to the commercial affairs, business (including but not limited to any information considered to be price sensitive
information by the Owners), finances, infrastructure, products, services, developments, inventions, trade secrets, know-how, personnel,
or contracts of, and any other information relating to, the Owners or their Affiliates (or their respective customers); or

		(d)	any information referred to in (a) to (c) above disclosed on the Owners’ behalf by their Affiliates;
and

		(e)	information extracted, copied or derived from information referred to in (a) to (d) above.

 

“Control”
or “Controlling” or “Controlled by” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract
or otherwise.

 

“Crew”
means the master, officers, employees and other crew members of the Vessel.

 

“Crew
Insurances” means insurance of liabilities in respect of crew risks which shall include but not be limited to death, permanent
disability, sickness, injury, repatriation, shipwreck unemployment indemnity and loss of personal effects (see Clause 14 (b) (iii) and
Schedule 2).

 

“Crew
Management Agreement” means the management agreement between the Owner and the Crew Manager dated 10 June 2021, as may be amended
or supplemented from time to time.

 

“Crew
Management Services” has the meaning set forth in Schedule 1.

 

“Crew
Manager” means the crew manager appointed by the Owner being Northern Light Crew Management Limited of Hong Kong.

 

“Dollars”
and “US$” means the lawful currency of the United States of America.

 

“Flag
State” means the State whose flag the Vessel is flying.

    	 	3	 

    	 

    

 

“Governmental
Entity” means and includes (whether having a distinct legal personality or not) any national or local government authority,
board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or institution of which
any of the foregoing is a member or to whose jurisdiction any of the foregoing is subject or in whose activities any of the foregoing
is a participant.

“Group”
means the Parent and all of its Subsidiaries, or any one of them as the context might require.

 

“Insurance,
Freight and Claims Handling Services” means the services set out in Schedule 2.

 

“ISM
Code” means the International Management Code for the Safe Operation of Ships and for Pollution Prevention and any amendment
thereto or substitution therefor.

 

“ISPS
Code” means the International Code for the Security of Ships and Port Facilities and the relevant amendments to Chapter XI of
SOLAS and any amendment thereto or substitution therefor.

 

“Supervision
Period” means the period commencing on the date of delivery of the Vessel to the Owner by [●] as evidenced by the protocol
of delivery and acceptance in respect of the Vessel and continuing until this Agreement is terminated in accordance with Clauses 13 and
14.

 

“Manager
Change of Control” means (i) a transaction or series of transactions involving the sale, transfer or other disposition by George
Giouroukos to one or more Persons that are not, immediately prior to such sale, Affiliates of George Giouroukos, of more than 50% of the
equity interests in the Supervision Managers; or (ii) any merger, consolidation or other business combination of the Supervision Managers
in which George Giouroukos immediately after such transaction ceases to own more than 50% of the equity interests in the Supervision Managers
(or equity interests of their successors) as a result of such transaction.

 

“Parent”
means Global Ship Lease, Inc., a Marshall Islands corporation.

 

“Parties”
means the parties to this Agreement and Party means any of them.

 

“Person”
means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company,
or other legal entity or organization.

 

“Services”
means the services to be provided by the Supervision Manager pursuant to this Agreement, including without limitation (i) the Technical,
Drydock and Supervision Services, (ii) the Insurance, Freight and Claims Handling Services and (iii) the Administrative & Support
Services.

 

“SMS”
means the Safety Management System (as defined by the ISM Code).

 

“STCW
95” means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended
in 1995 and any amendment thereto or substitution therefor.

 

“Subsidiary(ies)”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard to
the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly
or indirectly, at the date of determination, by such Person, by one or more Persons Controlled by such Person or a combination thereof,
(b) a partnership (whether general or limited) in which such Person or a Person Controlled by such Person is, at the date of determination,
a general or limited partner of such

    	 	4	 

    	 

    

 

partnership,
but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership
as a single class) is owned, directly or indirectly, at the date of determination, by such Person, one or more Persons Controlled by such
Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person, one or more
Persons Controlled by such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a
majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of
such Person.

 

“Technical,
Drydock and Supervision Services” means the services set out in Schedule 1.

 

“Technical
Management Agreement” means the management agreement between the Owner and the Technical Manager dated 10 June 2021 as may be
amended or supplemented from time to time.

 

“Technical
Manager” means the technical manager appointed by the Owner, being Boden Denizcilik A.Ş. of Turkey.

 

“Technical
Management Services” has the meaning set forth in Schedule 1.

 

 

		(B)	In this Agreement:

 

		(i)	words denoting the plural numbers include the singular and vice versa;

 

		(ii)	words denoting persons include corporations, partnerships, associations of persons (whether incorporated
or not) or governmental or quasi-governmental bodies or authorities and vice versa;

 

		(iii)	the index and heading to the clauses and appendices to this Agreement are for convenience only and shall not affect its construction
or interpretation;

 

		(iv)	references to Clauses and the schedules and the appendix are to clauses of, and the Schedules and Appendix
to, this Agreement, the Schedules and the Appendix form part of this Agreement;

 

		(v)	references to this Agreement include its recitals, Schedules and Appendix;

 

		(vi)	references to days are references to calendar days unless expressly stated to the contrary; and

 

		(vii)	references to the Owners and the Supervision Managers include their successors, transferees and assignees.

 

		2.	APPOINTMENT

 

		(a)	The Owners hereby appoint the Supervision Managers to provide the Services for the duration of the Supervision
Period and the Supervision Managers agree to provide the Services to the Owners in accordance with the terms of this Agreement.

 

		(b)	The Supervision Managers shall undertake the Services solely as agents for and on behalf of the Owners.

    	 	5	 

    	 

    

 

 

 

		(c)	The Supervision Managers shall have the authority to take such actions as it may from time to time in
their reasonable discretion consider to be necessary to enable it to perform the Services in accordance with this Agreement, including
but not limited to compliance with all relevant rules and regulations.

 

		3.	Supervision Managers’ Obligations

 

		(a)	The Supervision Managers undertake to use their best endeavours to provide the Services
as agents for and on behalf of the Owners in accordance with sound ship management practice and to protect and promote the interests of
the Owners in all matters relating to the provision of services hereunder. In performing and discharging its obligations, duties and liabilities
under this Agreement, the Supervision Managers shall act in accordance with all instructions communicated to it by the Owners and the
Supervision Managers shall at all times serve the Owners faithfully and diligently.

 

The
Supervision Manager shall employ commercial endeavours to procure that the Technical Manager undertakes the technical management services
(including the Technical Management Services) pursuant to the Technical Management Agreement and that the Crew Manager undertakes the
crew management services (including the Crew Management Services) pursuant to the Crew Management Agreement for the Vessel in accordance
with sound ship management practice and this Agreement and to protect and promote the interests of the Owner in all matters relating to
the provision of the such services.

 

Notwithstanding
anything herein to the contrary and for the avoidance of doubt, the parties acknowledge that the Supervision Managers shall continue to
act as a technical manager and or supervision manager with respect to vessels owned or operated by either the Owners, the Parent, or their
respective Subsidiaries or by third persons. In addition, and notwithstanding the first paragraph under 3 (a) above, in the performance
of their responsibilities under this Agreement, the Supervision Managers shall be entitled to have regard to their overall responsibility
in relation to all other vessels as may from time to time be entrusted to their management and/or supervision and in particular, but without
prejudice to the generality of the foregoing, the Supervision Managers shall be entitled to allocate available supplies, manpower and
services in such manner as in the prevailing circumstances they consider in their discretion (reasonably exercised) to be fair and reasonable,
but in no circumstances shall the Vessel be treated in a manner which is less favourable to the interests of the Owners.

 

In
the performance and discharge of their obligations, duties and liabilities under this Agreement, the Supervision Managers shall take care
not to exceed the authority given by the Owners under the terms of this Agreement and shall act at all times in accordance with the Owners’
instructions.

 

In
the performance and discharge of their obligations, duties and liabilities under this Agreement, the Supervision Managers shall act with
reasonable care and skill in accordance with good industry practices and in compliance with all laws and regulations and shall provide
the Services hereunder and maintain the Vessel at a standard at least equivalent to the standards followed by it with respect to the other
vessel(s) for which the Supervision Managers provide management or

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supervision
services.

Notwithstanding
anything contained herein to the contrary, the Supervision Managers shall at all times devote a sufficient amount of their time, resources
and personnel to provide the Services contemplated by this Agreement.

		(b)	In providing the Services, the Supervision Managers will at all times comply with,
without limitation, the U.S. Foreign Corrupt Practices Act, any applicable country legislation implementing the OECD Convention on combating
Bribery of Foreign Public Officials in International Business Transactions, and the UK Bribery Act 2010, and any other laws or regulations
relating to anti-bribery, anti-terrorism, economic sanctions and anti-money laundering, to the extent applicable. The Supervision Managers
shall not engage in any activity, practice or conduct which constitutes a breach of any of the foregoing; in addition, the Supervision
Managers shall not employ any Person, nor subcontract with any person or entity, to perform or discharge any of their obligations under
this Agreement if that person or entity is designated or identified as a Specially Designated National, a Person subject to sanctions
that prohibit all dealings or restrict dealings with such Person, a foreign terrorist organization or an organization that provides support
to a foreign terrorist organization by the United States Government or any branch or department thereof (including, but not limited to,
the Office of Foreign Asset Control).

 

		4.	Owners’ Obligations

 

		(a)	The Owners shall pay all sums due to the Supervision Managers punctually in accordance with the terms
of this Agreement.

 

		(b)	The Owners agree to:

		(i)	provide the Supervision Managers with all information which the Supervision Managers reasonably request
or which the Owners receive and which the Owners reasonably believe is relevant to the Supervision Managers’ performance of the
Services as contemplated by the terms of this Agreement;

 

		(ii)	grant access to the Supervision Managers to all reasonable documents and information relating to the Owners
and the Vessel in its possession, in each case which are relevant to the Services;

 

		(iii)	ensure that all information given by them to the Supervision Managers is true and accurate to the best
of the Owners’ knowledge;

 

(iv)
cooperate with the Supervision Manager (and where appropriate also with the Technical Managers and Crew Managers) in a reasonable manner
which allows the Supervision Managers to perform their responsibilities as required by the terms of this Agreement; and

 

		(v)	consider and take into account any recommendations and advice provided by the Supervision Managers.

 

		(c)	The Owners, in appointing the Supervision Managers under this Agreement, do in doing so ratify and confirm
all that the Supervision Managers shall do or cause to be done in the performance of the obligations of the Supervision Managers.

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		5.	Income Collected and Expenses Paid on Behalf of Owners

 

		(a)	All monies collected by the Supervision Managers under this Agreement (other than
monies payable by the Owners to the Supervision Managers) and any interest thereon shall be held to the credit of the Owners in the Supervision
Manager’s bank account.

 

		(b)	All expenses incurred by the Managers under the terms of this Agreement on behalf
of the Owners (including expenses as provided in Clause 6(c)) may be debited against the Owners in the account referred to under Sub-paragraph
(a) above but shall in any event remain payable by the Owners to the Managers on demand.

 

		(c)	The Supervision Managers shall provide the Owners with (i) monthly cash flow statements
with respect to the Vessel and the Owners, and (ii) quarterly un-audited accounts and detailed analysis showing all movements and use
of Owners’ funds held in the Supervision Managers’, the Technical Managers’ and the Crew Managers’ bank accounts,
as applicable.

 

		(d)	The Supervision Managers shall pay, on behalf of the Owners, (i) all expenses of
the Commercial Managers under the Commercial Management Agreement (ii) all fees and expenses of the Technical Managers under the Technical
Management Agreement and (iii) all fees and expenses of the Crew Management Agreements under the Crew Management Agreement.

 

		6.	supervision Fee and Expenses

 

		(a)	The Owners shall pay to the Supervision Managers a daily fee of USD one hundred
and fifty (150) (the “Supervision Fee”) for their services as Supervision Managers under this Agreement, which shall
be due and payable in monthly instalments in advance, the first instalment (pro rata if appropriate) being due and payable on the date
of delivery of the Vessel to the Owners and subsequent instalments being due and payable every first New York banking day of every calendar
month. The Supervision Fee shall be payable to the Supervision Managers’ nominated account.

 

		(b)	The Supervision Fee shall be subject to an annual review (at the end of each calendar
year) in order to reflect any increases in the salaries of the Supervision Managers’ employees and other expenses (inflation). The
proposed fee shall be presented in the annual budget in accordance with sub-paragraph (a) above. Subject always to the prior written approval
of the Owners, the Supervision Fee may increase annually on January 1 of each year by not more than two and one-half percent (2.5%).

 

		(c)	The Supervision Managers shall, at no extra cost to the Owners, provide their own
office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 6 (Supervision Fee and Expenses)
the Owners shall reimburse the Supervision Managers for reasonable postage, communication, travelling and accommodation expenses, and
other reasonable out of pocket expenses properly incurred by the Supervision Managers in pursuance of the Services including but not limited
to the Vessel apportioned cost of the Supervision Managers’ “flying squad” and the “on board the Vessel”
allowances as well as any other sundry administrative expenses, it being understood that the Supervision Managers shall not make any expenditure
with respect to the items described in this sub-paragraph (c)

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in
the aggregate in excess of US$5,000 in any given calendar month, without the prior written consent of the Owners. Notwithstanding the
foregoing, any of the above items that may be included in the annual budget will not be part of this reimbursement.

 

		(d)	Save as otherwise provided in this Agreement, all discounts and commissions obtained
by the Supervision Managers in the course of the performance of the Services shall be credited to the Owners.

 

		7.	Budgets and Management of Funds

 

		(a)	The Supervision Managers shall prepare a budget. The budget shall incorporate the
budget(s) prepared by the Technical and Crew Managers in relation to the vessel in accordance with the terms of the Technical Management
Agreement and Crew Management Agreement respectively. The budget shall also provide aggregate forecast expenditure by the Managers for
those cost items to be reimbursed by Owners as detailed in Clause 6(c). The Supervision Managers’ initial budget is set out In Annex
“A” hereto. Subsequent budgets shall be for twelve month periods and shall be prepared by the Supervision Managers and presented
to the Owners not less than one month before the end of the budget year.

 

		(b)	The Owners shall state to the Supervision Managers in a timely manner, but in any
event within one month of presentation, whether or not they agree to each proposed annual budget. In the absence of any such indication
by the Owners, within such one month period, the Supervision Managers shall be entitled to assume that the Owners have accepted the proposed
budget.

 

		(c)	Following the agreement of the budget, the Supervision Managers shall prepare and
present to the Owners their estimate of the working capital requirement for the Vessel (incorporating any working capital requirements
of the Technical Managers and Crew Managers under the terms of the Technical Management Agreement and the Crew Management Agreement respectively)
and shall each month request the Owners in writing to pay the funds required to run the Vessel for the ensuing month, including the payment
of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers or provisions.
Such funds shall be received by the Supervision Managers within ten running days after the receipt by the Owners of the Supervision Managers’
written request and shall be held to the credit of the Owners either in the Supervision Managers’ bank account or in the Technical
Managers’ or Crew Managers’ bank accounts in accordance with the terms of the Technical Management Agreement and Crew Management
Agreement.

 

		(d)	The Supervision Managers shall (i) establish and maintain an accounting system which
meets the requirements of the Owners and provide regular accounting services, supply regular reports and records, (ii) maintain the records
of all costs and expenditures incurred as well as data necessary or proper for settlement of accounts, (iii) prepare yearly operating
budgets for the Vessel including any drydocking and special surveys, (iv) provide back-office administration and accounting services for
the Vessel and the Owners, and (v) at all times maintain and keep true and correct accounts in respect of the Services in accordance with
the relevant International Financial Reporting Standards or U.S GAAP as required, including records of all costs and expenditure incurred,
and produce a comparison between budgeted and actual

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income
and expenditure of the Vessel in such form and at such intervals as shall be mutually agreed. The Supervision Managers shall make such
accounts available for inspection and auditing by the Owners and/or their representatives in the Supervision Managers’ offices or
by electronic means, provided reasonable notice is given by the Owners.

 

		(e)	The Supervision Managers shall assist the Owners and its Parent in complying with
the requirements of Section 404 of the U.S. Sarbanes Oxley Act 2002, as it may be amended from time to time (“SOX”), governing
the effectiveness of internal controls of service organizations retained by publicly held companies by taking or causing to be taken,
all actions and doing, or causing to be done, all things and executing any and all documents and instruments which may reasonably be required,
proper or advisable to conducting an evaluation on the internal controls of the Supervision Managers in compliance with SOX. The Supervision
Managers agree to take or cause to be taken, all actions and to do, or cause to be done, all things and to execute any and all documents
and instruments of any kind on an ongoing basis which might be reasonably necessary, proper or advisable to permit the Owners and its
Parent to remain in compliance with SOX throughout the term of this Agreement, and, with the exception of the costs incurred by the Supervision
Managers to obtain SAS 70 reports or any equivalents thereof, if require by the Owners or the Parent, which shall be payable by either
the Owners or the Parent, each of the parties to this Agreement shall bear their own costs associated with such compliance.

 

		(f)	Notwithstanding anything contained herein, the Supervision Managers shall in no
circumstances be required to use or commit their own funds to finance the provision of the Services except where the terms of this engagement
provide that such Services are to be provided at no extra or additional cost to the Owners.

 

		8.	Managers’ Right to Sub-Contract

 

Other
than to their Affiliates or as otherwise set forth in this Agreement, the Supervision Managers shall not subcontract any of their obligations
hereunder without the prior written consent of the Owners. In the event of such a sub-contract the Supervision Managers shall remain fully
liable for the due performance of their obligations under this Agreement

 

		9.	Responsibilities

 

		(a)	Force Majeure - Neither party shall be liable for any loss, damage or delay
due to any of the following force majeure events and/or conditions to the extent that the party invoking force majeure is prevented or
hindered from performing any or all of their obligations under this Agreement, provided they have made all reasonable efforts to avoid,
minimise or prevent the effect of such events and/or conditions:

 

		(i)	acts of God;

 

		(ii)	any requisition, control, intervention,
requirement or interference by a Governmental Entity;

    	 	10	 

    	 

    

 

 

 

		(iii)	any circumstances
arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences thereof;

 

		(iv)	riots, civil commotion, blockades
or embargoes;

 

		(v)	epidemics;

 

		(vi)	earthquakes, landslides, floods
or other extraordinary weather conditions;

 

		(vii)	strikes,
lockouts or other industrial action, unless limited to the employees (which shall not include the Crew) of the party seeking to invoke
force majeure;

 

		(viii)	fire, accident, explosion except
where caused by negligence of the party seeking to invoke force majeure; and

 

		(ix)	any other similar cause beyond
the reasonable control of either party.

 

		(b)	Liability to Owners

 

Without
prejudice to Sub-Clause 9(a), the Supervision Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay
or expense of whatsoever nature, whether direct or indirect (including but not limited to loss of profit arising out of or in connection
with detention of or delay to the Vessel), and howsoever arising in the course of performance of the Services UNLESS the same is
proved to have resulted solely from:

 

		(i)	the persistent
and/or continuing negligence of the Supervision Managers which causes material losses and/or material additional expense to the Owners
for a period of 3 (three) calendar months or more following a written notice from the Owners that it is dissatisfied with the performance
of the Supervision Managers due to such negligence and stating the deficiencies to be remedied, provided however, that the Supervision
Managers shall not be deemed to have acted negligently if the deficiencies arise or are continuing due to circumstances beyond the control
of the Supervision Managers and the Commercial Managers or if the Supervision Managers are taking reasonable steps to remedy such deficiencies;
or

 

		(ii)	the gross
negligence or wilful default of the Supervision Managers or their employees or agents, or sub-contractors employed by them in connection
with the Vessel,

 

		(iii)	in which
case (save where loss, damage, delay or expense has resulted from the Supervision Managers’ personal act or omission committed with
the intent to cause the same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Supervision
Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of (A)
three (3) times the annual Supervision Fee payable hereunder with respect to such liability arising under the foregoing sub-clause (i)
or (B) ten (10) times the annual Supervision Fee payable hereunder with respect to such liability arising under the foregoing sub-clause
(ii).

    	 	11	 

    	 

    

 

		(iv)	Acts
or omissions of the Crew – Notwithstanding anything that may appear to the contrary in this Agreement, the Supervision Managers
shall not be liable for any acts or omissions of the Technical Managers, the Crew Managers and/or the Crew, even if such acts or omissions
are negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the Supervision
Managers to discharge their relevant obligations under this Agreement, in which case their liability shall be limited in accordance with
the terms of this Clause 9 (Responsibilities).

 

		(c)	Indemnity - Except to the extent and solely for the amount therein
set out that the Supervision Managers would be liable under Sub- clause 9 (b), the Owners hereby undertake to keep the Supervision Managers
and their employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands
or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in
connection with the performance of this Agreement, and against and in respect of all costs, loss, damages and expenses (including legal
costs and expenses on a full indemnity basis) which the Supervision Managers may suffer or incur (either directly or indirectly) in the
course of the performance of this Agreement.

 

		(d)	“Himalaya” - It is hereby expressly agreed that no employee
or agent of the Supervision Managers (including every sub-contractor from time to time employed by the Supervision Managers) shall in
any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising
or resulting directly or indirectly from any act, neglect or default on his, her or its part while acting in the course of or in connection
with his, her or its employment and, without prejudice to the generality of the foregoing provisions in this Clause 9 (Responsibilities),
every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of
whatsoever nature applicable to the Supervision Managers or to which the Supervision Managers are entitled hereunder shall also be available
and shall extend to protect every such employee or agent of the Supervision Managers acting as aforesaid and for the purpose of all the
foregoing provisions of this Clause 9 (Responsibilities) the Supervision Managers are or shall be deemed to be acting as agent or trustee
on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors
as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.

 

		10	General Administration

 

a.       The
Supervision Managers shall keep the Owners informed in a timely manner of any incident of which the Supervision Managers become aware
which gives or may give rise to a material delay to the Vessel or material claims or disputes involving third parties. Without derogating
from the foregoing, the Supervision Managers shall present the Owners with a report at least every six (6) months identifying all claims
arising in or outstanding in such period, settlement and resolution status, and actions taken with respect thereto.

 

b.       The
Owners may request the Supervision Managers to bring or defend other actions, suits or proceedings related to the Services, on terms to
be agreed.

    	 	12	 

    	 

    

 

c.       At
Owners’ cost, the Supervision Managers shall have power to obtain appropriate legal or technical or other outside expert advice
in relation to the handling and settlement of claims in relation to Sub-clause 10(b) and Schedules 2 and 3 and disputes and any other
matters affecting the interests of the Owners in respect of the Vessel, including the appointment of auditors or other outside experts
as may be necessary in the ordinary course of business.

 

d.       On
giving reasonable notice with respect to proposed dates and the scope of inquiry, the Owners may request, and the Supervision Managers
shall in a timely manner make available, all documentation, information and records in respect of the matters covered by this Agreement
either related to mandatory rules or regulations or other obligations applying to the Owners in respect of the Vessel (including but not
limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by relevant legislation and to the extent falling within the scope
of the Supervision Managers’ Services and the Supervision Managers shall permit the Owners during regular business hours to inspect
the Supervision Managers’ premises, audit records and accounts and meet with executive personnel for this purpose.

 

e.       The
Supervision Managers shall provide the Administrative & Support Services set out in Schedule 3 at their cost; provided, however, that,
at the Owners’ sole cost and expense, the Managers may employ the services of external advisors or other third-party service providers
if reasonably necessary for the Managers to provide the Administrative & Support Services (including, without limitation, the services
of accounting, tax or legal advisors, but expressly excluding day-to-day accounting services or other Administrative & Support Services
that Supervision Managers provide to other clients in the ordinary course utilizing in-house expertise).

 

f.       On
giving reasonable notice, the Supervision Managers may request, and the Owners shall in a timely manner make available, all documentation,
information and records reasonably required by the Managers to enable them to perform the Services.

 

		g.	The Owners shall arrange for the provision of any necessary guarantee bond or other security.

 

h.       Any
costs reasonably incurred by the Supervision Managers in carrying out their obligations according to this Clause 10 (General Administration)
unless otherwise expressly provided or agreed shall be reimbursed by the Owners.

 

		11	Inspection of Vessel

 

The
Owners may at any time after giving reasonable notice to the Supervision Managers inspect the Vessel for any reason they consider necessary.

 

		12	Compliance with Laws and Regulations

 

The
Parties will not do or permit to be done anything which might cause any breach or infringement of the laws and regulations the Flag State,
or of any place where the Vessel trades, nor shall either of the Parties act in any manner which is prohibited under United States laws
or

    	 	13	 

    	 

    

regulations
related to foreign trade controls.

 

In
performing the Services, the Supervision Managers shall, and
shall use all reasonable endeavours to procure that their Affiliates and sub-contractors shall,
comply in all material respects with the written policies of the Owners
or the Parent that are directly applicable to the Supervision Managers’
provision of the Services and are made known to the Supervision Managers in advance
in writing, which shall include, but not be limited to, the Parent’s Anti-slavery and Human
Trafficking Policy, Corporate and Social Responsibility Policy, Anti-bribery and Anti-corruption Policy, Business Ethics Policy, Data
and Privacy Policy and Business Conduct Policy and any other policies of the Owners or Parent that are so applicable from time
to time.

 

		13	Duration of the Agreement & conversion into technical management
agreement

 

		a.	Subject
to paragraph (b) below, this Agreement shall come into effect upon the delivery of the Vessel to the Owners and shall continue until terminated
in accordance with the terms of this Agreement. 

 

		b.	On the
earlier of (A) the termination of the Technical Management Agreement and the Crew Management Agreement and (B) the lapse of 24 calendar
months from the delivery of the Vessel to the Owners (hereinafter the “Technomar Technical Management Agreement Effective Date”),
this agreement will be automatically converted into a technical management agreement on the terms appearing in the attached Appendix 1
(hereinafter the “Technomar Technical Management Agreement”) and the additional terms appearing below:

 

		(i)	The date of the agreement (Box 1) and the date of commencement (Box 2) of the Technomar
Technical Management Agreement shall be deemed to be the Technomar Technical Management Agreement Effective Date.

 

		(ii)	The annual management fee (Box 14) of the Technomar Technical Management Agreement
shall be deemed to be the management fee agreed between the Parent Subsidiaries and the Supervision Managers for the relevant year for
each vessel of the Group managed by the Supervision Managers.

 

		(iii)	The first budget (Annex C) of the Technomar Technical Management Agreement shall
be agreed between the parties to such agreement on about the Technomar Technical Management Agreement Effective Date.

 

The
parties agree that no action will be required to be carried out by either the Owners or the Supervision Managers for the conversion of
the Supervision Agreement into the Technomar Technical Management Agreement.

 

c.       Notwithstanding
sub-paragraphs (a) and (b) above, this Agreement may be terminated by either party at any time in accordance with the following Clause
14 (Termination).

 

d.       Where
the Vessel is not at a mutually convenient port or place on the expiry of such period, 

    	 	14	 

    	 

    

 

this
Agreement shall terminate on the subsequent arrival of the Vessel at the next mutually convenient port or place.

 

14       
Termination

 

Owners’
or Supervision Managers’ default

		(a)	If either Party fails to meet
their obligations under this Agreement, the other Party may give notice to the defaulting Party requiring it to remedy it. In the event
that the defaulting Party fails to remedy within a reasonable time to the reasonable satisfaction of the other Party, that other Party
shall be entitled to terminate this Agreement with immediate effect by giving notice to the defaulting Party.

		(b)	Notwithstanding Clause 14(a):

(i) The
Supervision Managers shall be entitled to terminate this Agreement with immediate effect by giving notice to the Owners if any monies
payable by the Owners under the terms of this Agreement shall not have been received in the Supervision Managers’ nominated account
within thirty (30) days of receipt by the Owners of the Supervision Managers’ written request, or if the Vessel is repossessed by
a mortgagee.

(ii) Unless
caused by the act or omission of the Commercial Manager, if the Owners proceed with the employment of or continue to employ the Vessel
in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Supervision
Managers is unduly hazardous or improper, the Supervision Managers may give notice of the default to the Owners, requiring them to remedy
it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the
Managers, the Supervision Managers shall be entitled to terminate the Agreement with immediate effect by notice.

(iii) If
either party fails to meet their respective obligations under paragraph 1 (Insurance Policies) and paragraph 2 (Crew Insurances) of Schedule
2, the other party may give notice to the party in default requiring them to remedy it within twenty (20) days, failing which the other
party may terminate this Agreement with immediate effective by giving notice to the party in default.

		(c)	Extraordinary Termination

This Agreement
shall be deemed to be terminated in the case of the sale of the Vessel (directly or via a sale of a Controlling interest in the Owners)
or, if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned or has
been declared missing, or if bareboat chartered, unless otherwise agreed, when the bareboat charter comes to an end; provided, however,
that the foregoing shall not apply to (A) the sale of any Vessel pursuant to a sale/leaseback transaction or (B) any termination or expiration
of a bareboat charter of such Vessel by the Owners if such Vessel is purchased (or re-purchased) by the Owners.

		(d)	For the purpose of Sub-clause
14(c) hereof:

		(i)	the date upon which the Vessel
is to be treated as having been sold or otherwise disposed of shall be the date on which the Vessel’s Owners cease to be the registered
owners of the Vessel;

    	 	15	 

    	 

    

 

		(ii)	the Vessel shall be deemed
to be lost either when it has become an actual total loss or agreement has been reached with the Vessel’s underwriters in respect
of its constructive total loss or if such agreement with the Vessel’s underwriters is not reached it is adjudged by a component
tribunal that a constructive loss of the Vessel has occurred; and

		(iii)	the date upon which the Vessel
is to be treated as declared missing shall be ten (10) days after the Vessel was last reported or when the Vessel is recorded as missing
be the Vessel’s underwriters, whichever occurs first. A missing Vessel shall be deemed lost in accordance with the provisions of
Sub-clause 14(d)(ii).

The Supervision
Managers’ Default

		(e)	The Owner may terminate this
Agreement for Cause (as hereinafter defined), but only after the Owners have provided the Supervision Managers with notice of such Cause
and such Cause has not been cured within twenty (20) days of such notice; provided, however, that if any Cause is incapable of being cured,
then no notice and cure period shall be required.

		(f)	Cause means any of the
following:

		(i)	The Supervision Managers:

		(A)	persist and/or continue to
be negligent in their performance of the Services which causes material losses and/or material additional expense to the Owners for a
period of 3 (three) calendar months or more following a written notice from the Owners that it is dissatisfied with the performance of
the Supervision Managers due to such negligence and stating the deficiencies to be remedied, provided however, that the Supervision Managers
shall not be deemed to have acted negligently if the deficiencies arise or are continuing due to circumstances beyond the control of the
Supervision Managers and the Commercial Manager or if the Supervision Managers are taking reasonable steps to remedy such deficiencies;
and/or

		(B)	are or have been grossly negligent
in its performance of the Services; and/or

		(C)	have engaged in wilful misconduct
and/or bad faith and/or fraud;

		(ii)	The Supervision Managers wilfully
fail to cooperate in any government, agency, regulatory or external self-governing body investigation that could have a material adverse
effect on the Owners;

		(iii)	The Supervision Managers or
any of their directors, officers or employees are convicted or plead nolo contendere to a felony or a misdemeanour involving moral turpitude
that is reasonably likely to have a material adverse effect on the Owners;

		(iv)	The Supervision Managers or
any of their directors, officers or employees commit any material violation of any U.S. federal law regulating securities or the business
of the Owners or the Parent without having relied on the legal advice of the Owners’ or the Parent’s counsel to perform or
omit to perform the act resulting in such violation or the Supervision Managers are the subject of any final order, judicial or administrative,
obtained or issued by the United States Securities and Exchange Commission, for any 

    	 	16	 

    	 

    

 

securities
violation involving fraud that in each case is reasonably likely to have a material adverse effect on the Owners or the Parent; and

		(v)	a material breach of the obligations
of the Supervision Managers under this Agreement that is reasonably likely to have a material adverse effect on the Parent.

		(g)	The Supervision Managers shall
be entitled to terminate this Agreement with immediate effect by giving notice to the Owners within a six (6) month period following a
Change in Majority Interests or Control.

		(h)	Owners shall be entitled to
terminate this Agreement with immediate effect by giving notice to the Supervision Managers within a six (6) month period following a
Manager Change of Control.

		(i)	This Agreement shall terminate
automatically in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of either
Party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver or administrator is appointed, or if it suspends
payment, ceases to carry on business or makes any special arrangement or composition with its creditors (any such event, an Insolvency).

		(j)	On the termination, for whatever
reason, of this Agreement, the Supervision Managers shall arrange to deliver to Owners, if so requested, and upon reasonable notice, the
originals where possible, or otherwise certified copies, of all contracts, charters and all documents specifically relating the Vessels
and the Services provided under this Agreement. The Supervision Managers will ensure that such documents will be available for a period
of two (2) years following the termination of this Agreement.

		(k)	The termination of this Agreement
shall be without prejudice to all rights accrued between the Parties prior to the date of termination, including specifically the right
of the Supervision Managers to receive their Supervision Fee prior to the date of such termination provided that, in the event of termination
of this Agreement for Cause by the Owners pursuant to clause 14 (e), no Supervision Fee shall be due or payable to the Supervision Managers
hereunder for any period after the date of such termination.

		(l)	In addition to any other payments
contemplated herein, (i) if this Agreement is terminated by the Supervision Managers pursuant to any of Clauses 14(a), 14(b)(i), 14(b)(ii),
14(b)(iii), 14(c) or 14(g) or (ii) if this Agreement terminates automatically pursuant to Clause 14(i) because of the Insolvency of the
Owners, upon such termination the Supervision Managers shall be entitled to a lump sum payment in the amount set forth opposite such Clause
reference in the following table:

 

	Applicable Clause Reference	Termination Payment
	clause 14(a)	Two (2) times the annual Supervision Fee payable hereunder at the time of such termination

    	 	17	 

    	 

    

 

 

	clause 14(b)(i)	Two (2) times the annual Supervision Fee payable hereunder at the time of such termination
	clause 14(b)(ii)	Two (2) times the annual Supervision Fee payable hereunder at the time of such termination
	clause 14(b)(iii)	Two (2) times the annual Supervision Fee payable hereunder at the time of such termination
	clause 14(c)	25% of the annual Supervision Fee payable hereunder at the time of such termination
	clause 14(g)	50% of the annual Supervision Fee payable hereunder at the time of such termination
	clause 14(i)	Two (2) times the annual Supervision Fee payable hereunder at the time of such termination

 

		(m)	In addition to any other payments
contemplated herein, (i) if this Agreement is terminated by the Owners pursuant to any of clauses 14(a), 14(b)(iii), 14(c), 14(e) or 14(h)
, or (ii) if this Agreement terminates automatically pursuant to clause 14(i) because of the Insolvency of the Supervision Managers, upon
such termination the Supervision Managers shall be entitled to a lump sum payment in the amount set forth opposite such clause reference
in the following table:

	Applicable clause Reference	Termination Payment
	clause 14 (a)	25% of the annual Supervision Fee payable hereunder at the time of such termination
	clause 14 (b)(iii)	50% of the annual Supervision Fee payable hereunder at the time of such termination
	clause 14 (c)	One quarter of the annual Supervision Fee payable hereunder at the time of such termination
	clause 14 (e)	None
	clause 14 (h)	The annual Supervision Fee payable hereunder at the time of such termination
	clause 14 (i)	25% of the annual Supervision Fee payable hereunder at the time of such termination

    	 	18	 

    	 

    

 

		15	BIMCO
Dispute Resolution Clause

a.       This
Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this
Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment
thereof save to the extent necessary to give effect to the provisions of this Clause.

 

The
arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the
arbitration proceedings are commenced.

The
reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice
of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that
notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives
notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and gives notice that
it has done so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further
prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of
a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.

 

Nothing
herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

 

In cases
where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration
shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

 

b.       Notwithstanding
Sub-clause 15(a) above, the parties may agree at any time to refer to mediation any difference and/or dispute arising out of or in connection
with this Agreement.

 

		(i)	In the
case of a dispute in respect of which arbitration has been commenced under Sub-clause 15(a) above, the following shall apply:

 

		(ii)	Either
party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other party
of a written notice (the “Mediation Notice”) calling on the other party to agree to mediation.

 

		(iii)	The other
party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they agree to mediation, in which case the
parties shall thereafter agree a mediator within a further 14 calendar days, failing which on the application of either party a mediator
will be appointed promptly by the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that
purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the parties may agree
or, in the event of disagreement, as may be set by the mediator. 

 

		(iv)	If the
other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account by the
Tribunal when allocating the costs of the 

    	 	19	 

    	 

    

 

arbitration
as between the parties.

 

		(v)	The mediation
shall not affect the right of either party to seek such relief or take such steps as it considers necessary to protect its interest.

 

		(vi)	Either
party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation
but the Tribunal may take the mediation timetable into account when setting the timetable for steps in the arbitration.

 

		(vii)	Unless
otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in the mediation and the parties shall
share equally the mediator’s costs and expenses.

 

		(viii)	The mediation
process shall be without prejudice and confidential and no information or documents disclosed during it shall be revealed to the Tribunal
except to the extent that they are disclosable under the law and procedure governing the arbitration.

 

16       
Notices

		a.	A notice or other communication given under this Agreement (a Notice) shall be:

 

		(i)	in writing;

 

		(ii)	in the
English language; and

 

		(iii)	sent
by the Permitted Method to the Notified Address.

 

		b.	The Permitted Method means any of the methods set out in the first column below, the second column setting
out the date on which a Notice given by such Permitted Method shall be deemed to be given provided the Notice is properly addressed and
sent in full to the Notified Address:

 

	(1)

Permitted Method	(2)

Date on which Notice deemed given
	Personal delivery	When left at the Notified Address
	Courier delivery	When left at the Notified Address
	E-mail	When actually received by the recipient (or made available to the recipient) in readable form

		c.	The “Notified Address” (including fax number) of each of the Parties is the address set out
below, or as subsequently notified to all Parties in writing:

    	 	20	 

    	 

    

 

 

 

		(i)	to the
Owners at:

 

c/o Technomar Shipping
Inc.

3-5 Menandrou Str.

14561, Kifissia,

Athens, Greece

E-mail address: legalconfidential@technomar.gr

Attention: Mrs Maria Danezi

		(ii)	to Supervision
Managers at:

 

Technomar
Shipping Inc.

3-5 Menandrou Str.

14561, Kifissia,

Athens, Greece

E-mail address: tbaltatzis@technomar.gr

Attention:
Mr Theodore Baltatzis

With
a copy to: legalconfidential@technomar.gr

or to
such other address as is notified by one Party to the other Party under this Agreement.

And in
each case proof of posting, handing in or transmission shall be proof that notice has been given, unless proven to the contrary.

		17	Entire Agreement

This
Agreement constitutes the entire agreement between the parties and no promise, undertaking, representation, warranty or statement by either
party prior to the date hereof shall affect this Agreement. Any modification of this Agreement shall not be of any effect unless in writing
signed by or on behalf of the parties.

		18	Third Party Rights

Except to the extent
provided in Sub-clauses 9(c) (Indemnity) and 9(d) (Himalaya), no third parties may enforce any term of this Agreement.

		19	Partial Validity

If
any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be illegal, invalid or unenforceable
in any respect under any law or jurisdiction, the provision shall be deemed to be amended to the extent necessary to avoid such illegality,
invalidity or unenforceability, or, if such amendment is not possible, the provision shall be deemed to be deleted from this Agreement
to the extent of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and effect
and shall not in any way be affected or impaired thereby.

    	 	21	 

    	 

    

 

		20	Confidentiality

 

		(a)	The Supervision Managers shall keep confidential the Confidential Information disclosed to it by or on
behalf of the Owners or howsoever otherwise obtained, developed or created by the Supervision Managers.

(b)       The
Supervision Managers shall:

(i)       use
the Confidential Information solely in connection with the performance of its obligations under this Agreement; and

(ii)       take
all action reasonably necessary to secure the Confidential Information against theft, loss or unauthorised disclosure.

		(c)	The restrictions on use or disclosure of Confidential Information in this clause 20 do not apply to information
which is:

(i)       generally
available in the public domain, other than as a result of the Supervision Managers’ breach of any obligation under this clause 20;
or

(ii)       lawfully
acquired from a third party who owes no obligation of confidentiality in respect of the information; or

(iii)       independently
developed by the Supervision Managers, or was in the Supervision Managers’ lawful possession prior to receipt from the Owners.

		(d)	The Supervision Managers may disclose the Confidential Information without the prior written consent of
the Owners:

(i)       to
their Affiliates and subcontractors, to whom disclosure is required for the performance of its obligations under this Agreement, but only
to the extent necessary to perform such obligations (together the Permitted Disclosees); or

(ii)       if,
and to the extent that, such information is required to be disclosed (including by way of an Announcement) by the rules of any stock exchange
or by any governmental, regulatory or supervisory body (including, without limitation, any taxation authority) or court of competent jurisdiction
(Relevant Authority) to which the Supervision Managers are subject, provided that the Supervision Managers shall, if it is not
so prohibited by law, provide the Owners with prompt notice of any such requirement or request.

(e)       The
Supervision Managers shall:

(i)       before
disclosing Confidential Information to a Permitted Disclosee, to the extent reasonably practicable, notify the Owners in writing of the
intended disclosure and the identity of the intended Permitted Disclosee;

(ii)       ensure
that such Permitted Disclosee is aware of and complies with the Supervision Managers’ obligations under this clause 20 as if it
were the Supervision Managers; and

    	 	22	 

    	 

    

 

(iii)       be
responsible for the acts and omissions of any Permitted Disclosee in relation to the Confidential Information as if they were the acts
or omissions of the Supervision Managers.

		(f)	The parties agree that damages may not be an adequate remedy for the Supervision Managers’ breach
of this Clause 20 and (to the extent permitted by the court) the Owners shall be entitled to seek an injunction or specific performance
in respect of such breach.

		21	Acts of the Commercial Managers 

 

Notwithstanding
anything contained in this Agreement to the contrary, the Owners shall have no liability, through indemnification or otherwise, for any
damages, losses, or claims of any kind whatsoever of the Supervision Managers arising from or in any way related to the acts or omissions
of the Commercial Managers nor shall the Supervision Managers have any right to terminate this Agreement for any circumstance or event
arising out of or in any way related to any acts or omissions of the Commercial Managers.

 

22       Right
to Assign

 

		(a)	The Owners may assign all of their rights under this Agreement to any mortgagee of the Vessel provided
that such assignment shall not otherwise prejudice the rights of the Supervision Managers to terminate this Agreement pursuant to the
terms hereof. Upon satisfaction of the condition set forth in the first sentence of this Clause 22(a), the Supervision Managers hereby
agree to enter into an acknowledgment of such assignment in such form as the mortgagee may reasonably request.

 

		(b)	The Supervision Managers may not assign all or any of their rights under this Agreement without the prior
written consent of the Owners;

 

		(c)	Neither party shall be entitled to transfer all or any of its obligations, duties or liabilities under
this Agreement unless:

(i)       the
same is expressly permitted under the terms of this Agreement; or

(ii)       it
has received the prior written consent of the other party.

 

		23	MISCELLANEOUS

 

		(a)	Each Party represents to the other that it is duly authorized with full power and authority to execute,
deliver and perform its obligations under this Agreement.

 

		(b)	This Agreement shall be deemed effective as of the date of the delivery of the Vessel to the Owner, being
the commencement of the Supervision Period.

 

		(c)	No amendment, supplement, modification or restatement of any provision of this Agreement shall be binding
unless it is in writing and signed by each Person that is a Party to this Agreement at the time of the amendment, supplement, modification
or restatement.

 

		(d)	This Agreement together with the Schedules and Appendix attached thereto constitute the entire agreement
among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

    	 	23	 

    	 

    

 

		(e)	Schedules 1 2 and 3 as well as Appendix 1 and Annex A attached to this Agreement form an integral part
of this Agreement and are incorporated herein by reference. In the event of any inconsistency between any schedule and the remainder of
this Agreement, the text of the schedule in question shall be deemed to control.

 

		(f)	No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition
of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or
of any other covenant, duty, agreement or condition. Any waiver must be specifically stated as such in writing.

 

		(g)	This Agreement may be executed in any number of counterparts, all of which together shall constitute one
agreement binding on the Parties.

 

	
     

    Signed by [Vessel
    Owner] 

     

     

     

    by

     

    In the presence
    of:

     

    Signature of
    witness
	
     

    Signed by TECHNOMAR
    SHIPPING INC.

     

     

     

    by

     

    In the presence
    of:

     

    Signature
    of witness

	
     

    Name of witness:

     
	
    Name of witness:

     

	
    Address:

     
	
    Address:

     

     

    	 	24	 

    	 

    

 

 

	 	 

 

SCHEDULE 1 –
TECHNICAL, DRYDOCK AND SUPERVISION SERVICES

 

		1.	Advising on technical matters relating to the Vessel including but not limited to ensuring that the Vessel
complies with the requirements of the law of the flag state of the Vessel and the applicable laws of the countries to which the Vessel
trades, and ensuring compliance with the ISM Code, the ISPS Code.

 

		2.	Monitoring and assuring the performance of the Technical Manager under the Technical Management Agreement
and the performance of the Crew Manager under the Crew Management Agreement in respect of the Vessel.

 

		3.	Arranging and monitoring periodic inspections of the Vessel.

 

		4.	Arranging and attending dry-dockings, repairs, alterations and maintenance of the Vessel to the standards
required to ensure that such Vessel will comply, in all material respects, with the laws of the flag of such Vessel and of the jurisdictions
where such Vessel trades and all requirements and recommendations of the applicable classification society.

 

		5.	Assist in any other routine matters concerning the maintenance of the Vessel and the safe and profitable
operation of the Vessel, which shall include the ability of the Supervision Manager to appoint such surveyors and technical consultants
as the Supervision Manager may consider from time to time to be necessary.

 

		6.	Without limiting the generality of any item in this Schedule 1, the Supervision Manager shall employ commercial
endeavours to procure that the Technical Manager provides all usual and customary vessel technical management services with respect to
the operation of such Vessel, including the following (collectively, the “Technical Management Services”):

 

(a) supervising
the day-to-day operation, maintenance, safety and general efficiency of the Vessel to ensure the seaworthiness and maintenance condition
of the Vessel;

 

(b) purchasing
the necessary stores, spares, lubricating oil, greases, supplies and equipment for the operation of such Vessel;

 

(c) appointing
such surveyors, supervisors, technical consultants and other support for the Vessel on behalf of the Owner or its Affiliates as the Supervision
Manager may consider from time to time to be advisable;

 

(d) providing
technical and shore-side support for the Vessel and attending to all other technical matters necessary for the operation of the Vessel;

 

(e) arranging
for the prompt dispatch of the Vessel from loading and discharging ports in accordance with the instructions of the Charterer and for
transit through canals;

 

(f) subject
to the prior written consent of the Owner, arranging for employment of counsel and the investigation, follow-up and negotiation of the
settlement of all claims arising in connection with the operation of the Vessel;

    	 	25	 

    	 

    

 

 

(g) promptly
upon the Owner’s request, reporting to the Owner the Vessel’s movement, position at sea, arrival and departure dates, and
major casualties and damages received or caused by the Vessel;

 

(h) informing
the Owner promptly of any release or discharge of oil or other hazardous material not in compliance with applicable laws;

 

(i) upon the
Owner’s request, providing the Owner with a copy of the Vessel’s inspection reports, surveys and other similar reports prepared
by ship brokers, valuators, surveyors, classification societies or insurers;

 

(j) preparing
a maintenance schedule and annual update thereto (such update to be submitted each year on or around the anniversary upon which the Vessel
was classified by its classification society) for approval by the Owner;

 

(k) arrangement
of periodic analysis by third parties of the bunker fuel and reporting the results of such analysis to the Owner;

 

(l) investigating
and reporting to Owner any technical faults or problems material to the operation and performance of the Vessel and arranging for their
satisfactory repair in consultation with the Owner; and

 

(m) arranging
for any and all Licenses.

 

		7.	Without limiting the generality of any item in this Schedule 1, the Supervision Manager shall employ commercial
endeavours to procure that the Crew Manager provides all usual and customary vessel crew management services with respect to the operation
of such Vessel, including the following (collectively, the “Crew Management Services”):

 

(a) selecting,
engaging and providing for the administration of the Crew, including, as applicable, payroll arrangements, pension arrangements, tax,
social security contributions and other mandatory dues related to their employment payable in each Crew member’s country of domicile;

 

(b) ensuring
that the applicable requirements of the law of the Flag State in respect of rank, qualification and certification of the Crew and employment
regulations, such as Crew’s tax and social insurance, are satisfied;

 

(c) ensuring
that all Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are
engaged and are in possession of valid medical certificates issued in accordance with appropriate Flag State requirements or such higher
standard of medical examination as may be agreed with the Owner. In the absence of applicable Flag State requirements the medical certificate
shall be valid at the time when the respective Crew member arrives on board the Vessel and shall be maintained for the duration of the
service on board the Vessel;

 

(d) ensuring
that the Crew shall have a common working language and a command of the English language of a sufficient standard to enable them to perform
their duties safely;

 

(e) ensuring
that the Crew, before joining the Vessel, are given proper familiarisation with their duties in relation to the ISM Code;

    	 	26	 

    	 

    

 

 

 

(f) instructing
the Crew to obey all reasonable orders of the Owner and/or the Technical Manager including, but not limited to, orders in connection with
safety and navigation, avoidance of pollution and protection of the environment;

 

(g) ensuring
that no person connected with the provision and performance of the Crew Management Services shall proceed to sea on board the Vessel without
the prior consent of the Owner and/or the Technical Manager (such consent not to be unreasonably withheld);

 

(h) arranging
transportation of the Crew, including repatriation;

 

(i) training
of the Crew;

 

(j) conducting
union negotiations;

 

(k) in the
event that the Technical Manager’s drug and alcohol policy requires measures to be taken prior to the Crew joining the Vessel, implementing
such measures;

 

(l) operating
the Crew Manager's drug and alcohol policy; and

 

(m) ensuring
that any complaints with respect to the Master or any of the officers or any other members of the Crew are promptly investigated, and
if such complaints are well founded, ensuring that changes in appointments are made to replace them.

 

 

 

    	 	27	 

    	 

    

 

SCHEDULE 2 –
INSURANCE, FREIGHT AND CLAIMS HANDLING SERVICES

		1.	Insurance Policies

The Managers
shall ensure that throughout the period of this Agreement:

 

		(a)	at the Owner’s expense, the Vessel is insured for not less than its sound market value or entered
for its full gross tonnage, as the case may be for:

 

(i)
hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;

 

(ii)
protection and indemnity (“P&I”) risks (including but not limited to pollution risks, diversion expenses and except to
the extent insured separately by the Supervision Manager Crew Insurances as defined below);

 

(iii)
Freight, Demurrage and Defence cover (“FD & D”);

 

(iv)
war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew risks); and

 

		(v)	such optional insurances as may be agreed (such as piracy, kidnap and ransom, piracy loss of hire, loss
of hire)

 

Sub-clauses
(a)(i)( through (a)(v) above all in accordance with the best practice of prudent owners of vessels of a similar type to the Vessel, with
sound and reputable insurance companies, underwriters or associations (“the Owners’ Insurances”);

 

		(b)	all premiums and calls on the Owners’ Insurances are paid by their due date;

 

		(c)	In the event the Vessel is sold or this Agreement is terminated as per the terms hereunder the Owners
will either pay directly, or remit, sufficient funds in the Vessel’s Earnings Account to cover, the Vessel’s P&I and FD
& D estimated Release Calls as same will be calculated by the Vessel’s Protection and Indemnity Association. The Supervision
Managers will ensure that, in the event of payment from the Vessel’s earnings account, when called by the Vessel’s Protection
and Indemnity Association, the Vessel’s release calls are paid as appropriate and any balance remaining out of the amount originally
remitted by the Owners will be released to the Owners.

 

		(d)	the Owners’ Insurances name the Supervision Managers and, subject to underwriters’ agreement,
any third party designated by the Supervision Managers as a joint assured, with full cover. It is understood that in some cases, such
as protection and indemnity, the normal terms for such cover may impose on the Supervision Managers and any such third party a liability
in respect of premiums or calls arising in connection with the Owners’ Insurances.

 

		(e)	If obtainable at no additional cost, however, the Supervision Managers shall procure such insurances on
terms such that neither the Supervision Managers nor any such third party shall be under any liability in respect of premiums or calls
arising in connection with the Owners’ Insurances. In any event, on termination of this Agreement in accordance with Clause 13 (Duration
of the Agreement) and Clause 14 (Termination), the Owners or

    	 	28	 

    	 

    

 

Managers
shall procure that the Managers and any third party designated by the Managers as joint assured shall cease to be joint assured and, if
reasonably achievable, that they shall be released from any and all liability for premiums and calls that may arise in relation to the
period of this Agreement; and

 

		(f)	written evidence is provided, to the reasonable satisfaction of the Owners, of the Supervision Managers’
compliance with their obligations under this Clause within a reasonable time of the commencement of the Agreement, and of each renewal
date and, if specifically requested, of each payment date of the Owners’ Insurances.

 

The Managers
shall arrange insurances in accordance with this Schedule 2 on such terms as the Owners shall have instructed or agreed, in particular
regarding conditions, insured values, deductibles, franchises and limits of liability.

 

		2.	Crew Insurances

The Supervision
Managers shall throughout the period of this Agreement provide the following services:

 

(i)       arranging
Crew Insurances in accordance with the sound practice of prudent managers of vessels of a similar type to the Vessel, with sound and reputable
insurance companies, underwriters or associations. Insurances for any other persons proceeding to sea onboard the Vessel may be separately
agreed by the Owners and the Supervision Manager;

 

(ii)       ensuring
that the Owner is aware of the terms, conditions, exceptions and limits of liability of such Crew Insurances;

 

(iii)       ensuring
that all premiums or calls in respect of such Crew Insurances are paid by their due date;

 

(iv)       if
obtainable at no additional cost or as otherwise requested by the Owner, ensuring that such Crew Insurances name the Owner as a joint
assured with full cover and, unless otherwise agreed, on terms such that Owner shall be under no liability in respect of premiums or calls
arising in connection with such insurances;

 

(v)       providing
written evidence, to the reasonable satisfaction of the Owner, of the Supervision Manager’s compliance with its obligations under
the above sub-clauses (ii), and (iii) within a reasonable time of the commencement of this Agreement, and of each renewal date and, if
specifically requested, of each payment date of such Crew Insurances.

 

		3.	Freight Collection 

 

The
Supervision Manager shall provide freight collection services including among others:

 

		(a)	accounting and calculation of hire, freights, demurrage and/or dispatch monies due from or due to charterers
of the Vessel; collection of any sums due to the Owners related to the operation of the Vessel; and

 

		(b)	coordination with the Commercial Manager with respect to (i) the matters referred to in the previous paragraph,
(ii) consolidation of accounts, budgets and other materials as may be requested by the Commercial Manager or the Owner with respect to
the Vessel and (iii) the scope

    	 	29	 

    	 

    

 

of Services
required hereunder in relation to any charterparty for the Vessel negotiated by the Commercial Manager (as applicable) on its behalf or
on behalf of the Owner.

 

		4.	Claims Handling

The Supervision
Managers shall monitor and, if they deem it necessary, assist in the handling of all insurance claims by the Technical Managers or the
Crew Managers in respect of the Vessel, including any total loss claims (always subject to prior consultation with the Owner). Notwithstanding
the above, the Supervision Managers shall exclusively handle any and all hull and machinery insurance claims.

 

 

    	 	30	 

    	 

    

 

SCHEDULE 3 –
Administrative & Support Services

 

Accounting
and Records. The Supervision Manager shall, on behalf of the Group, establish an accounting system, including the development, implementation
and maintenance over financial reporting and disclosure controls and procedures, and maintain Books and Records, with such modifications
as may be necessary to comply with Applicable Laws. The Books and Records shall contain particulars of receipts and disbursements relating
to the Group’s assets and liabilities and shall be kept pursuant to normal commercial practices that will permit consolidated financial
statements to be prepared for the Parent in accordance with US GAAP and stand-alone and, if required, consolidated financial statements
for its Subsidiaries under appropriate GAAP. The Books and Records shall be the property of the Group but shall be kept at the Supervision
Manager’ primary office or such other place as the Group and the Supervision Manager may mutually agree. Upon expiration or termination
of this Agreement, all of the Books and Records shall be provided to the Parent or as the Parent shall direct. The internal control over
financial reporting and disclosure controls and procedures shall be designed to be effective in the context of the Parent’s management’s
obligation to report annually on such controls.

Reporting
Requirements. The Supervision Manager shall prepare and deliver to the Chief Executive Officer and the Chief Financial Officer of
the Parent the following reports, which the Supervision Manager shall use its reasonable best efforts to prepare and deliver within the
time periods specified below or, if not so specified, within the time period requested by the relevant party:

(a)
a quarterly report, including draft Earnings Release, to be delivered within 30 days of the end of each Fiscal Quarter (45 days for the
Fiscal Quarter ending December 31 in each year) setting out the interim financial results of the Company for such quarter and for the
applicable Fiscal Year through the end of such Fiscal Quarter;

(b)
as and when requested by the Board of Directors, the Chief Executive Officer or the Chief Financial Officer, draft reports regarding financial
and other information required in connection with Applicable Laws (including annual and other reports that may be required to be filed
under the Exchange Act and all other Applicable Laws); and

(c)
as and when reasonably requested by the Parent from time to time, such other reports with respect to financial and other information of
the Group.

Financial
Statements and Tax Returns. At the instruction of the Chief Financial Officer, the Supervision Manager shall prepare and deliver for
review by the Chief Financial Officer and the Audit Committee of the Board of Directors the following, which the Supervision Manager shall
use its reasonable best efforts to prepare and deliver within the time periods specified below or, if not so specified, within the time
period requested by the relevant party:

(a)
within 30 days of the end of each Fiscal Quarter, unaudited financial statements of the Parent for such Fiscal Quarter, reviewed by the
external auditors of the Parent, prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated
basis with all Subsidiaries of the Parent;

(b)
within 45 days of the end of each Fiscal Year, financial statements of the Parent for such Fiscal Year, audited by the external auditors
of the Parent, prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries
of the Parent;

(c)
within any deadlines imposed by any regulatory authorities or in order to comply with covenants in borrowing facilities, financial statements
of the Parent and Subsidiaries (included on a sub-consolidated basis if required) for such Fiscal Year, audited by the external auditors,
prepared in accordance with

    	 	31	 

    	 

    

 

US GAAP or other
GAAP as appropriate; and

(d)
tax returns for the Parent and all of its Subsidiaries required to be filed by Applicable Laws.

Notwithstanding
the foregoing, in the event that the Parent’s reporting obligations are accelerated under the Exchange Act beyond what such obligations
are at the time of the commencement of this Agreement, the Supervision Manager shall use its reasonable best efforts to provide to the
Parent the financial statements referred to in clauses (a) and (b) above within such periods as shall be required for the Parent
to comply with any reporting requirements under the Exchange Act or other similar applicable laws and regulations.

In
addition, the Supervision Manager shall attend to the timely calculation and payment of all taxes payable by the Group. At the instruction
of the Chief Financial Officer, the Supervision Manager shall cause the Parent’s external accountants to review the Parent’s
unaudited financial statements, audit the Parent’s and the Subsidiaries’ annual financial statements, review internal controls
and finalize tax returns. The Supervision Manager shall make available to the Parent’s accountants the relevant Books and Records
for the Company and the Subsidiaries and shall assist the accountants in their duties.

Legal
and Securities Compliance Services.

(a)
Responsibilities of the Supervision Manager.

The
Supervision Manager shall assist the Group with the following items, whether or not related to the Vessel:

(i)
compliance with all Applicable Laws, including all relevant securities laws and the rules and regulations of the SEC, the New York Stock
Exchange or any other securities exchange upon which the Parent’s securities are listed;

(ii)
arranging for the provision of advisory services to the Parent with respect to the Parent’s obligations under applicable securities
laws in the United States and disclosure and reporting obligations under applicable securities laws, including the preparation for review,
approval and filing by the Parent of reports and other documents with the SEC and all other applicable regulatory authorities;

(iii)
maintaining the Group’s corporate existence and good standing in all necessary jurisdictions and assisting in all other corporate
and regulatory compliance matters;

(iv)
providing information required by any credit rating agencies;

(v)
providing support to the Parent with respect to investor relations including maintenance and monitoring of its website;

 

(vi)
providing legal support for transactions, including but not limited to negotiation and documentation of Memoranda of Agreement for the
sale and purchase of vessels, new building contracts for vessels, charter parties, vessel financings; and

(vii)
adjusting and negotiating settlements, with or on behalf of claimants or underwriters, of any claim, damages for which are recoverable
under insurance policies (subject to any applicable deductible).

(b)
Administration and Settlement of Legal Actions.

If
any Legal Action is commenced against or is required to be commenced in favor of the Group or the Vessel, the Supervision Manager shall
arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the
Group, including retaining and

    	 	32	 

    	 

    

instructing legal
counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Supervision Manager
shall assist the Group in administering and supervising any such Legal Actions and shall keep the Group advised of the status thereof.
The Supervision Manager may settle any Legal Action on behalf of a Group where the amount of settlement is less than $500,000 with the
approval of the Chief Executive Officer or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of
Directors.

(c)
Interaction with Regulatory Authorities.

Notwithstanding
anything in this Schedule 3 or otherwise, the Supervision Manager shall not act for or on behalf of the Group in its relationships with
any regulatory authorities except to the extent specifically authorized by the Parent from time to time.

Bank
Accounts.

The
Supervision Manager shall oversee banking services for the Group and shall, where necessary, establish in the name of the Parent and its
Subsidiaries such bank accounts with such financial institutions as the Parent and its Subsidiaries may request. The Supervision Manager
shall administer and manage all of the Group’s cash and accounts, including making any deposits and withdrawals reasonably necessary
for the management of its business and day-to-day operations. The Supervision Manager shall promptly deposit all moneys payable to the
Group and received by the Supervision Manager into a bank account held in the name of the Parent or its Subsidiaries. This provision,
and any and all other provisions required to give effect to this provision, shall become effective on the Effective Date.

Corporate
Planning.

The
Supervision Manager shall:

(a)
oversee preparation of annual budget, including working capital requirements;

(b)
develop forecasts and projections, including profitability analysis; and

(c)
obtain investment appraisals;

Other
Services.

The
Supervision Manager shall assist the Group to:

(a)
identify, negotiate and secure opportunities for the Group to acquire vessels or companies which own vessels, or to construct vessels,
and to negotiate and carry out the purchase of existing vessels, newbuilding vessels or companies which are the registered owners of vessels.

(b)
obtain, on behalf of the Group, general insurance, director and officer liability insurance and other insurance of the Group not related
to the Vessel that would normally be obtained for companies in a similar business to that of the Group;

(c)
if so required by the Group, administer payroll services, for any employee, officer or director of the Parent and its Subsidiaries;

(d)
provide the Group with information technology support including email;

(e)
provide office space and office equipment for personnel of the Group at the location of the

    	 	33	 

    	 

    

 

Supervision Manager
or any subsidiary thereof or as otherwise reasonably designated by the Parent, and clerical, secretarial, accounting and administrative
assistance as may be reasonably necessary;

(f)
at the request and under the direction of the Parent, handle all administrative and clerical matters in respect of (i) board and
committee meetings of the Parent and its Subsidiaries, (ii) the call and arrangement of all annual and special meetings of shareholders,
the Parent and any of its subsidiaries, (iii) the preparation of all materials (including notices of meetings and proxy or similar
materials) in respect thereof and (iv) the submission of all such materials to the Parent in sufficient time prior to the dates upon
which they must be mailed, filed or otherwise relied upon so that the Parent has full opportunity to review, approve, execute and return
them to the Supervision Manager for filing or mailing or other disposition as the Parent may require or direct;

 

(g)
provide, at the request and under the direction of the Parent, such communications to the transfer agent for the Parent as may be necessary
or desirable;

(h)
make recommendations to the Parent for the appointment of auditors, accountants, legal counsel and other accounting, financial or legal
advisers, and technical, commercial, marketing or other independent experts; provided, however, that nothing herein shall permit
the Supervision Manager to engage any such adviser or expert for the Parent without the Parent’s specific approval;

(i)
providing assistance and advice to the Group with respect to financing, including (i) the monitoring and administration of the compliance
with any applicable financing terms and conditions in effect with investors, banks, lenders or other financial institutions and (ii) the
identification and negotiation of new capital or financings or re-financings; and

(j)
attend to all other administrative matters necessary to ensure the professional management of the Group’s business or as reasonably
requested by the Group from time to time

DEFINITIONS AND
INTERPRETATION

Unless otherwise
defined in this Schedule 3, capitalized terms used herein but not otherwise defined in this Schedule 3 shall have the meaning given such
term in Clause 1 (A) of this Agreement.

“Applicable
Laws” means, in respect of any Person, property, transaction or event, all laws, statutes, ordinances, regulations, municipal
by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event, all applicable official directives,
rules, consents, approvals, authorizations, guidelines, orders, codes of practice and policies of any Governmental Authority having authority
over that Person, property, transaction or event and having the force of law, and all general principles of common law and equity.

“Board
of Directors” means the board of directors of the Parent, as the same may be constituted from time to time.

“Books
and Records” means all books of accounts and records, including tax records, sales and purchase records, Vessel records, computer
software, formulae, business reports, plans and projections and all other documents, files, correspondence and other information of the
Group with respect to the Vessel or the Business (whether or not in written, printed, electronic or computer printout form).

“Business”
means the Group’s business of owning, operating and/or chartering or re-chartering

    	 	34	 

    	 

    

 

vessels
to other Persons and any other lawful act or activity customarily conducted in conjunction therewith.

“Chief
Executive Officer” means the chief executive officer of the Parent.

“Chief
Financial Officer” means the chief financial officer of the Parent.

“Disclosing
Party” means a party who has disclosed Confidential Information hereunder to the other party or on whose behalf Confidential
Information has been disclosed to the other party.

“Effective
Date” means the date on which this Agreement shall become effective in accordance with box 2.

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

“Fiscal
Quarter” means a fiscal quarter for the Group

“Fiscal
Year” means the fiscal year of the Parent, being the twelve-month period ending December 31.

“GAAP”
means the generally accepted accounting principles

“Governmental
Authority” means any domestic or foreign government, including any federal, provincial, state, territorial or municipal government,
any multinational or supranational organization, any government agency (including the SEC), any tribunal, labor relations board, commission
or stock exchange (including the New York Stock Exchange), and any other authority or organization exercising executive, legislative,
judicial, regulatory or administrative functions of, or pertaining to, government.

 

“Legal Action”
means any action, suit or other proceeding concerning the Owner and/or the Vessel in any jurisdiction.

“Parent”
means Global Ship Lease, Inc.

“Receiving
Party” means a party to whom Confidential Information of a Disclosing Party has been disclosed hereunder.

“SEC”
means the United States Securities and Exchange Commission.

 

“Subsidiary(ies)”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard to
the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly
or indirectly, at the date of determination, by such Person, by one or more Persons Controlled by such Person or a combination thereof,
(b) a partnership (whether general or limited) in which such Person or a Person Controlled by such Person is, at the date of determination,
a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such partnership (considering
all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of determination,
by such Person, one or more Persons Controlled by such Person, or a combination thereof, or (c) any other Person (other than a corporation
or a partnership) in which such Person, one or more Persons Controlled by such Person, or a combination thereof, directly or indirectly,
at the date of determination, has (i) at least a majority ownership interest or (ii)

    	 	35	 

    	 

    

 

the power
to elect or direct the election of a majority of the directors or other governing body of such Person.

 

    	 	36	 

    	 

    

 

 

ANNEX
A

    	 	37	 

    	 

    

 

 

 

 

 

APPENDIX
1

 

 

    	 	 	 

    	 

    

 

 

 

 

 

	    BIMCO	 	
    SHIPMAN 2009

    STANDARD SHIP
    MANAGEMENT AGREEMENT

    PART I
	
     

     

	1.	
    Date of Agreement ( date to be inserted
    )

     

    AS PER CLAUSE 13 (b) OF THE SUPERVISION
    AGREEMENT ENTERED INTO BETWEEN THE OWNERS AND THE MANAGERS AS OF [●]
	2	
    Date of commencement of Agreement
    (Cls. 2.12, 21 and 25) (date to be inserted)

     

    AS PER CLAUSE 13 (b) OF THE SUPERVISION
    AGREEMENT ENTERED INTO BETWEEN THE OWNERS AND THE MANAGERS AS OF [●]
	 
	3.	Owners (name, place of registered office and law of registry) (Cl. 1)	4.	
    4 Managers (name, place of registered office
    and law of registry) (Cl. 1)

     

     

    (I)       Name:
    Technomar Shipping Inc.

     

     

    (II)       Place
    of registered office: 80 Broad Street

    Monrovia, Liberia

     

    (III)       Established
    office : 3-5 Menandrou Str. 14561, Kifissia

    Athens
    - Greece

     

    (IV)       Law
    of registry: LIBERIA 
	 
	 	
     

    (i)
	
     

    Name: [●]
	 
	 	
     

    (ii)
	
     

    Place of registered office: 80 Broad
    Street, Monrovia, Liberia
	 
	 	
     

    (iii)
	
     

    Law of registry: Liberia
	 
	5.	
    The Company (with reference
    to the ISM/ISPS Code) (state name and IMO Unique Company identification number. If the Company is a third party then also state registered
    office and principal place of business) (Cls. 1 and 9(c)(i))

     

     

    (i)       Name:
    Technomar Shipping Inc.

     

     

    (ii)       IMO
    Unique Company identification number: 1605338

     

    (iii)       Place
    of registered office: as per box 4

     

    (iv)       Principal
    place of business: as per box 4
	6.	
    Technical Management (state “yes”
    or “no” as agreed) (Cl. 4)

    YES
	 
	7.	
    Crew Management (state “yes
    or no” as agreed (Cl. 5(a))

    YES
	 
	8.	
    Commercial Management (state “yes
    or no” as agreed) (Cl. 6)

    NO
	 
	9.	
    Chartering Services period
    (only to be filled in if “yes” stated in Box 8) (Cl. 6(a))

     

    N/A
	
    10.       Crew
    Insurance arrangements (state “yes” or “no” as agreed) - YES

     

    (i)       Crew
    Insurances* (Cl. 5(b))

     

    (ii)       Insurance
    for persons proceeding to sea onboard (Cl 5(b)(i))

    *only to apply if Crew
    Management (Cl.5(a)) agreed (see Box 7)
	 
	
    11. Insurance arrangements (state
    “yes” or “no” as agreed) (Cl. 7)

     

     

    YES
	
    12.
    Optional insurances (state optional insurance(s) as agreed, such as piracy, kidnap and ransom, loss of hire and FD & D) (Cl 10(a)(iv))

     

    AS MAY BE INSTRUCTED BY OWNERS
	 
	13. Interest (state rate of interest to apply after the due date to outstanding sums) (Cl.9(a))	14. Annual management fee (Cl. 12(a))	 
	
     

     

    N/A
	AS PER CLAUSE 13 (b) OF THE SUPERVISION AGREEMENT ENTERED INTO BETWEEN THE OWNERS AND THE MANAGERS AS OF [●]	 
	 	 	 	 	 	 	 	 	 

    	 	 	 

    	 

    

 

	
    15. Manager’s nominated account
    (Cl. 12(a))

     

     

    TO BE ADVISED
	
    16. Daily
    rate (state rate for days in excess of those agreed in budget) (Cl. 12(c))

     

    N/A

	
    17. Lay-up period/number of months
    (Cl. 12(d))

    3
    (THREE) MONTHS

	
    18. Minimum contract period (state
    number of months) (Cl. 21(a))

     

    Until
    30 September 2026
	
    19. Management
    fee on termination (state number of months to apply) (Cl. 22(e))

     

    SEE
    CLAUSE 22

	
    20. Severance Costs (state maximum
    amount) (Cl. 22(c)(ii))

     

    AS
    DEFINED
	
    21. Dispute
    Resolution

    23(a)

	
    22. Notices (state full style contact
    details for serving notice and communication to the Owners) (Cl. 24)

     

    c/o Technomar Shipping Inc.

    AS PER BOX 4
	
    23. Notices (state full style contact
    details for serving notice and communication to the Managers) (Cl. 24)

    AS PER BOX 4

 

	
     

    It is mutually agreed
    between the party stated in Box 3 and the party stated in Box 4 that this Agreement consisting of PART I and PART II as well as Annexes
    “A” (Details of Vessel or Vessels), “B” (Details of Crew) and C (“Budget”) attached hereto, shall
    be performed subject to the conditions contained herein. In the event of a conflict of conditions, the provisions of PART I and Annexes
    “A” “B” and “C” shall prevail over those of PART II to the extent of such conflict but no further.

	
    Signature(s) (Owners)

     

     

     

     
	
    Signature(s) (Managers)

     

     

     

     

     

 

 

 

    	 	 	 

    	 

    

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		1.	Definitions

In
this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned
to them:

 

“Affiliate”
means, with respect to a specified Person, any Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled
by, or is under common Control with the specified Person.

 

“Change
in Majority Interests or Control” means (i) a transaction or series of transactions involving the sale, transfer or other disposition
of equity interests in the Owners or in any of its direct or indirect parent companies (including, without limitation, any transfer by
the current owners of equity interests in the Parent), to one or more Persons that are not, immediately prior to such sale, Affiliates
of the Parent, of more than 50% of the beneficial equity or voting interests in the Owners or in any such parent companies; (ii) a transaction
or series of transactions involving the sale, transfer or other disposition of all or substantially all of the assets of the Owners or
any of its direct or indirect parent companies (including, without limitation, the Parent) to one or more Persons that are not, immediately
prior to such sale, transfer, or other disposition, Affiliates of the Parent; (iii) any merger, consolidation or other business combination
of the Owners or any of its direct or indirect parent companies (including, without limitation, the Parent) in which the current owners
of equity interests in the Parent immediately after such transaction cease to own more than 50% of the equity or voting interests in the
Parent (or equity or voting interests of its successors) or the Parent ceases to directly or indirectly own more than 50% of the equity
or voting interests in the Owners or its parent companies (or equity or voting interests of their successors) as a result of such transaction;
or (iv) George Giouroukos’s employment as Executive Chairman of the Parent is terminated by the Parent.

 

“Commercial Managers” means
Conchart Commercial Inc., a Marshall Islands corporation or Global Ship Lease Services Limited, a company incorporated in England (as
applicable).

 

“Commercial
Management Agreement” collectively means the agreements with respect to commercial management made between the Parent and/or its
Subsidiaries, on the one hand, and the Commercial Managers, on the other hand, with respect to each of the Vessels (as defined therein).

 

“Company”
(with reference to the ISM Code and the ISPS Code) means the organization identified in Box 5 or any replacement organization appointed
by the Owners from time to time (see Sub-clauses 9(b)(i) or 9(c) (ii), whichever is applicable).

 

"Confidential
Information” means all information (of whatever nature and however recorded or preserved) which:

 

		(a)	was disclosed by the Owners to the Managers, whether before or after the
date of this Agreement, as a result of the discussions leading up to this Agreement, entering into this Agreement or the performance of
this Agreement and is designated as “confidential information” by the Owners at the time of disclosure; or

		(b)	is information which relates to existing or proposed operations, business
plans, market opportunities and business affairs of the Owners or its Affiliates and is clearly confidential from its nature and/or the
circumstances in which it was imparted would be regarded as being confidential by a reasonable business person; or

		(c)	is clearly confidential from its nature and/or the circumstances in which
it was imparted, and including information which relates to the commercial affairs, business (including but not limited to any information
considered to be price sensitive information by the Owners), finances, infrastructure, products, services, developments, inventions, trade
secrets, know-how, personnel, or contracts of, and any other information relating to, the Owners or its Affiliates (or its or their customers);
or

		(d)	any information referred to in (a) to (c) above disclosed on the Owners’
behalf by their Affiliates; and

		(e)	information extracted, copied or derived from information referred to in
(a) to (d) above.

“Control”
or “Controlling” or “Controlled by” means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

 

“Crew”
means the personnel of the numbers, rank and nationality specified in Annex “B” hereto, including but not limited to the Master
and any officers.

 

“Crew
Insurances” means insurance of liabilities in respect of crew risks which shall include but not be limited to death, permanent

    	 	 	 

    	 

    

disability,
sickness, injury, repatriation, shipwreck unemployment indemnity and loss of personal effects (see Sub- clause 5(b) (Crew Insurances)
and Clause 7 (Insurance Arrangements) and Clause 10 (Insurance Policies) and Boxes 10 and 11).

 

“Crew
Support Costs” means all expenses of a general nature which are not particularly referable to any individual vessel for the time
being managed by the Managers and which are incurred by the Managers for the purpose of providing an efficient and economic management
service and, without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers
and ratings, cadet training schemes, sick pay, study pay, recruitment and interviews.

 

“Dollars”
and “US$” means the lawful currency of the United States of America.

 

“Exclusive
Broker” means Conchart Commercial Inc., a Marshall Islands corporation.

 

“Exclusive
Brokerage Deed” means the Deed of Commercial Advisory Services and Exclusive Brokerage Services entered into on the same date as
this Agreement made between the Parent, Global Ship Lease Services Limited and the Exclusive Broker with respect to the Vessels (as defined
therein) (if applicable).

 

“Flag State” means the State
whose flag the Vessel is flying.

 

“Governmental Entity” means
and includes (whether having a distinct legal personality or not) any national or local government authority, board, commission, department,
division, organ, instrumentality, court or agency and any association, organisation or institution of which any of the foregoing is a
member or to whose jurisdiction any of the foregoing is subject or in whose activities any of the foregoing is a participant.

 

“ISM Code” means the
International Management Code for the Safe Operation of Ships and for Pollution Prevention and any amendment thereto or substitution therefor.

 

“ISPS Code” means
the International Code for the Security of Ships and Port Facilities and the relevant amendments to Chapter XI of SOLAS and any amendment
thereto or substitution therefor.

 

“Managers” means the party
identified in Box 4.

 

“Management Services”
means the services specified in SECTION 2 - Services (Clauses 4 through 7) as indicated affirmatively in Boxes 6 through 8,
10 and 11, and all other functions performed by the Managers under the terms of this Agreement.

 

“Manager
Change of Control” means (i) a transaction or series of transactions involving the sale, transfer or other disposition by George
Giouroukos to one or more Persons that are not, immediately prior to such sale, Affiliates of George Giouroukos, of more than 50% of the
equity interests in the Managers; or (ii) any merger, consolidation or other business combination of the Managers in which George Giouroukos
immediately after such transaction ceases to own more than 50% of the equity interests in the Managers (or equity interests of their successors)
as a result of such transaction.

 

“Owners” means the party
identified in Box 3.

 

“Parent” means Global Ship
Lease, Inc., a Marshall Islands corporation.

 

“Parties” means the Parties
to this Agreement.

 

“Person” means
any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company, or
other legal entity or organization.

 

“Severance Costs” means
the costs which are legally required to be paid to the Crew as a result of the early termination of any contracts for service on the Vessel.

 

“SMS” means the Safety
Management System (as defined by the ISM Code).

 

“STCW 95” means
the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 and any
amendment thereto or substitution therefor.

 

“Subsidiary(ies)”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard
to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly
or indirectly, at the date of determination, by such Person, by one or more Persons Controlled by such Person or a combination thereof,
(b) a partnership (whether general or limited) in which such Person or a Person Controlled by such Person is, at the date of determination,
a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such partnership (considering
all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of determination,
by such Person, one or more Persons Controlled by such Person, or a combination thereof, or (c) any other Person (other than a corporation
or a partnership) in which such Person, one or more Persons Controlled by such Person, or a combination thereof, directly or indirectly,
at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election
of a majority of the directors or other

    	 	 	 

    	 

    

governing body of such Person.

 

“TCMC” means Technomar
Crew Management Corporation, a crew manning company affiliated to the Managers with registered offices in Manila, Philippines.

 

“Vessel” means the vessel
details of which are set out in Annex “A” attached hereto.

 

		2.	Commencement and Appointment

With
effect from the date stated in Box 2 for the commencement of the Management Services and continuing unless and until terminated as provided
herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel in respect of the Management
Services.

 

		3.	Authority of the Managers

Subject
to the terms and conditions herein provided, during the period of this Agreement the Managers shall carry out the Management Services
in respect of the Vessel as agents for and on behalf of the Owners. The Managers shall have authority to take such actions as they may
from time to time in their absolute discretion consider to be necessary to enable them to perform the Management Services in accordance
with sound ship management practice, including but not limited to compliance with all relevant rules and regulations.

 

 

 

		4.	Technical Management

(only applicable if agreed according
to Box 6).

The Managers shall provide technical
management which includes, but is not limited to, the following services:

 

(a)       ensuring
that the Vessel complies with the requirements of the law of the Flag State;

    	 	 	 

    	 

    

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		(b)	ensuring compliance with the ISM Code;

 

(c)       ensuring
compliance with the ISPS Code;

 

		(d)	providing competent personnel to supervise the maintenance and general efficiency of the Vessel;

 

(e)       arranging
and supervising special surveys, dry dockings, repairs, alterations and the maintenance of the Vessel to the standards agreed with the
Owners provided that the Managers shall be entitled to incur the necessary expenditure to ensure that the Vessel will comply with all
requirements and recommendations of the classification society. and with the law of the Flag State and of the places where the Vessel
is required to trade;

 

		(f)	arranging the supply of necessary stores, spares and lubricating oil;

 

		(g)	appointing surveyors and technical consultants as the Managers may consider from time to time to be necessary;

 

(h)       in
accordance with the Owners’ instructions, arranging and supervising the sale and/or purchase and legal and physical delivery of
the Vessel under the sale and purchase agreement; provided, however services under this Sub-clause 4(h) shall not include negotiation
of the sale agreement;

 

(i)       arranging
for the supply of provisions;

 

(j)       arranging
for the sampling and testing of bunkers;

 

(k)       arranging
for the provision of bunker fuels as required for the Vessel’s trade;

 

(l)       receiving
and relaying voyage instructions;

 

		(m)	appointing stevedores;

 

		(n)	arranging surveys associated with the commercial operation of the Vessel;

 

(o)       accounting
and calculation of hire, freights, demurrage and/or dispatch monies due from or due to charterers of the Vessel; collection of any sums
due to the Owners related to the operation of the Vessel;

 

(p)       coordinate
with the Commercial Managers and the Exclusive Broker (as applicable) with respect (i) the matters referenced in Clause 4(o) above, (ii)
consolidation of accounts, budgets and other materials as may be requested by the Commercial Managers, the Exclusive Broker (as applicable)
or Owners with respect to the Vessel and any other vessels subject to the Commercial Management Agreement and/or the Exclusive Brokerage
Deed (as applicable) and for which the Managers hereunder provide any management services, and (iii) the scope of Management Services
required hereunder in relation to any charterparty for the Vessel negotiated by the Commercial Managers or the Exclusive Broker (as applicable)
on its behalf or on behalf of the Owners; and

 

(q)       Perform
the Management Services hereunder in compliance with, and in such a manner as to comply with the requirements of, any charterparty for
the Vessel.

 

		5.	Crew Management and Crew Insurances

		(a)	Crew Management

(only applicable if agreed according
to Box 7)

The Managers shall provide
suitably qualified Crew who shall comply with the requirements of STCW 95. The provision of such crew management services includes, but
is not limited to, the following services:

 

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		(i)	selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll arrangements, pension arrangements,
tax, social security contributions and other mandatory dues related to their employment payable in each Crew member’s country of
domicile;

 

		(ii)	ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification and certification of the
Crew and employment regulations, such as Crew’s tax and social insurance, are satisfied;

 

		(iii)	ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which
they are engaged and are in possession of valid medical certificates issued in accordance with appropriate Flag State requirements, it
being understood that the Vessel shall always remain flagged with a Flag State requiring such medical certificates;

 

		(iv)	ensuring that the Crew shall have a common working language and/or a command of the English language of a sufficient standard to enable
them to perform their duties safely;

 

		(v)	arranging transportation of the Crew including repatriation;

 

		(vi)	training of the Crew;

 

		(vii)	conducting union negotiations;

 

		(viii)	operating the Manager’s drug and alcohol policy;

 

		(ix)	ensuring that any complaints with respect to the Master or any of the officers or any other members of the Crew are promptly investigated,
and if such complaints are well-founded ensuring that changes in appointments are made without delay in accordance with Clause 15 (Replacement);

 

		(x)	if the Managers are the Company, ensuring that the Crew, on joining the Vessel, are given proper familiarization with their duties
in relation to the Vessel’s SMS and that instructions which are essential to the SMS are identified, documented and given to the
Crew prior to sailing;

 

		(xi)	it is hereby agreed that for the employment of Filipino crew the Managers may sub-contract with TCMC or any other manning agent. Where
the Mangers have sub-contracted to (i) TCMC for the employment of Filipino crew, the Owners will pay to the Managers the actual costs
of TCMC calculated on the basis of crew days on board the Vessel, and there shall be no commission or other charges payable to TCMC in
relation thereto and (ii) any other manning agent for the employment of Filipino crew, the Owners will pay to the Managers the costs of
such manning agent calculated on the basis of crew days on board the Vessel and charged to the Manager along with the customary commission
and all other charges in relation thereto;

 

		(xii)	if the Managers are not the Company: N/A; and

 

		(xiii)	where Managers are not providing technical management services in accordance with Clause 4 (Technical Management):

N/A

 

		(b)	Crew Insurances

(only applicable if Sub-clause
5(a) applies and if agreed according to Box 10)

The Managers shall throughout the
period of this Agreement provide the following services:

 

		(i)	arranging Crew Insurances in accordance with the sound practice of prudent managers of vessels of a similar type to the Vessel, with
sound and reputable insurance companies, underwriters or associations. Insurances for any other persons proceeding to sea onboard the
Vessel may be separately agreed by the Owners and the Managers (see Box 10);

 

		(ii)	ensuring that the Owners are aware of the terms, conditions, exceptions and limits of liability of the insurances in Sub-clause 5(b)(i);

 

		(iii)	ensuring that all premiums or calls in respect of the insurances in Sub-clause 5(b)(i) are paid by their due date;

 

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		(iv)	if obtainable at no additional cost or as otherwise requested by the Owners, ensuring that insurances in Sub-clause 5(b)(i) name the
Owners as a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under no liability in respect
of premiums or calls arising in connection with such insurances;

 

		(v)	providing written evidence, to the reasonable satisfaction of the Owners, of the Managers’ compliance with their obligations
under Sub-clause 5(b)(ii), and 5(b)(iii) within a reasonable time of the commencement of this Agreement, and of each renewal date and,
if specifically requested, of each payment date of the insurances in Sub-clause 5(b)(i).

 

		6.	Commercial Management

(only applicable if agreed according
to Box 8). – N/A

 

		7.	Insurance Arrangements

(only applicable if agreed according
to Box 11).

The Managers shall arrange insurances
in accordance with Clause 10 (Insurance Policies), on such terms as the Owners shall have instructed or agreed, in particular regarding
conditions, insured values, deductibles, franchises and limits of liability.

 

 

 

		8.	Managers’ Obligations

(a)       The
Managers undertake to use their best endeavours to provide the Management Services as agents for and on behalf of the Owners in accordance
with sound ship management practice and to protect and promote the interests of the Owners in all matters relating to the provision of
services hereunder. In performing and discharging its obligations, duties and liabilities under this Agreement, the Managers shall act
in accordance with all instructions communicated to it by the Owners and the Managers shall at all times serve the Owners faithfully and
diligently.

 

 

Notwithstanding
anything herein to the contrary and for the avoidance of doubt, the parties acknowledge that the Managers shall continue to act as a technical
manager with respect to vessels owned or operated by persons or entities other than the Owners, the Parent, or their respective Subsidiaries.
In addition, and notwithstanding clause 8(a), in the performance of their management responsibilities under this Agreement, the Managers
shall be entitled to have regard to their overall responsibility in relation to all other vessels as may from time to time be entrusted
to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate
available supplies, manpower and services in such manner as in the prevailing circumstances they consider in their discretion (reasonably
exercised) to be fair and reasonable, but in no circumstances shall the Vessel be managed in a manner which is less favourable to the
interests of the Owners.

 

In the
performance and discharge of its obligations, duties and liabilities under this Agreement, the Managers shall take care not to exceed
the authority given by the Owners under the terms of this Agreement and shall act at all times in accordance with the Owner’s instructions.

 

In the
performance and discharge of its obligations, duties and liabilities under this Agreement, the Manager shall act with reasonable care
and skill in accordance with good industry practices and in compliance with all laws and regulations, and shall provide the Management
Services hereunder and maintain the Vessel at a standard at least equivalent to the standards followed by it with respect to the other
vessel(s) for which the Managers provide management services.

 

Notwithstanding
anything contained herein to the contrary, the Managers shall at all times devote a sufficient amount of its time, resources and personnel
to provide the Management Services contemplated by this Agreement.

 

(b)       Where
the Managers are providing technical management services in accordance with Clause 4 (Technical Management), they shall procure that the
requirements of the Flag State are satisfied and they shall agree to be appointed as the Company, assuming the responsibility for the
operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code and the ISPS Code, if applicable.

 

(c)       In
providing the Management Services, the Managers will at all times comply with, without limitation, the U.S. Foreign Corrupt Practices
Act, any applicable country legislation implementing the OECD Convention on combating Bribery of Foreign Public Officials in International
Business Transactions, and the UK Bribery Act 2010, and any other laws or regulations relating to anti-bribery, anti-terrorism, economic
sanctions and anti-money laundering, to the extent applicable. The Managers shall not engage in any activity, practice or conduct which
constitutes a breach of any of the foregoing; in addition, the Managers shall not employ

    	 	 	 

    	 

    

any Person, nor subcontract with
any person or entity, to perform or discharge any of its obligations under this Agreement if that person or entity is designated or identified
as a Specially Designated National, a Person subject to sanctions that prohibit all dealings or restrict dealings with such Person, a
foreign terrorist organization or an organization that provides support to a foreign terrorist organization by the United States Government
or any branch or department thereof (including, but not limited to, the Office of Foreign Asset Control).

 

		9.	Owners’ Obligations

(a)       The
Owners shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement.

 

(b)       Where
the Managers are providing technical management services in accordance with Clause 4 (Technical Management), the Owners shall:

 

		(i)	report (or where the Owners are not the registered owners of the Vessel procure that the registered
owners report) to the Flag State administration the details of the Managers as the Company as required to comply with the ISM and ISPS
Codes;

 

		(ii)	procure that any officers and ratings supplied by them or on their behalf comply with the requirements of STCW 95; and

 

		(iii)	instruct such officers and ratings to obey all reasonable orders of the Managers (in their capacity as the Company) in connection
with the operation of the Managers’ safety management system.

 

		(c)	Where the Managers are providing crew management services in accordance with Sub-clause 5(a) the Owners shall:

 

		(i)	inform the Managers, through the Commercial Managers, the Exclusive Broker (if applicable) or otherwise, prior to any order for the
Vessel to any excluded or additional premium area under any of the Owners’ Insurances by reason of war risks and/or piracy or like
perils and pay whatever additional costs may properly be incurred by the Managers as a consequence of such orders including, if necessary,
the costs of replacing any member of the Crew. Any delays resulting from negotiation with or replacement of any member of the Crew as
a result of the Vessel being ordered to such an area shall be for the Owners’ account. Should the Vessel be within an area which
becomes an excluded or additional premium area the above provisions relating to cost and delay shall apply;

 

		(ii)	agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs may properly be incurred by the
Managers as a consequence of such change; and

 

		(iii)	provide, at no cost to the Managers, in accordance with the requirements of the law of the Flag State, or higher standard, as mutually
agreed, adequate Crew accommodation and living standards.

 

 

 

		10.	Insurance Policies

The Managers shall ensure that throughout
the period of this Agreement:

 

(a)       at
the Owners’ expense, the Vessel is insured for not less than its sound market value or entered for its full gross tonnage, as the
case may be for:

 

		(i)	hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;

 

		(ii)	protection and indemnity (“PandI”) risks (including but not limited to pollution risks, diversion expenses and, except
to the extent insured separately by the Managers in accordance with Sub-clause 5(b)(i), Crew Insurances;

 

		(iii)	Freight, Demurrage and Defence cover (“FD & D”);

 

NOTE:
If the Managers are not providing crew management services under Sub-clause 5(a) (Crew Management) or have agreed not to provide Crew
Insurances separately in accordance with Sub-clause 5(b)(i), then such insurances must be included in the protection and indemnity risks
cover for the Vessel (see Sub-clause 10(a)(ii) above).

 

		(iii)	war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew risks); and

 

(iv)       such
optional insurances as may be agreed (such as piracy, kidnap and ransom, piracy loss of hire, loss of hire ) (see Box 12)

Sub-clauses
10(a)(i) through 10(a)(iv) all in accordance with the best practice of prudent owners of vessels of a similar type to the Vessel, with
sound and reputable insurance companies, underwriters or associations (“the Owners’ Insurances”);

    	 	 	 

    	 

    

 

 

(b)       all
premiums and calls on the Owners’ Insurances are paid by their due date;

 

(c)       In
the event the Vessel is sold or this Agreement is terminated as per the terms hereunder the Owners will either pay directly, or remit,
sufficient funds in the Vessel’s Earnings Account to cover, the Vessel’s PandI and FD & D estimated Release Calls as same
will be calculated by the Vessel’s Protection and Indemnity Association. The Managers will ensure that, in the event of payment
from the Vessel’s Earnings Account, when called by the Vessel’s Protection and Indemnity Association, the Vessel’s Release
Calls are paid as appropriate and any balance remaining out of the amount originally remitted by the Owners will be released to the Owners.

 

(d)       the
Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party designated by the Managers as
a joint assured, with full cover. It is understood that in some cases, such as protection and indemnity, the normal terms for such cover
may impose on the Managers and any such third party a liability in respect of premiums or calls arising in connection with the Owners’
Insurances.

 

If obtainable
at no additional cost, however, the Managers shall procure such insurances on terms such that neither the Managers nor any such third
party shall be under any liability in respect of premiums or calls arising in connection with the Owners’ Insurances. In any event,
on termination of this Agreement in accordance with Clause 21 (Duration of the Agreement) and Clause 22 (Termination), the Owners or Managers
shall procure that the Managers and any third party designated by the Managers as joint assured shall cease to be joint assured and, if
reasonably achievable, that they shall be released from any and all liability for premiums and calls that may arise in relation to the
period of this Agreement; and

 

(e)       written
evidence is provided, to the reasonable satisfaction of the Owners, of the Managers’ compliance with their obligations under this
Clause 10 within a reasonable time of the commencement of the Agreement, and of each renewal date and, if specifically requested, of each
payment date of the Owners’ Insurances.

 

		11.	Income Collected and Expenses Paid on Behalf of Owners

 

(a)       All
monies collected by the Managers under this Agreement (other than monies payable by the Owners to the Managers) and any interest thereon
shall be held to the credit of the Owners in a separate bank account.

 

(b)       All
expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as provided in Clause
12(c)) may be debited against the Owners in the account referred to under Sub-clause 11(a) but shall in any event remain payable by the
Owners to the Managers on demand.

 

(c)       The
Managers shall provide the Owners with (i) monthly cash flow statements with respect to the Vessel and the Owners, and (ii) quarterly
un-audited accounts and detailed analysis showing all movements and use of funds held in the separate bank account.

 

(d)       The
Managers shall pay, on behalf of the Owners and from the bank account referred to in Clause 11(a) above, all expenses of the Commercial
Managers under the Commercial Management Agreement and all expenses of the Exclusive Broker under the Exclusive Brokerage Deed (as applicable).

 

		12.	Management Fee and Expenses

 

(a)       The
Owners shall pay to the Managers a daily management fee as stated in Box 14 for their services as Managers under this Agreement,
which shall be due and payable in monthly instalments in advance, the first instalment (pro rata if appropriate) being due and payable
on the date of delivery of the Vessel to the Owners and subsequent instalments being due and payable every first New York banking day
of every calendar month. The management fee shall be payable to the Managers’ nominated account stated in Box 15.

 

(b)       The
management fee shall be subject to an annual review (at the end of each calendar year) in order to reflect any increases in the salaries
of Managers’ employees and other expenses (inflation). The proposed fee shall be presented in the annual budget in accordance with
Sub-clause 13(a). Subject always to the prior written approval of the Owners, the management fee may increase annually on January 1 of
each year by not more than two and one-half percent (2.5%).

 

(c)       The
Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without
limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for reasonable postage,
communication, travelling and accommodation expenses, and other reasonable out of pocket expenses properly incurred by the Managers in
pursuance of the Management Services including but not limited to the Vessel apportioned cost of the Managers’ “flying squad”
and the “on board the Vessel” allowances as well as any other sundry administrative expenses, it being understood that the
Managers shall not make any expenditure with respect to the items described in this sub-paragraph ( c ) in the aggregate in excess of
US$5,000 in any given calendar month, without the prior written consent of the Owners. Notwithstanding the foregoing, any of the above
items that may be included in the annual budget

    	 	 	 

    	 

    

will not be part of this reimbursement.

 

(d)       If
the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, the Management
Fee is agreed to be Euro 190 per day and will be applicable for the period exceeding such period agreed in Box 17 until one month before
the Vessel is again put into service. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential
costs of reduction and reinstatement of the Crew shall be for the Owners’ account.

 

(e)       Save
as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the
Management Services shall be credited to the Owners.

 

		13.	Budgets and Management of Funds

 

(a)       The
Managers shall prepare a budget. The budget shall also provide aggregate forecast expenditure by the Managers for those cost items to
be reimbursed by Owners as detailed in Clause 12(c). The Managers’ initial budget is set out In Annex “C” hereto. Subsequent
budgets shall be for twelve month periods and shall be prepared by the Managers and presented to the Owners not less than one month before
the end of the budget year.

 

(b)       The
Owners shall state to the Managers in a timely manner, but in any event within one month of presentation, whether or not they agree to
each proposed annual budget. In the absence of any such indication by the Owners, within such one month period, the Managers shall be
entitled to assume that the Owners have accepted the proposed budget.

 

(c)       Following
the agreement of the budget, the Managers shall prepare and present to the Owners their estimate of the working capital requirement for
the Vessel and shall each month request the Owners in writing to pay the funds required to run the Vessel for the ensuing month, including
the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers
or provisions. Such funds shall be received by the Managers within ten running days after the receipt by the Owners of the Managers’
written request and shall be held to the credit of the Owners in a separate bank account.

 

(d)       The
Managers shall (i) establish and maintain an accounting system which meets the requirements of the Owners and provide regular accounting
services, supply regular reports and records, (ii) maintain the records of all costs and expenditures incurred as well as data necessary
or proper for settlement of accounts, (iii) prepare yearly operating budgets for the Vessel including any drydocking and special surveys,
(iv) provide back-office administration and accounting services for the Vessel and the Owners, and (v) at all times maintain and keep
true and correct accounts in respect of the Management Services in accordance with the relevant International Financial Reporting Standards
or U.S GAAP as required, including records of all costs and expenditure incurred, and produce a comparison between budgeted and actual
income and expenditure of the Vessel in such form and at such intervals as shall be mutually agreed. The Managers shall make such accounts
available for inspection and auditing by the Owners and/or their representatives in the Managers’ offices or by electronic means,
provided reasonable notice is given by the Owners.

 

(e)       The
Managers shall assist the Owners and its Parent in complying with the requirements of Section 404 of the U.S. Sarbanes Oxley Act 2002,
as it may be amended from time to time (“SOX”), governing the effectiveness of internal controls of service organizations
retained by publicly held companies by taking or causing to be taken, all actions and doing, or causing to be done, all things and executing
any and all documents and instruments which may reasonably be required, proper or advisable to conducting an evaluation on the internal
controls of the Managers in compliance with SOX. The Managers agree to take or cause to be taken, all actions and to do, or cause to be
done, all things and to execute any and all documents and instruments of any kind on an ongoing basis which might be reasonably necessary,
proper or advisable to permit the Owners and its Parent to remain in compliance with SOX throughout the term of this Agreement, and, with
the exception of the costs incurred by the Managers to obtain SAS 70 reports or any equivalents thereof, if require by the Owners or the
Parent, which shall be payable by either the Owners or the Parent, each of the parties to this Agreement shall bear their own costs associated
with such compliance.

 

(f)       Notwithstanding
anything contained herein, the Managers shall in no circumstances be required to use or commit their own funds to finance the provision
of the Management Services except where the terms of this engagement provide that such Management Services are to be provided at no extra
or additional cost to the Owners.

 

		14.	Trading Restrictions

If
the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew Management), the Owners and the Managers
will, prior to the commencement of this Agreement, agree on any trading restrictions to the Vessel that may result from the terms and
conditions of the Crew’s employment.

 

		15.	Replacement

If
the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew Management), the Owners

    	 	 	 

    	 

    

 

may
require the replacement, at their own expense, at the next reasonable opportunity, of any member of the Crew, including but not limited
to any Master or officer, found on reasonable grounds to be unsuitable for service. If the Managers have failed to fulfil their obligations
in providing suitable qualified Crew within the meaning of Sub- clause 5(a) (Crew Management), then such replacement shall be at the Managers’
expense.

 

		16.	Managers’ Right to Sub-Contract

 

Other
than to its Affiliates or as otherwise set forth in this Agreement, the Managers shall not subcontract any of their obligations hereunder
without the prior written consent of the Owners. In the event of such a sub-contract the Managers shall remain fully liable for the due
performance of their obligations under this Agreement. Owners hereby agree that the Managers are allowed to sub-contract with TCMC (for
the Filipino crew only) and with other manning agents as same may be necessary for the due performance of the Managers’ services
under clause 5 (a).

 

		17.	Responsibilities

 

(a)       Force
Majeure - Neither party shall be liable for any loss, damage or delay due to any of the following force majeure events and/or conditions
to the extent that the party invoking force majeure is prevented or hindered from performing any or all of their obligations under this
Agreement, provided they have made all reasonable efforts to avoid, minimise or prevent the effect of such events and/or conditions:

 

		(i)	acts of God;

 

		(ii)	any requisition, control, intervention, requirement or interference by a Governmental Entity;

 

		(iii)	any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences
thereof;

 

		(iv)	riots, civil commotion, blockades or embargoes;

 

		(v)	epidemics;

 

		(vi)	earthquakes, landslides, floods or other extraordinary weather conditions;

 

		(vii)	strikes, lockouts or other industrial action, unless limited to the employees (which shall not include
the Crew) of the party seeking to invoke force majeure;

 

		(viii)	fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure; and

 

		(ix)	any other similar cause beyond the reasonable control of either party.

 

		(b)	Liability to Owners

 

Without
prejudice to Sub-Clause 17(a), the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense
of whatsoever nature, whether direct or indirect (including but not limited to loss of profit arising out of or in connection with detention
of or delay to the Vessel), and howsoever arising in the course of performance of the Management Services UNLESS the same is proved
to have resulted solely from:

 

		(i)	the persistent and/or continuing negligence of the Managers which causes material losses and/or material additional expense to the
Owners for a period of 3 (three) calendar months or more following a written notice from the Owners that it is dissatisfied with the performance
of the Managers due to such negligence and stating the deficiencies to be remedied, provided however, that the Managers shall not be deemed
to have acted negligently if the deficiencies arise or are continuing due to circumstances beyond the control of the Managers, the Exclusive
Broker and TCMC, or if the Managers are taking reasonable steps to remedy such deficiencies; or

 

		(ii)	the gross negligence or wilful default of the Managers or its employees or agents, or sub-contractors employed by them in connection
with the Vessel,

 

		(iii)	in which case (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed
with the intent to cause the same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the
Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of (A)
three (3) times the annual management fee payable hereunder with respect to such liability arising under the foregoing sub-clause (i)
or (B) ten (10) times the annual management fee payable hereunder with respect to such liability arising under the foregoing sub-clause
(ii).

    	 	 	 

    	 

    

 

		(iv)	Acts or omissions of the Crew – Notwithstanding anything that may appear to the contrary in this Agreement, the Managers
shall not be liable for any acts or omissions of the Crew, even if such acts or omissions are negligent, grossly negligent or wilful,
except only to the extent that they are shown to have resulted from a failure by the Managers to discharge their obligations under Clause
5(a) (Crew Management), in which case their liability shall be limited in accordance with the terms of this Clause 17 (Responsibilities).

 

(c)       Indemnity
- Except to the extent and solely for the amount therein set out that the Managers would be liable under Sub- clause 17(b), the Owners
hereby undertake to keep the Managers and their employees, agents and sub-contractors indemnified and to hold them harmless against all
actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or
suffered by them arising out of or in connection with the performance of this Agreement, and against and in respect of all costs, loss,
damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly
or indirectly) in the course of the performance of this Agreement.

 

(d)       “Himalaya”
- It is hereby expressly agreed that no employee or agent of the Managers (including every sub-contractor from time to time employed
by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of
whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his, her or its part while acting in the
course of or in connection with his, her or its employment and, without prejudice to the generality of the foregoing provisions in this
Clause 17 (Responsibilities), every exemption, limitation, condition and liberty herein contained and every right, exemption from liability,
defence and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder shall also be available
and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing
provisions of this Clause 17 (Responsibilities) the Managers are or shall be deemed to be acting as agent or trustee on behalf of and
for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid)
and all such persons shall to this extent be or be deemed to be parties to this Agreement.

 

		18.	General Administration

 

(a)       The
Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of any incident of which the Managers become
aware which gives or may give rise to a material delay to the Vessel or material claims or disputes involving third parties. Without derogating
from the foregoing, the Managers shall present the Owners with a report at least every six (6) months identifying all claims arising in
or outstanding in such period, settlement and resolution status, and actions taken with respect thereto.

 

(b)       The
Managers shall handle and settle all claims and disputes arising out of the Management Services hereunder with respect to such claims
or disputes relating to claims in excess of USD 100,000, unless the Owners instruct the Managers otherwise. The Managers shall keep the
Owners appropriately informed in a timely manner throughout the handling of such claims and disputes.

 

(c)       The
Owners may request the Managers to bring or defend other actions, suits or proceedings related to the Management Services, on terms to
be agreed.

 

(d)       At
Owners’ cost, the Managers shall have power to obtain appropriate legal or technical or other outside expert advice in relation
to the handling and settlement of claims in relation to Sub-clauses 18(b) and 18(c) and disputes and any other matters affecting the interests
of the Owners in respect of the Vessel, including the appointment of auditors or other outside experts as may be necessary in the ordinary
course of business.

 

(e)       On
giving reasonable notice with respect to proposed dates and the scope of inquiry, the Owners may request, and the Managers shall in a
timely manner make available, all documentation, information and records in respect of the matters covered by this Agreement either related
to mandatory rules or regulations or other obligations applying to the Owners in respect of the Vessel (including but not limited to STCW
95, the ISM Code and ISPS Code) to the extent permitted by relevant legislation and the Managers shall permit the Owners during regular
business hours to inspect the Managers’ premises, audit records and accounts and meet with executive personnel.

 

		(f)	The Managers shall provide the administration and support services set out in Appendix XX (collectively, the “Administrative
& Support Services”) at their cost; provided, however, that, at the Owners’ sole cost and expense, the Managers may employ
the services of external advisors or other third-party service providers if reasonably necessary for the Managers to provide the Administrative
& Support Services (including, without limitation, the services of accounting, tax or legal advisors, but expressly excluding day-to-day
accounting services or other Administrative & Support Services that Managers provide to other clients in the ordinary course utilizing
in-house expertise).

 

(g)       On
giving reasonable notice, the Managers may request, and the Owners shall in a timely manner make available, all documentation, information
and records reasonably required by the Managers to enable them to perform the Management Services.

    	 	 	 

    	 

    

 

 

		(h)	The Owners shall arrange for the provision of any necessary guarantee bond or other security.

 

(i)       Any
costs reasonably incurred by the Managers in carrying out their obligations according to this Clause 18 (General Administration) unless
otherwise expressly provided or agreed shall be reimbursed by the Owners.

 

		19.	Inspection of Vessel

 

The
Owners may at any time after giving reasonable notice to the Managers inspect the Vessel for any reason they consider necessary.

 

		20.	Compliance with Laws and Regulations

 

The
Parties will not do or permit to be done anything which might cause any breach or infringement of the laws and regulations the Flag State,
or of any place where the Vessel trades, nor shall either of the Parties act in any manner which is prohibited under United States laws
or regulations related to foreign trade controls.

 

In performing
the Management Services, the Managers shall, and shall use all reasonable endeavours to procure that its Affiliates and sub-contractors
shall, comply in all material respects with the written policies of the Owners, Global Ship Lease Services Limited or the Parent that
are directly applicable to the Managers’ provision of the Management Services and are made known to the Managers in advance in writing,
which shall include, but not be limited to, the Owners’ Anti-slavery and Human Trafficking Policy, Corporate and Social Responsibility
Policy, Anti-bribery and Anti-corruption Policy, Business Ethics Policy, Data and Privacy Policy and Business Conduct Policy and any other
policies of the Owners that are so applicable from time to time.

 

		21.	Duration of the Agreement

 

a.       This
Agreement shall come into effect at the date stated in Box 2 and shall continue for the minimum contract period set out in Box
18. Either party may give not less than six (6) months written notice to the other during the minimum contract period that this Agreement
is to be terminated at the expiry of the minimum contract period set out in Box 18.

 

b.       Following
the expiry of the minimum contract period set out in Box 18, and provided that neither party has issued a termination notice pursuant
to Clause 21(a) to terminate this Agreement at the end of the minimum contract period, this Agreement may be terminated by either party
by giving no less than six (6) months written notice to the other.

 

c.       Should
the Owners provide notice under either Clauses 21(a) or (b) above on the basis that they are able to secure more competitive terms from
a recognized third party ship manager, they shall provide the Managers in reasonably documented detail, the more competitive terms offered
to the Owners by such third party ship manager. The Managers shall have the right to send written notice to the Owners agreeing to match
all such terms, in which case this Agreement shall not terminate and shall be deemed to be amended to incorporate such revised terms,
as appropriate.

 

d.       Notwithstanding
Clauses 21(a) and (b) above, this Agreement may be terminated by either party at any time in accordance with Clause 22 (Termination).)

 

e.       Where
the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement shall terminate on the subsequent
arrival of the Vessel at the next mutually convenient port or place.

 

		22.	Termination

 

Owners’ or
Managers’ default

		(a)	If either Party fails to meet their obligations under this Agreement, the
other Party may give notice to the defaulting Party requiring it to remedy it. In the event that the defaulting Party fails to remedy
within a reasonable time to the reasonable satisfaction of the other Party, that other Party shall be entitled to terminate this Agreement
with immediate effect by giving notice to the defaulting Party.

		(b)	Notwithstanding Clause 22(a):

(i) The Managers
shall be entitled to terminate this Agreement with immediate effect by giving notice to the Owners if any monies payable by the Owners
under the terms of this Agreement shall not have been received in the Managers’ nominated account within thirty (30) days of receipt
by the Owners of the Managers’ written request, or if the Vessel is repossessed by a mortgagee.

    	 	 	 

    	 

    

 

 

(ii) Unless caused
by the act or omission of the Exclusive Broker, if the Owners proceed with the employment of or continue to employ the Vessel in the carriage
of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous
or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In
the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled
to terminate the Agreement with immediate effect by notice.

(iii) If either
party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and Clause 10 (Insurance Policies),
the other party may give notice to the party in default requiring them to remedy it within twenty (20) days, failing which the other party
may terminate this Agreement with immediate effective by giving notice to the party in default.

		(c)	Extraordinary Termination

This Agreement shall
be deemed to be terminated in the case of the sale of the Vessel (directly or via a sale of a Controlling interest in the Owners) or,
if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned or has been
declared missing, or if bareboat chartered, unless otherwise agreed, when the bareboat charter comes to an end; provided, however, that
the foregoing shall not apply to (A) the sale of any Vessel pursuant to a sale/leaseback transaction or (B) any termination or expiration
of a bareboat charter of such Vessel by the Owners if such Vessel is purchased (or re-purchased) by the Owners.

		(d)	For the purpose of Sub-clause 22(c) hereof:

		(i)	the date upon which the Vessel is to be treated as having been sold or otherwise
disposed of shall be the date on which the Vessel’s Owners cease to be the registered owners of the Vessel;

		(ii)	the Vessel shall be deemed to be lost either when it has become an actual
total loss or agreement has been reached with the Vessel’s underwriters in respect of its constructive total loss or if such agreement
with the Vessel’s underwriters is not reached it is adjudged by a component tribunal that a constructive loss of the Vessel has
occurred; and

		(iii)	the date upon which the Vessel is to be treated as declared missing shall
be ten (10) days after the Vessel was last reported or when the Vessel is recorded as missing be the Vessel’s underwriters, whichever
occurs first. A missing Vessel shall be deemed lost in accordance with the provisions of Sub-clause 22(d)(ii).

The Managers’
Default

		(e)	The Owner may terminate this Agreement for Cause (as hereinafter defined), but only after the Owners have
provided the Managers with notice of such Cause and such Cause has not been cured within twenty (20) days of such notice; provided, however,
that if any Cause is incapable of being cured, then no notice and cure period shall be required.

		(f)	Cause means any of the following:

		(i)	The Managers:

		(A)	persist and/or continue to be negligent in their performance of the Management Services which causes material
losses and/or material additional expense to the Owners for a period of 3 (three) calendar months or more following a written notice from
the Owners that it is dissatisfied with the performance of the Managers due to such negligence and stating the deficiencies to be remedied,
provided however, that the Managers shall not be deemed to have acted negligently if the deficiencies arise or are continuing due to circumstances
beyond the control of the Managers, the Exclusive Broker and TCMC or if the Managers are taking reasonable steps to remedy such deficiencies;
and/or

		(B)	is or has been grossly negligent in its performance of the Management Services; and/or

		(C)	has engaged in wilful misconduct and/or bad faith and/or fraud;

		(ii)	The Managers wilfully fail to cooperate in any government, agency, regulatory or external self-governing
body investigation that could have a material adverse effect on the Owners;

    	 	 	 

    	 

    

		(iii)	The Managers or any of their directors, officers or employees are convicted or plead nolo contendere to
a felony or a misdemeanour involving moral turpitude that is reasonably likely to have a material adverse effect on the Owners;

		(iv)	The Managers or any of their directors, officers or employees commit any material violation of any U.S.
federal law regulating securities or the business of the Owners or the Parent without having relied on the legal advice of the Owners’
or the Parent’s counsel to perform or omit to perform the act resulting in such violation or the Managers are the subject of any
final order, judicial or administrative, obtained or issued by the United States Securities and Exchange Commission, for any securities
violation involving fraud that in each case is reasonably likely to have a material adverse effect on the Owners or the Parent; and

		(v)	a material breach of the obligations of the Managers under this Agreement that is reasonably likely to
have a material adverse effect on the Parent.

		(g)	The Managers shall be entitled to terminate this Agreement with immediate effect by giving notice to the
Owners within a six (6) month period following a Change in Majority Interests or Control.

		(h)	Owners shall be entitled to terminate this Agreement with immediate effect by giving notice to the Managers
within a six (6) month period following a Manager Change of Control.

		(i)	This Agreement shall terminate automatically in the event of an order being made or resolution passed
for the winding up, dissolution, liquidation or bankruptcy of either Party (otherwise than for the purpose of reconstruction or amalgamation)
or if a receiver or administrator is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement
or composition with its creditors (any such event, an Insolvency).

		(j)	In addition, where the Managers provide Crew for the Vessel in accordance with Clause 5(a) (Crew Management):

the Owners shall
continue to pay Crew Support Costs during the said further period of ninety (90) days; and

the Owners shall
pay an equitable proportion of any Severance Costs which may be incurred. The Managers shall use their reasonable endeavours to minimise
such Severance Costs.

		(k)	On the termination, for whatever reason, of this Agreement, the Managers shall arrange to deliver to Owners,
if so requested, and upon reasonable notice, the originals where possible, or otherwise certified copies, of all contracts, charters and
all documents specifically relating the Vessels and the Management Services provided under this Agreement. The Managers will ensure that
such documents will be available for a period of two (2) years following the termination of this Agreement.

		(l)	The termination of this Agreement shall be without prejudice to all rights accrued between the Parties
prior to the date of termination, including specifically the right of the Managers to receive the Management Fee prior to the date of
such termination provided that, in the event of termination of this Agreement for Cause by the Owners pursuant to clause 22 (e), no Management
Fee shall be due or payable to the Managers hereunder for any period after the date of such termination.

		(m)	In addition to any other payments contemplated herein, (i) if this Agreement is terminated by the Managers
pursuant to any of Clauses 21(a), 21(b), 22(a), 22(b)(i), 22(b)(ii), 22(b)(iii), 22(c) or 22(g) or (ii) if this Agreement terminates automatically
pursuant to Clause 22(i) because of the Insolvency of the Owners, upon such termination the Managers shall be entitled to a lump sum payment
in the amount set forth opposite such Clause reference in the following table:

 

	Applicable Clause Reference	Termination Payment
	clause 21(a)	50% of the annual management fee payable hereunder at the time of such termination

    	 	 	 

    	 

    

 

 

	clause 21(b)	50% of the annual management fee payable hereunder at the time of such termination
	clause 22(a)	Two (2) times the annual management fee payable hereunder at the time of such termination
	clause 22(b)(i)	Two (2) times the annual management fee payable hereunder at the time of such termination
	clause 22(b)(ii)	Two (2) times the annual management fee payable hereunder at the time of such termination
	clause 22(b)(iii)	Two (2) times the annual management fee payable hereunder at the time of such termination
	clause 22(c)	25% of the annual management fee payable hereunder at the time of such termination
	clause 22(g)	50% of the annual management fee payable hereunder at the time of such termination
	clause 22(i)	Two (2) times the annual management fee payable hereunder at the time of such termination

 

		(n)	In addition to any other payments contemplated herein, (i) if this Agreement
is terminated by the Owners pursuant to any of clauses 21(a),
21(b), 22(a), 22(b)(iii), 22(c), 22(e) or 22(h) , or (ii) if this Agreement terminates automatically pursuant to clause
22(i) because of the Insolvency of the Managers, upon such termination the Managers shall be entitled to
a lump sum payment in the amount set forth opposite such clause reference
in the following table:

	Applicable clause Reference	Termination Payment
	clause 21(a)	Two (2) times the annual management fee payable hereunder at the time of such termination
	clause 21(b)	Two (2) times the annual management fee payable hereunder at the time of such termination
	clause 22(a)	25% of the annual management fee payable hereunder at the time of such termination
	clause 22(b)(iii)	50% of the annual management fee payable hereunder at the time of such termination
	clause 22(c)	One quarter of the annual management fee payable hereunder at the time of such termination
	clause 22(e)	None
	clause 22(h)	The annual management fee payable hereunder at the time of such termination
	clause 22(i)	25% of the annual management fee payable hereunder at the time of such termination

 

		23.	BIMCO Dispute Resolution Clause

(a)       This
Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this
Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment
thereof save to the extent necessary to give effect to the provisions of this Clause.

    	 	 	 

    	 

    

 

 

The arbitration
shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration
proceedings are commenced.

 

The reference
shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such
appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice
and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice
that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and gives notice that it has
done so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice
to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator
shall be binding on both parties as if he had been appointed by agreement.

 

Nothing
herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

 

In cases
where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration
shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

 

(b)       Notwithstanding
Sub-clauses 23(a) above, the parties may agree at any time to refer to mediation any difference and/or dispute arising out of or in connection
with this Agreement.

 

		(i)	In the case of a dispute in respect of which arbitration has been commenced under Sub-clauses 23(a) above, the following shall apply:

 

		(ii)	Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation by service on the
other party of a written notice (the “Mediation Notice”) calling on the other party to agree to mediation.

 

		(iii)	The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they agree to mediation, in
which case the parties shall thereafter agree a mediator within a further 14 calendar days, failing which on the application of either
party a mediator will be appointed promptly by the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may
designate for that purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as
the parties may agree or, in the event of disagreement, as may be set by the mediator.

 

		(iv)	If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account
by the Tribunal when allocating the costs of the arbitration as between the parties.

 

		(v)	The mediation shall not affect the right of either party to seek such relief or take such steps as it considers necessary to protect
its interest.

 

		(vi)	Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct
of the mediation but the Tribunal may take the mediation timetable into account when setting the timetable for steps in the arbitration.

 

		(vii)	Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in the mediation and the
parties shall share equally the mediator’s costs and expenses.

 

		(viii)	The mediation process shall be without prejudice and confidential and no information or documents disclosed during it shall be revealed
to the Tribunal except to the extent that they are disclosable under the law and procedure governing the arbitration.

 

		(c)	If Box 21 in Part I is not appropriately filled in, Sub-clause 23(a) of this Clause shall apply.

 

		24.	Notices

		(a)	A notice or other communication given under this Agreement (a Notice) shall be:

 

		(i)	in writing;

 

		(ii)	in the English language; and

 

		(iii)	sent by the Permitted Method to the Notified Address.

    	 	 	 

    	 

    

 

 

		(b)	The Permitted Method means any of the methods set out in the first column below, the second column setting out the date on which a
Notice given by such Permitted Method shall be deemed to be given provided the Notice is properly addressed and sent in full to the Notified
Address:

 

	(1)

Permitted Method	(2)

Date on which Notice deemed given
	Personal delivery	When left at the Notified Address
	Courier delivery	When left at the Notified Address
	E-mail	When actually received by the recipient (or made available to the recipient) in readable form

 

		(c)	The “Notified Address” (including fax number) of each of the Parties is the address set out below, or as subsequently
notified to all Parties in writing:

 

		(i)	to the Owners at:

 

c/o Technomar Shipping Inc.

3-5 Menandrou Str.

14561, Kifissia,

Athens, Greece

E-mail address: legalconfidential@technomar.gr

Attention: Mrs Maria Danezi

		(ii)	to Managers at:

 

Technomar Shipping Inc.

3-5 Menandrou Str.

14561, Kifissia,

Athens, Greece

E-mail address: tbaltatzis@technomar.gr

Attention:
Mr Theodore Baltatzis

With a copy
to: legalconfidential@technomar.gr

or to such
other address as is notified by one Party to the other Party under this Agreement.

And in each
case proof of posting, handing in or transmission shall be proof that notice has been given, unless proven to the contrary.

 

		25.	Entire Agreement

This
Agreement constitutes the entire agreement between the parties and no promise, undertaking, representation, warranty or statement by either
party prior to the date stated in Box 2 shall affect this Agreement. Any modification of this Agreement shall not be of any effect
unless in writing signed by or on behalf of the parties.

 

		26.	Third Party Rights

Except to the extent provided
in Sub-clauses 17(c) (Indemnity) and 17(d) (Himalaya), no third parties may enforce any term of

    	 	 	 

    	 

    

this Agreement.

 

		27.	Partial Validity

If
any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be illegal, invalid or unenforceable
in any respect under any law or jurisdiction, the provision shall be deemed to be amended to the extent necessary to avoid such illegality,
invalidity or unenforceability, or, if such amendment is not possible, the provision shall be deemed to be deleted from this Agreement
to the extent of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and effect
and shall not in any way be affected or impaired thereby.

 

		28.	Confidentiality

 

		(a)	The Managers shall keep confidential the Confidential Information disclosed to it by or on behalf of the
Owners or howsoever otherwise obtained, developed or created by the Managers.

(b)       The
Managers shall:

(i)       use
the Confidential Information solely in connection with the performance of its obligations under this Agreement; and

(ii)       take
all action reasonably necessary to secure the Confidential Information against theft, loss or unauthorised disclosure.

(c)       The
restrictions on use or disclosure of Confidential Information in this clause 28 do not apply to information which is:

(i)       generally
available in the public domain, other than as a result of the Managers’ breach of any obligation under this clause 28; or

(ii)       lawfully
acquired from a third party who owes no obligation of confidentiality in respect of the information; or

(iii)       independently
developed by the Managers, or was in the Managers’ lawful possession prior to receipt from the Owners.

(d)       The
Managers may disclose the Confidential Information without the prior written consent of the Owners:

(i)       to
their Affiliates and subcontractors, to whom disclosure is required for the performance of its obligations under this Agreement, but only
to the extent necessary to perform such obligations (together the Permitted Disclosees); or

(ii)       if,
and to the extent that, such information is required to be disclosed (including by way of an Announcement) by the rules of any stock exchange
or by any governmental, regulatory or supervisory body (including, without limitation, any taxation authority) or court of competent jurisdiction
(Relevant Authority) to which the Managers are subject, provided that the Managers shall, if it is not so prohibited by law, provide
the Owners with prompt notice of any such requirement or request.

(e)       The
Managers shall:

(i)       before
disclosing Confidential Information to a Permitted Disclosee, to the extent reasonably practicable, notify the Owners in writing of the
intended disclosure and the identity of the intended Permitted Disclosee;

(ii)       ensure
that such Permitted Disclosee is aware of and complies with the Managers’ obligations under this clause 28 as if it were the Managers;
and

    	 	 	 

    	 

    

(iii)       be
responsible for the acts and omissions of any Permitted Disclosee in relation to the Confidential Information as if they were the acts
or omissions of the Managers.

		(f)	The parties agree that damages may not be an adequate remedy for the Managers’ breach of this clause
28 and (to the extent permitted by the court) the Owners shall be entitled to seek an injunction or specific performance in respect of
such breach.

		29.	Interpretation

In this Agreement:

 

		(a)	Singular/Plural

The singular
includes the plural and vice versa as the context admits or requires.

 

		(b)	Headings

The index and heading to the
clauses and appendices to this Agreement are for convenience only and shall not affect its construction or interpretation.

 

		(c)	Day

“Day” means a calendar
day unless expressly stated to the contrary

 

		30.	Acts of the Commercial Managers and Exclusive Broker (as applicable)

 

Notwithstanding
anything contained in this Agreement to the contrary, the Owners shall have no liability, through indemnification or otherwise, for any
damages, losses, or claims of any kind whatsoever of the Managers arising from or in any way related to the acts or omissions of the Commercial
Managers and/or the Exclusive Broker, nor shall the Managers have any right to terminate this Agreement for any circumstance or event
arising out of or in any way related to any acts or omissions of the Commercial Managers and/or the Exclusive Broker.

 

		31.	Owners’ Right to Assign

 

		(a)	The Owners may assign all of their rights under this Agreement to any mortgagee of the Vessel provided that such assignment shall
not otherwise prejudice the rights of the Managers to terminate this Agreement pursuant to the terms hereof. Upon satisfaction of the
condition set forth in the first sentence of this Clause 31(a), the Managers hereby agree to enter into an acknowledgment of such assignment
in such form as the mortgagee may reasonably request.

 

		(b)	The Managers may not assign all or any of their rights under this Agreement without the prior written consent of the Owners;

 

		(c)	Neither party shall be entitled to transfer all or any of its obligations, duties or liabilities under this Agreement unless:

		(i)	the same is expressly permitted under the terms of this Agreement; or

		(ii)	it has received the prior written consent of the other party.

 

 

 

    	 	 	 

    	 

    

 

APPENDIX

 

Accounting and Records.
The Managers shall, on behalf of the Group, establish an accounting system, including the development, implementation and maintenance
over financial reporting and disclosure controls and procedures, and maintain Books and Records, with such modifications as may be necessary
to comply with Applicable Laws. The Books and Records shall contain particulars of receipts and disbursements relating to the Group’s
assets and liabilities and shall be kept pursuant to normal commercial practices that will permit consolidated financial statements to
be prepared for the Parent in accordance with US GAAP and stand-alone and, if required, consolidated financial statements for its Subsidiaries
under appropriate GAAP. The Books and Records shall be the property of the Group but shall be kept at the Managers’ primary office
or such other place as the Group and the Managers may mutually agree. Upon expiration or termination of this Agreement, all of the Books
and Records shall be provided to the Parent or as the Parent shall direct. The internal control over financial reporting and disclosure
controls and procedures shall be designed to be effective in the context of the Parent’s management’s obligation to report
annually on the such controls.

Reporting Requirements.
The Managers shall prepare and deliver to the Chief Executive Officer and the Chief Financial Officer of the Parent the following reports,
which the Managers shall use its reasonable best efforts to prepare and deliver within the time periods specified below or, if not so
specified, within the time period requested by the relevant party:

(a) a quarterly report,
including draft Earnings Release, to be delivered within 30 days of the end of each Fiscal Quarter (45 days for the Fiscal Quarter ending
December 31 in each year) setting out the interim financial results of the Company for such quarter and for the applicable Fiscal Year
through the end of such Fiscal Quarter;

(b) as and when requested
by the Board of Directors, the Chief Executive Officer or the Chief Financial Officer, draft reports regarding financial and other information
required in connection with Applicable Laws (including annual and other reports that may be required to be filed under the Exchange Act
and all other Applicable Laws); and

(c) as and when reasonably
requested by the Parent from time to time, such other reports with respect to financial and other information of the Group.

Financial Statements
and Tax Returns. At the instruction of the Chief Financial Officer, the Managers shall prepare and deliver for review by the Chief
Financial Officer and the Audit Committee of the Board of Directors the following, which the Managers shall use its reasonable best efforts
to prepare and deliver within the time periods specified below or, if not so specified, within the time period requested by the relevant
party:

(a) within 30 days of
the end of each Fiscal Quarter, unaudited financial statements of the Parent for such Fiscal Quarter, reviewed by the external auditors
of the Parent, prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries
of the Parent;

(b) within 45 days of
the end of each Fiscal Year, financial statements of the Parent for such Fiscal Year, audited by the external auditors of the Parent,
prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries of the
Parent;

(c) within any deadlines
imposed by any regulatory authorities or in order to comply with covenants in borrowing facilities, financial statements of the Parent
and Subsidiaries (included on a sub-consolidated basis if required) for such Fiscal Year, audited by the external auditors, prepared in
accordance with US GAAP or other GAAP as appropriate; and

(d) tax returns for the
Parent and all of its Subsidiaries required to be filed by Applicable Laws.

Notwithstanding the foregoing,
in the event that the Parent’s reporting obligations are accelerated under the Exchange Act beyond what such obligations are at
the time of the commencement of this Agreement, the Managers shall use its reasonable best efforts to provide to the Parent the financial
statements referred to in clauses (a) and (b) above within such periods as shall be required for the Parent to comply with any
reporting requirements under the Exchange Act or other similar applicable laws and regulations.

In addition, the Managers
shall attend to the timely calculation and payment of all taxes payable by the Group. At the instruction of the Chief Financial Officer,
the Managers shall cause the Parent’s external accountants to review the Parent’s unaudited financial statements, audit the
Parent’s and the Subsidiaries’ annual financial statements, review internal controls and finalize tax returns. The Managers
shall make available to the Parent’s accountants the relevant Books and Records for the Company and the Subsidiaries and shall assist
the accountants in their duties.

Legal and Securities
Compliance Services.

(a) Responsibilities of
the Managers.

The Managers shall assist
the Group with the following items, whether or not related to any of the Vessels:

(i) compliance with all
Applicable Laws, including all relevant securities laws and the rules and regulations of the SEC, the New

    	 	 	 

    	 

    

York Stock Exchange or
any other securities exchange upon which the Parent’s securities are listed;

(ii) arranging for the
provision of advisory services to the Parent with respect to the Parent’s obligations under applicable securities laws in the United
States and disclosure and reporting obligations under applicable securities laws, including the preparation for review, approval and filing
by the Parent of reports and other documents with the SEC and all other applicable regulatory authorities;

(iii) maintaining the
Group’s corporate existence and good standing in all necessary jurisdictions and assisting in all other corporate and regulatory
compliance matters;

(iv) providing information
required by any credit rating agencies;

(v) providing support
to the Parent with respect to investor relations including maintenance and monitoring of its website;

 

(vi)
providing legal support for transactions, including but not limited to negotiation and documentation of Memoranda of Agreement
for the sale and purchase of vessels, new building contracts for vessels, charter parties, vessel financings; and

(vii) adjusting and
negotiating settlements, with or on behalf of claimants or underwriters, of any claim, damages for which are recoverable under insurance
policies (subject to any applicable deductible).

(b) Administration and
Settlement of Legal Actions.

If any Legal Action is
commenced against or is required to be commenced in favor of the Group or any of the Vessels, the Managers shall arrange for the commencement
or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the Group, including retaining
and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action.
The Managers shall assist the Group in administering and supervising any such Legal Actions and shall keep the Group advised of the status
thereof. The Managers may settle any Legal Action on behalf of a Group where the amount of settlement is less than $500,000 with the approval
of the Chief Executive Officer or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.

(c) Interaction with Regulatory
Authorities.

Notwithstanding anything
in this Appendix or otherwise, the Managers shall not act for or on behalf of the Group in its relationships with any regulatory authorities
except to the extent specifically authorized by the Parent from time to time.

Bank Accounts.

The Managers shall oversee
banking services for the Group and shall, where necessary, establish in the name of the Parent and its Subsidiaries such bank accounts
with such financial institutions as the Parent and its Subsidiaries may request. The Managers shall administer and manage all of the Group’s
cash and accounts, including making any deposits and withdrawals reasonably necessary for the management of its business and day-to-day
operations. The Managers shall promptly deposit all moneys payable to the Group and received by the Managers into a bank account held
in the name of the Parent or its Subsidiaries. This provision, and any and all other provisions required to give effect to this provision,
shall become effective on the Effective Date.

Corporate Planning.

The Managers shall:

(a) oversee preparation
of annual budget, including working capital requirements;

(b) develop forecasts
and projections, including profitability analysis; and

(c) obtain investment
appraisals;

Other Services.

The Managers shall assist
the Group to:

(a) identify, negotiate
and secure opportunities for the Group to acquire vessels or companies which own vessels, or to construct vessels, and to negotiate and
carry out the purchase of existing vessels, newbuilding vessels or companies which are the registered owners of vessels.

(b) obtain, on behalf
of the Group, general insurance, director and officer liability insurance and other insurance of the Group not

    	 	 	 

    	 

    

related to the Vessels
that would normally be obtained for companies in a similar business to that of the Group;

(c) if so required by
the Group, administer payroll services, for any employee, officer or director of the Parent and its Subsidiaries;

(d) provide the Group
with information technology support including email;

(e) provide office space
and office equipment for personnel of the Group at the location of the Managers or any subsidiary thereof or as otherwise reasonably designated
by the Parent, and clerical, secretarial, accounting and administrative assistance as may be reasonably necessary;

(f) at the request and
under the direction of the Parent, handle all administrative and clerical matters in respect of (i) board and committee meetings
of the Parent and its Subsidiaries, (ii) the call and arrangement of all annual and special meetings of shareholders, the Parent and any
of its subsidiaries, (iii) the preparation of all materials (including notices of meetings and proxy or similar materials) in respect
thereof and (iv) the submission of all such materials to the Parent in sufficient time prior to the dates upon which they must be
mailed, filed or otherwise relied upon so that the Parent has full opportunity to review, approve, execute and return them to the Managers
for filing or mailing or other disposition as the Parent may require or direct;

 

(g) provide, at the
request and under the direction of the Parent, such communications to the transfer agent for the Parent as may be necessary or desirable;

(h) make recommendations
to the Parent for the appointment of auditors, accountants, legal counsel and other accounting, financial or legal advisers, and technical,
commercial, marketing or other independent experts; provided, however, that nothing herein shall permit the Managers to engage
any such adviser or expert for the Parent without the Parent’s specific approval;

(i) providing assistance
and advice to the Group with respect to financing, including (i) the monitoring and administration of the compliance with any applicable
financing terms and conditions in effect with investors, banks, lenders or other financial institutions and (ii) the identification and
negotiation of new capital or financings or re-financings; and

(j) attend to all other
administrative matters necessary to ensure the professional management of the Group’s business or as reasonably requested by the
Group from time to time

DEFINITIONS AND INTERPRETATION

Unless otherwise defined in this Appendix,
capitalized terms used herein but not otherwise defined in this Appendix shall have the meaning given such term in Clause 1 (Definitions)
of Part II of this Agreement.

“Applicable Laws”
means, in respect of any Person, property, transaction or event, all laws, statutes, ordinances, regulations, municipal by-laws, treaties,
judgments and decrees applicable to that Person, property, transaction or event, all applicable official directives, rules, consents,
approvals, authorizations, guidelines, orders, codes of practice and policies of any Governmental Authority having authority over that
Person, property, transaction or event and having the force of law, and all general principles of common law and equity.

“Board of Directors”
means the board of directors of the Parent, as the same may be constituted from time to time.

“Books and Records”
means all books of accounts and records, including tax records, sales and purchase records, Vessel records, computer software, formulae,
business reports, plans and projections and all other documents, files, correspondence and other information of the Group with respect
to the Vessels or the Business (whether or not in written, printed, electronic or computer printout form).

“Business”
means the Group’s business of owning, operating and/or chartering or re-chartering Vessels to other Persons and any other lawful
act or activity customarily conducted in conjunction therewith.

“Chief Executive
Officer” means the chief executive officer of the Parent.

“Chief Financial
Officer” means the chief financial officer of the Parent.

“Disclosing Party”
means a party who has disclosed Confidential Information hereunder to the other party or on whose behalf Confidential Information has
been disclosed to the other party.

“Effective
Date” means the date on which this Agreement shall become effective in accordance with box 2.

    	 	 	 

    	 

    

 

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

“Fiscal Quarter”
means a fiscal quarter for the Group

“Fiscal Year”
means the fiscal year of the Parent, being the twelve-month period ending December 31.

“GAAP”
means the generally accepted accounting principles

“Group”
means the Parent and all of its Subsidiaries, or any one of them as the context might require

“Governmental
Authority” means any domestic or foreign government, including any federal, provincial, state, territorial or municipal government,
any multinational or supranational organization, any government agency (including the SEC), any tribunal, labor relations board, commission
or stock exchange (including the New York Stock Exchange), and any other authority or organization exercising executive, legislative,
judicial, regulatory or administrative functions of, or pertaining to, government.

 

“Legal
Action” means any action, suit or other proceeding concerning the Owner and/or the Vessel in any jurisdiction.

“Parent”
means Global Ship Lease, Inc.

“Receiving Party”
means a party to whom Confidential Information of a Disclosing Party has been disclosed hereunder.

“SEC”
means the United States Securities and Exchange Commission.

    	 	 	 

    	 

    

 

Annex
A – Vessel Details

 

 

 

 

m/v [●]

IMO no. [●]

Port: [●]

Year of Build: [●]

Builder/Yard: [●]

GT/NT: [●]

 

    	 	 	 

    	 

    

 

Annex
B – Crew

 

Master and crew to be appointed as appropriate to
the trading and operational requirements of the Vessel, always subject to the relevant governing laws and regulations.

    	 	 	 

    	 

    

 

Annex
C – Budget

 

TO
BE AGREED, AS PER CLAUSE 13 (b) OF THE SUPERVISION AGREEMENT ENTERED INTO BETWEEN THE OWNERS AND THE MANAGERS AS OF [●]Exhibit  10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of March 21, 2022, between INmune Bio, Inc., a Nevada corporation (the “Company”),
and each purchaser identified on the signature pages hereto (the “Purchasers”).

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities Act of 1933, as
amended (the “Securities Act”) as to the Shares and (ii) an exemption from the registration requirements of Section
5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder, the Company desires to issue and sell to
the Purchasers, and the Purchasers, severally and not jointly, desire to purchase from the Company, securities of the Company as more
fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Company and the Purchasers agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms
have the meanings set forth in this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the second (2nd)
Trading Day following the date hereof.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

“Company
Counsel” means Sichenzia Ross Ference LLP, with offices located at 1185 Avenue of the Americas, 31st Floor, New York, NY 10036.

 

     

     

    

 

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

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“Per Share
Purchase Price” equal to the closing price per share prior to executing this Agreement and as such the Per Share Purchase Price
is $8.43 subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the Common Stock that occur after the date of this Agreement. .

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

  

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

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

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

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares.

 

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

 

“Shares”
means the shares of Common Stock issued or issuable to the Purchasers pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include locating and/or borrowing shares of Common Stock). 

 

    2

     

    

 

“Subscription
Amount” means, as to each Purchaser, the aggregate aggregate amount to be paid for Shares purchased hereunder as specified below
such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United
States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a), and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York
Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed
in connection with the transactions contemplated hereunder.

 

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree
to purchase, up to an aggregate of $           of Shares. Each Purchaser shall deliver to the Company or the Company’s designees, via wire
transfer or a certified check, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature
page hereto executed by such Purchaser, and the Company shall deliver to each Purchaser its respective Shares, as determined pursuant
to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing.
Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Company
Counsel or such other location as the parties shall mutually agree.

 

2.2 Deliveries.

 

(a) Subject
to On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i) this
Agreement duly executed by the Company;

 

(ii) subject
to Section 2.1, the Company shall have provided the Purchasers with the Company’s wire instructions, on Company letterhead and executed
by the Chief Executive Officer or Principal Financial and Accounting Officer.

 

(iii) a copy of a
certificate or book entry statement evidencing a number of Shares equal to such Purchaser’s Subscription Amount divided by the Per
Share Purchase Price, registered in the name of such Purchaser, which shall be delivered no later than three Trading Days of the Closing.

 

    3

     

    

 

(b) On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i) this
Agreement duly executed by such Purchaser; and

 

(ii) the
Purchaser’s Subscription Amount (Total Shares being purchased multiplied by the Per Share Purchase Price).

 

2.3 Closing
Conditions.

 

(a) The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific
date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed;
and

 

(iii) the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b) The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of
a specific date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii) the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv) there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

  

(v) from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall
not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such
service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities
nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude
in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser,
makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

    4

     

    

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Purchaser:

 

(a) Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports. The Company owns, directly or indirectly,
all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding
shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights
to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in
the Transaction Documents shall be disregarded.

 

(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to
own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in
violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected
to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse
effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis
its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of each of this Agreement and each of the other Transaction Documents by the Company and the consummation by it
of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith
other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been
(or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, assuming
due authorization, execution and delivery by the Purchasers,will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it
is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do
not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of
incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with
notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets
of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or
otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or
any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a
Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company
or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected
to result in a Material Adverse Effect.

 

    5

     

    

 

(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to,
or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection
with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant
to Section 4.4 of this Agreement, (ii) the notice and/or application(s) to each applicable Trading Market for the listing of the Shares
for trading thereon in the time and manner required thereby, and (iii) the filing of Form D with the Commission and such filings as are
required to be made under applicable state securities laws (collectively, the “Required Approvals”).

 

(f) Issuance
of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens other than restrictions
on transfer provided for in the Transaction Documents.

 

(g) Capitalization.
The capitalization of the Company is as set forth in the SEC Reports. The Company has not issued any capital stock since its most recently
filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s
stock option plans, the issuance of shares of Common Stock to employees, directors or scientific advisory board members pursuant to the
Company’s equity incentive plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the
date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right
of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result
of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of any Subsidiary, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of
Common Stock or Common Stock Equivalents or capital stock of any Subsidiary except as set forth in the SEC Reports. The issuance and sale
of the Securities will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other
than the Purchaser) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or
reset price under any of such securities. There are no outstanding securities or instruments of the Company or any Subsidiary that contain
any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or
any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation
rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock
of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and
state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe
for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for
the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect
to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the
Company’s stockholders.

 

(h) SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be
filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two
years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the
“SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer
subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at
the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles
applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial
statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly
present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof
and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

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(i) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within
the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in
a Material Adverse Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be
reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company
has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property
to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company
has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company equity incentive plans.
The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance
of the Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists
or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date
that this representation is made. 

 

(j) Litigation.
Except as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or,
to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before
or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any
of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, reasonably be expected to result
in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject
of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission
involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the
Securities Act.

 

(k) Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company,
which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees
is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company
nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships
with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected
to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement
or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued
employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any
of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and
regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the
failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(l) Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or
any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement
or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default
or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority
or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality
and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

(m) Environmental
Laws. The Company and its Subsidiaries (i) are in compliance in all material respects with all federal, state, local and foreign laws
relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface
or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters,
orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i),
(ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(n) Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except
where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any written notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(o) Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good
and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each
case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal,
state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither
delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by
them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

(p) Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights
necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to
so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither
the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired,
terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement,
except where such action would not have or would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor
any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice
of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except
as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual
Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The
Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their
intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

    8

     

    

 

(q) Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited
to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

 

(r) Transactions
With Affiliates and Employees. Since the date of the latest audited financial statements included within the SEC Reports, except as
set forth therein, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the
employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for
services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of
services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending
of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any
entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder,
member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii)
reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under
any stock option plan of the Company.

 

(s) Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley
Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder
that are effective as of the date hereof and as of the Closing Date. Except as set forth in the SEC Reports, the Company and the Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance
with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such
disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits
under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules
and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company
and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date,
the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the
conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as
of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such
term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially
affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

    9

     

    

 

(t) Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions
contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any
claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the
transactions contemplated by the Transaction Documents.

 

(u) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be
or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company
shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the
Investment Company Act of 1940, as amended.

 

(v) Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common
Stock under the Exchange Act nor has the Company received any notification that the Commission or Trading Market is contemplating terminating
such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the
Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository
Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company
(or such other established clearing corporation) in connection with such electronic transfer.

 

(w) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms
that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information
that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Purchasers
will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or
on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.
The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges
and agrees that no Purchaser makes or has not made any representations or warranties with respect to the transactions contemplated hereby
other than those specifically set forth in Section 3.2 hereof.

 

(x) No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, neither
the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales
of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be
integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of the Shares
under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities
of the Company are listed or designated.

 

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(y) Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company
of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount
that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent
liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as
now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the
business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current
cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into
account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts
are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account
the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances
which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction
within one year from the Closing Date. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured
Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement,
“Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade
accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect
of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the
notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in
accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(z) Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all
foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid
all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such
claim.

 

(aa) Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other
person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts,
entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign
or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii)
failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the
Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA.

 

(bb) Accountants.
To the knowledge and belief of the Company, the Company’s accounting firm is a registered public accounting firm as required by
the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual
Report for the fiscal year ending December 31, 2021. 

 

(cc)
Acknowledgment Regarding Purchaser’s Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or
any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby
is merely incidental to the Purchaser’s purchase of the Securities. The Company further represents to the Purchaser that the Company’s
decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions
contemplated hereby by the Company and its representatives.

 

    11

     

    

 

(dd) Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any
of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection
with the placement of the Securities.

 

(ee)  Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with
the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common
Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s
stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice
to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public
announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

 

(ff)  Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee
or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (“OFAC”).

 

(gg) Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable
money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or
any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

(hh) Private
Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration
under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchasers as contemplated hereby.

 

(ii) No
General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Shares by
any form of general solicitation or general advertising. The Company has offered the Shares for sale only to the Purchasers and certain
other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(jj) No
Disqualification Events. With respect to the Shares to be offered and sold hereunder in reliance on Rule 506 under the Securities
Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company
participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities,
calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with
the Company in any capacity at the time of sale (each, an “Issuer Covered Person”) is subject to any of the “Bad
Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”),
except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether
any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure
obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

    12

     

    

 

3.2 Representations
and Warranties of the Purchasers. Each Purchaser for itself and no other Purchaser hereby represents and warrants as of the date hereof
and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of
such date):

 

(a) Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company
or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise
to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such
Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a
party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute
the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law.

 

(b) Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement
or understandings with any other persons to distribute or regarding the distribution of such. Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business. Such Purchaser understands that the Shares are “restricted securities” and
have not been registered under the Securities Act or any applicable state securities law and is acquiring such Securities as principal
for his, her or its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation
of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation
of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other
persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting such Purchasers’ right to sell such Securities pursuant to a registration statement
or otherwise in compliance with applicable federal and state securities laws). Such Purchaser has a substantive, pre-existing relationship
with the Company.

 

(c) Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is: (i) an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer”
as defined in Rule 144A(a) under the Securities Act.

 

(d) Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities,
and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the
Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e) Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits
and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary
of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities
and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity
to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary
to make an informed investment decision with respect to the investment. 

 

    13

     

    

 

(f) Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has
any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or
sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first
received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms
of the transactions contemplated hereunder and ending immediately prior to the execution hereof.

 

(g) General
Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any
seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

The Company acknowledges and agrees that the representations
contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations
and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other
document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated
hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty,
or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Removal
of Legends.

 

(a) The
Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Shares other than
pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a
pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel
selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory
to the Company, to the effect that such transfer does not require registration of such transferred Shares under the Securities Act.

 

(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Shares in the following
form:

 

THIS SECURITY THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

    14

     

    

 

The Company acknowledges
and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant
a security interest in some or all of the Shares to a financial institution that is an “accredited investor” as defined in
Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured
Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion
of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required
of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a
pledgee or secured party of Shares may reasonably request in connection with a pledge or transfer of the Shares.

 

4.2 Listing
of Common Stock. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or quotation of the
Common Stock on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list
or quote all of the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading Market. The Company
further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application
all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading
Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its
Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under
the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer
through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of
fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

4.3 Reserved

 

ARTICLE V.

MISCELLANEOUS

 

5.1 Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever
on the obligations between the Company and any other Purchasers, by written notice to the other parties, if the Closing has not been consummated
on or before April 15, 2022; provided, however, that no such termination will affect the right of any party to sue for any
breach by any other party (or parties).

  

5.2 Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without
limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered
by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3 Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties
with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be effective upon delivery and may be delivered by email with confirmed receipt, U.S. nationally recognized overnight courier, or U.S.
Postal Service certified mail. The address for such notices and communications shall be as set forth on the signature pages attached hereto.
To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information
regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current
Report on Form 8-K

 

    15

     

    

 

5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in
the case of an amendment, by the Company and the Purchasers in the case of a waiver, by the party whom such waived provision is intended
to benefit. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.6 Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any
of the provisions hereof.

 

5.7 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other
than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or
transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by
the provisions of the Transaction Documents that apply to the Purchasers.

 

5.8 No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in
Section 4.8 and this Section 5.8.

 

5.9 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section
4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

 

5.10 Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that
the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original
thereof.

 

5.12 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force
and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts
to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

    16

     

    

 

5.13 Reserved.

 

5.14 Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of
and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of
such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable
third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.15 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may
not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby
agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would
be adequate.

 

5.16 [reserved]

 

5.17 Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

5.18 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to
share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits,
stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

5.19  Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several and
not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance
of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Purchaser pursuant hereof or thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.
Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents The Company
has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because
it was required or requested to do so by any of the Purchasers.

 

5.20 WAIVER OF JURY
TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY
AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES
FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    17

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	INMUNE BIO INC.	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

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

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 31st Floor

New York, New York 10036 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASERs FOLLOWS]

 

    18

     

    

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE
AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned
have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of Purchaser:
_________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Securities to Purchaser (if not same as address
for notice):

 

DWAC for Shares:

 

Subscription Amount: $_________________

 

Shares: _________________

 

EIN Number: _______________________

 

 

19

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